Hanwha Q CELLS (HQCL) Reports Q2 Loss of $0.50, Revenues Beat

Hanwha Q CELLS (NASDAQ: HQCL) reported Q2 EPS of ($0.50), versus $0.11 reported last year. Revenue for the quarter came in at $518.4 million versus the consensus estimate of $500.3 million.

• Net revenues were $518.4 million, compared with $443.0 million in the first quarter of 2018 and $577.7 million in the second quarter of 2017.
• Gross margin was 14.0%, compared with 17.8% in the first quarter of 2018 and 11.6% in the second quarter of 2017.
• Operating income was $4.8 million, compared with $33.1 million in the first quarter of 2018 and $20.1 million in the second quarter of 2017.
• Net loss attributable to Company's ordinary shareholders was $41.3 million, compared with net income of $31.0 million in the first quarter of 2018 and $18.7 million in the second quarter of 2017.
• Loss per fully diluted American Depositary Share ("ADS" and each ADS represents 50 of the Company's ordinary shares) was $0.50, compared with income per fully diluted ADS of $0.37 in the first quarter of 2018 and income per fully diluted ADS of $0.22 in the second quarter of 2017.

Mr. Seong Woo Nam, CEO of Hanwha Q CELLS, while noting that the second quarter "has been a difficult quarter for the industry," expressed confidence that \"the market will rebound and continue to grow in the long-term as solar becomes more and more competitive with other forms of generation."

Mr. Joo Yoon, Senior Vice President of Global Sales and Marketing, noted that the Company was able to "modestly beat" its previous guidance for Q2 "despite the demand shock provided to the global market by the Chinese government\'s policy shift." Mr. Yoon forecasted that the Company's shipments will increase in the second half of the year, "in spite of contraction of demand in the world's largest solar market and unfavorable trade environment."

GUIDANCE:

Hanwha Q CELLS sees Q3 2018 revenue of $590-610 million, versus the consensus of $569.9 million.

For earnings history and earnings-related data on Hanwha Q CELLS (HQCL) click here.

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