Daqo New Energy (NYSE: DQ) reported Q1 EPS of $3.03, $0.77 better than the analyst estimate of $2.26. Revenue for the quarter came in at $103.3 million versus the consensus estimate of $96.75 million.

First Quarter 2018 Financial Highlights

• Revenue of $103.3 million in Q1 2018, compared to $103.7 million in Q4 2017
• Gross profit of $46.2 million in Q1 2018, compared to $46.9 million in Q4 2017. Gross margin of 44.8% in Q1 2018, compared to 45.2% in Q4 2017
• Non-GAAP gross margin(3) of 45.2% in Q1 2018, compared to 45.6% in Q4 2017
• EBITDA (non-GAAP)(3) of $51.7 million in Q1 2018, compared to $53.6 million in Q4 2017
• EBITDA margin (non-GAAP)(3) of 50.0% in Q1 2018, compared to 51.7% in Q4 2017
• Net income attributable to Daqo New Energy shareholders of $31.6 million in Q1 2018, compared to $33.7 million in Q4 2017 and $22.9 million in Q1 2017
• Earnings per basic American Depository Share (ADS) of $2.91 in Q1 2018, compared to $3.16 in Q4 2017, and $2.18 in Q1 2017
• Adjusted net income (non-GAAP)(3) attributable to Daqo New Energy shareholders of $32.9 million in Q1 2018, compared to $35.3 million in Q4 2017 and $24.8 million in Q1 2017
• Adjusted earnings per basic ADS (non-GAAP)(3) of $3.03 in Q1 2018, compared to $3.31 in Q4 2017, and $2.36 in Q1 2017

First Quarter 2018 Operating Highlights

• Polysilicon production volume of 5,657 MT in Q1 2018, an increase from 5,339 MT in Q4 2017
• Polysilicon external sales volume(1) of 5,411 MT in Q1 2018, an increase from 4,730 MT in Q4 2017
• Polysilicon average total production cost(2) of $9.19/kg in Q1 2018, compared to $9.40/kg in Q4 2017
• Polysilicon average cash cost(2) of $7.53/kg in Q1 2018, compared to $7.64/kg in Q4 2017
• Polysilicon average selling price (ASP) was $17.68/kg in Q1 2018, compared to $19.09/kg in Q4 2017
• Solar wafer sales volume of 13.3 million pieces in Q1 2018, compared to 22.3 million pieces in Q4 2017
  

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