Daqo New Energy (NYSE: DQ) reported Q2 EPS of $1.44, $0.50 better than the analyst estimate of $0.94. Revenue for the quarter came in at $67 million versus the consensus estimate of $62.7 million.

• Revenue of $67.0 million in Q2 2018, compared to $103.3 million in Q1 2018
• Gross profit of $27.2 million in Q2 2018, compared to $46.2 million in Q1 2018. Gross margin was 40.6% in Q2 2018, compared to 44.8% in Q1 2018
• Non-GAAP gross margin(3) of 41.2% in Q2 2018, compared to 45.2% in Q1 2018
• EBITDA (non-GAAP)(3) of $31.0 million in Q2 2018, compared to $51.7 million in Q1 2018
• EBITDA margin (non-GAAP)(3) of 46.3% in Q2 2018, compared to 50.0% in Q1 2018
• Net income attributable to Daqo New Energy shareholders of $13.4 million in Q2 2018, compared to $31.6 million in Q1 2018 and $12.1 million in Q2 2017
• Earnings per basic American Depository Share (ADS) of $1.06 in Q2 2018, compared to $2.91 in Q1 2018, and $1.15 in Q2 2017
• Adjusted net income (non-GAAP)(3) attributable to Daqo New Energy shareholders of $18.2 million in Q2 2018, compared to $32.9 million in Q1 2018 and $13.8 million in Q2 2017
• Adjusted earnings per basic ADS (non-GAAP)(3) of $1.44 in Q2 2018, compared to $3.03 in Q1 2018, and $1.31 in Q2 2017

"We remain confident in the long-term sustainable growth of the polysilicon industry despite the impact by the new solar PV policies issued by the Chinese government on May 31, 2018," commented Mr. Longgen Zhang, CEO of Daqo New Energy. "The new solar policies caused uncertainty in the domestic solar market and impacted downstream demand in June. Leveraging our strong cash position and efficient corporate management, we maintained full production capacity and resumed shipments when customer demand and pricing stabilized in early July. With our production facilities now running at full capacity and inventory at low levels, we are reiterating our full year polysilicon production guidance of 22,000 to 23,000 MT."

For earnings history and earnings-related data on Daqo New Energy (DQ) click here.