Daqo New Energy (NYSE: DQ) reported Q4 EPS of $1.77, $0.86 better than the analyst estimate of $0.91. Revenue for the quarter came in at $118.9 million versus the consensus estimate of $118.8 million.

Fourth Quarter 2019 Financial and Operating Highlights

• Polysilicon production volume was 16,204 MT in Q4 2019, compared to 9,437 MT in Q3 2019
• Polysilicon sales volume was 13,291 MT in Q4 2019, compared to 9,238 MT in Q3 2019
• Polysilicon average total production cost(1) was $6.38/kg in Q4 2019, compared to $6.97/kg in Q3 2019
• Polysilicon average cash cost(1) was $5.47/kg in Q4 2019, compared to $5.85/kg in Q3 2019
• Polysilicon average selling price (ASP) was $8.77/kg in Q4 2019, compared to $8.99/kg in Q3 2019
• Revenue from continuing operations was $118.9 million in Q4 2019, compared to $83.9 million in Q3 2019
• Gross profit from continuing operations was $35.1 million in Q4 2019, compared to $18.1 million in Q3 2019. Gross margin from continuing operations was 29.5% in Q4 2019, compared to 21.5% in Q3 2019
• EBITDA (non-GAAP)(2) from continuing operations was $45.4 million in Q4 2019, compared to $19.7 million in Q3 2019. EBITDA margin (non-GAAP)(2) from continuing operations was 38.2% in Q4 2019, compared to 23.5% in Q3 2019
• Net income from continuing operations was $20.4 million in Q4 2019, compared to $4.8 million in Q3 2019 and $17.1 million in Q4 2018.
• Net loss from discontinued operations was $0.3 million in Q4 2019, compared to net income from discontinued operations of $0.2 million in Q3 2019 and net loss from discontinued operations of $5.6 million in Q4 2018.
• Net income attributable to Daqo New Energy Corp. shareholders was $20.1 million in Q4 2019, compared to $5.0 million in Q3 2019 and $11.4 million in Q4 2018.
• Earnings per basic American Depository Share (ADS) was $1.45 in Q4 2019, compared to $0.37 in Q3 2019, and $0.86 in Q4 2018.
• Adjusted net income (non-GAAP)(2) attributable to Daqo New Energy Corp. shareholders was $24.5 million in Q4 2019, compared to $9.5 million in Q3 2019 and $15.7 million in Q4 2018.
• Adjusted earnings per basic ADS (non-GAAP)(2) was $1.77 in Q4 2019, compared to $0.69 in Q3 2019, and $1.18 in Q4 2018.

Outlook and guidance

The Company expects to produce approximately 18,000MT to 19,000MT of polysilicon and sell approximately 17,500MT to 18,500MT of polysilicon to external customers during the first quarter of 2020. For the full year of 2020, the Company expects to produce approximately 73,000 to 75,000 MT of polysilicon, inclusive of the impact of the Company's annual facility maintenance.

This outlook reflects Daqo New Energy's current and preliminary view as of the date of this press release and may be subject to changes. The Company's ability to achieve these projections is subject to risks and uncertainties.

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