Daqo New Energy $DQ stock formed a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... breakout on March 3, 2023. The stock also has smashed through key horizontal resistanceA horizontal resistance chart pattern is a type of chart which shows how price movement follows a certain pattern when price reaches a certain level. The pattern forms a resistance....
The company reported an EPS and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... miss on February 28, 2023, so it’s not clearer what the catalystA stock catalyst is an engine that will drive your stock either up or down. A catalyst could be news of a new contract, SEC filings, earnings and revenue beats, merger and acquisit... is for the downtrend channel breakout pattern.
On February 28, 2023, Daqo New Energy reported Q4 EPS of $5.17 versus the consensus estimate of $7.37. The company reported Q4 revenue of $864.3M versus the consensus estimate of $987.83M.
Longgen Zhang, CEO of Daqo New Energy, commented, “We are very pleased to report record results for the year 2022. I would like to thank our entire team for achieving such strong financial and operational performance. Our annual polysilicon production volume was 133,812 MT in 2022, exceeding our guidance of 130,000 to 132,000 MT and 54.5% higher than the 86,587 MT produced in 2021. Our sales volume was 132,909 MT in 2022, 76.4% higher than 75,356 MT in 2021. Thanks to the robust demand for solar PV products globally, polysilicon ASPs increased by approximately 50% year over year from $21.76/kg in 2021 to $32.54/kg in 2022. As one of the most profitable and fastest-growing polysilicon manufacturers in the world, we achieved strong financial results with revenue of $4.61 billion in 2022, an increase of 175% compared to $1.68 billion in 2021. Gross margin improved to 74.0% in 2022 from 65.4% in 2021, and net income attributable to our shareholders was $1.86 billion in 2022, an increase of 148.4% compared to $749 million in 2021. We generated approximately $2.47 billion in operating cash flowThe cash flow statement provides a detailed overview of the cash inflows and outflows of a company over a specified period of time. It includes cash received from operations, inves... for the year, and ended the year with a very strong balance sheetThe balance sheet is a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and equity. with $4.65 billion in combined cash, cash equivalents, restricted cash and bank notes with maturity within 6 months. For the year of 2022, approximately 99% of our production volume was mono-grade polysilicon. We continue to be one of the world’s leading suppliers of ultra-high purity N-type mono polysilicon, the foundation for next-generation N-type solar cell technology.”
