Q3 2024 Daqo New Energy Corp Earnings Call Transcript
Key Points
- Daqo New Energy Corp (DQ) maintained a strong and healthy balance sheet with no financial debt.
- The company had a cash balance of $853 million and short-term investments of $245 million at the end of the third quarter.
- Daqo New Energy Corp (DQ) reduced its cash cost to $5.34 per kilogram, down from $5.39 per kilogram in the second quarter.
- The company is optimistic about capturing long-term benefits from the growing global solar PV market.
- Daqo New Energy Corp (DQ) is one of the world's lowest-cost producers with high-quality products and a strong balance sheet, positioning it well for future growth.
- The company faced challenging market conditions with selling prices below production costs, leading to quarterly operating and net losses.
- Revenues decreased to $198.5 million from $219.9 million in the second quarter of 2024.
- Gross margin was negative 30.5%, although improved from negative 72% in the second quarter.
- Net loss attributable to shareholders was $60.7 million, compared to a loss of $120 million in the previous quarter.
- The company anticipates further production cuts in Q4 2024 due to weak market demand, which may increase unit production costs.
Good day and welcome to the Daqo New Energy third Quarter, 2024 results conference call. All participants will be in listen-only mode.
(Operator Instructions)
After today's presentation, there will be an opportunity to ask questions to ask a question.
(Operator Instructions)
Please note this event is being recorded. Oh, now I turn the conference over to Anita Shu. Please go ahead.
Hello everyone. I'm Anita Shu, the Deputy Chief Executive Officer of Daqo New Energy. Thank you for joining our conference call today. DCO New Energy just issued its financial results for the third quarter of 2024 which can be found on our website at WW dot DQ solar dotcom.
Today attending the conference call, we have our CFO Mr. Ming Yang and myself. Given the time conflict, Mr Zu will not be able to attend today's meeting in person.
I'll first begin the call by reading Mr Zoo's comment on market conditions and company operations. And then Mr Yang will discuss
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