BEIJING (dpa-AFX) - Daqo New Energy Corp. (DQ) reported a profit for first quarter that decreased from last year and missed the Street estimates.
The company's earnings came in at $278.80 million, or $3.52 per share. This compares with $535.84 million, or $6.99 per share, in last year's first quarter.
Excluding items, Daqo New Energy Corp. reported adjusted earnings of $310.21 million or $3.93 per share for the period.
Analysts on average had expected the company to earn $4.95 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 44.5% to $709.83 million from $1.28 billion last year.
Daqo New Energy Corp. earnings at a glance (GAAP) :
-Earnings (Q1): $278.80 Mln. vs. $535.84 Mln. last year. -EPS (Q1): $3.52 vs. $6.99 last year. -Analyst Estimates: $4.95 -Revenue (Q1): $709.83 Mln vs. $1.28 Bln last year.
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