RTTNews | Aug 18, 2021 07:38AM EDT

07:38 Wednesday, August 18, 2021 (RTTNews.com) - Shares of polysilicon maker, Daqo New Energy Corp. (DQ) are up more than 2% in pre-market on Wednesday following second-quarter results.

Net income in the second quarter increased to $232.1 million or $3.15 per ADS from $2.4 million or $0.03 per ADS last year. Excluding items, earnings were $3.18 per ADS.

Revenue for the quarter jumped to $441.37 million from $133.52 million in the same quarter a year ago.

Looking forward to the full year, the company raises its production guidance to the level of 83,000 MT to 85,000 MT of polysilicon from 81,000 MT to 83,000 MT, inclusive of the impact of the company's annual facility maintenance.

"With the global focus on addressing the climate challenge with plans to reach carbon neutrality, market conditions remain strong for the polysilicon sector. Despite the rise in solar module prices in the first half of this year, we continue to see stronger-than-expected market demand even at the new market prices," said Longgen Zhang, CEO of Daqo New Energy.

DQ closed Tuesday's regular trade at $48.72, down 2.23%. The stock is currently at $50.01.

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