Daqo New Energy reported second-quarter results early Wednesday that soundly beat on earnings but missed on revenue. Daqo stock jumped.
The solar equipment company reported adjusted earnings of $8.18 a share on revenue of $1.24 billion. Analysts expected Daqo to report earnings of $6.39 a share on revenue of $1.3 billion.
Daqo stock edged up 1.4%, closing at 62.51 on the stock market today.
Daqo said the decline in revenue was due to a decrease in sales volume but partially compensated for through an increase in average selling prices.
"We are very proud to deliver an excellent quarter with record production volume and profits," Chief Executive Longgen Zhang said in written remarks with the Daqo earnings release. "We successfully ramped up our new Phase 4B facility to full capacity and further optimized its operational performance."
Daqo also said the global solar industry saw robust demand in the first half of this year, and demand both in China and overseas continues to exceed market expectations.
The company, in June, announced plans to buy back $120 million worth of Daqo stock.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
