REC Silicon publishes results of first quarter 2017

Production facility in Moses Lake
Production facility in Moses Lake

REC Silicon ASA (REC Silicon) reported first quarter revenues of USD 57.5 million, down from USD 80.4 million in the previous quarter. The corresponding EBITDA during the first quarter was USD 4.6 million compared to USD 4.9 million in the previous quarter.  The company also reported a March 31, 2017 cash balance of USD 80.9 million. This represents a cash increase of $15.2 million compared to December 31, 2016.Silicon gas sales volumes for the quarter were stronger than expected, at 820 MT, exceeding guidance by more than 9%. Q1 polysilicon production of 3,127 MT was roughly in line with guidance.REC Silicon has beaten expectations on FBR cash cost, reporting $10.70/kg for the quarter as the company continues to focus on maintaining liquidity and reducing costs. Tore Torvund, company CEO stated, "our low FBR cash cost continues to show the strength of our employees and technology. We will continue to capitalize on these two assets to maintain liquidity and to remain a low cost leader in the polysilicon industry.  Further, I am very pleased with strong silicon gas sales, which exceeded expectations during what has historically been a relatively weak quarter.  And, we expect these strong silicon gas sales to continue throughout the year."Construction on the Yulin joint venture plant continues to progress, and the plant remains on target for start-up in the second half of 2017. The company is actively engaged in ongoing negotiations to defer the company's remaining $169 million capital contributions until after 2018. 

2017-05-03 Courtesy: REC Silicon| solarserver.com © Heindl Server GmbH

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