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3 months ago
BRIEF-Rec Silicon Q1 EBITDA in line with forecast
May 3, 2017 / 5:21 AM / 3 months ago

BRIEF-Rec Silicon Q1 EBITDA in line with forecast

2 Min Read

May 3 (Reuters) - Rec Silicon Asa

* Rec silicon q1 revenues $57.5 million (Reuters poll $71.2 million) vs $68.8 million in Q1 2016

* Says lower first Q1 revenues are a result of lower polysilicon sales volumes

* Rec silicon q1 ebitda $4.6 million (Reuters poll $4.4 million) vs loss $13.4 mln in q1 2016

* Rec silicon q1 ebit loss $16 million (Reuters poll loss $19.2 million)

* Rec silicon targets 2017 polysilicon production of approximately 12,320 mt versus previous guidance of 12,500 mt

* Rec silicon targets polysilicon production of 3,040 mt in the second quarter of 2017

* Construction on Yulin joint venture plant continues to progress, and plant remains on target for start-up in second half of 2017

* Company is actively engaged in ongoing negotiations to defer company's remaining $169 million capital contributions (in Yulin JV) until after 2018

* Says expect to remain near cash neutral throughout 2017, no debt maturities in 2017 Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

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