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REC Silicon ASA (REC.OL)

REC.OL on Oslo Stock Exchange

1.04NOK
25 Sep 2017
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Latest Key Developments (Source: Significant Developments)

REC Silicon Q4 revenues beat forecasts, costs down
Thursday, 16 Feb 2017 01:00am EST 

REC Silicon ASA : Rec Silicon Q4 revenues $80.4 million (Reuters poll $75.9 million) . REC Silicon says efforts to maintain liquidity and reduce costs have proven successful, with company reporting Q4 FBR cash cost at $11.2/kg and similar cash cost expected in Q1 . REC Silicon Q4 EBITDA $4.9 million (Reuters poll loss $0.2 million) . Q4 polysilicon sales of 3,801 mt were above expectations and finished goods inventory decreased by 585 mt during q4 . REC Silicon says we will continue to be cost conscious and diligent at managing cash levels so that REC silicon remains a low cost leader in polysilicon industry even when operating at reduced capacity. . Silicon gas sales volumes increased to 882 mt compared to 772 mt in prior quarter . REC Silicon says Yulin joint venture plant remains on target for start-up in second half of 2017REC Silicon asa says jv employees have completed training in operating procedures at the moses lake and butte facilities in preparation for plant commissioning in 2017. . REC Silicon says company has successfully negotiated a deferral of $15 million capital contribution in JV until at least july 2017 . REC Silicon says ongoing negotiations with company's JV partner to defer company's remaining $154 million capital contribution until after 2018 . Company also reported a December 31, 2016 cash balance of USD 65.8 million.  Full Article

REC Silicon warns of Q3 revenues below expectation
Friday, 23 Sep 2016 01:18am EDT 

REC Silicon said: Due to ongoing negative effects from the trade war between the U.S. and China and the recent decline in PV market conditions, lower sales than previously anticipated have occurred in the third quarter . As a result, third-quarter polysilicon sales volumes (excluding fines and powders) are now expected to be approximately 1,800 MT . Negotiations continue between the US and China towards a resolution of the trade war, but timing and outcome of such a resolution remain uncertain . Third quarter revenues are currently expected to be USD 45-50 million, compared to USD 71.1 million in the previous quarter . The decrease in revenue can be mainly attributed to lower FBR sales volumes . Q3 total polysilicon production volumes are forecasted to be roughly 3,900 MT, compared to guidance of 4,490 MT . The company is taking measures to maintain a healthy cash position and manage inventory levels . The company will adjust production capacity utilizationaccording to market demand and currently anticipates running at approximately 50% of full capacity at Moses Lake by October 1, 2016 . Construction and spending on the Yulin joint venture plant remains on track for start-up in the second half of next year.  Full Article

Oslo-listed REC Silicon's Q2 results lag forecasts
Thursday, 21 Jul 2016 12:50am EDT 

REC Silicon : Q2 revenues $71.1 million (Reuters poll $84.2 million) . Q2 EBITDA $-14.3 million (Reuters poll loss $8.2 million) . Silicon gas prices are expected to remain near current levels . Silicon gas sales volumes are targeted at 800mt and 900mt for the third and fourth quarters of 2016 respectively. . The restart of silane IV has been delayed due to a fire on July 1, 2016 which resulted in equipment damage to one of the three hot oil heaters . Silane III was successfully restarted in May and Silane IV is currently in restart. . Silicon gas sales volume targets for 2016 in total have been reduced to 2,840mt from previous guidance of 3,360mt. . Silane III was restarted in may 2016 and is currently operating near maximum capacity. . Says currently sees Silane IV will resume production early in Q3 of 2016 at rates near two thirds capacity in Q3 and then return to full rates in the Q4 of 2016. .Management continues to estimate that silane iii and silane iv are capable of running for two years without an extended maintenance outage..  Full Article

REC Silicon says fire at Moses Lake hits Q3 output forecast
Monday, 4 Jul 2016 01:00am EDT 

Rec Silicon Asa : Says updates q3 production estimate due to incident . During startup of silane iv an oil fire occurred in one of three gas fired oil heaters . There were no injuries or releases of process chemicals caused by this incident . Currently anticipates restart of silane iv will occur in mid july and that production rates may be limited to approximately two thirds capacity of silane iv through q3 . Q3 granular polysilicon production is currently estimated at 3,800 mt, which is about 800 mt below q3 volume previously guided. . At this time there is no anticipated change to previously guided q4 granular polysilicon production volume . Silane iii started up in may and is operating at near full capacity . FBR facility was not impacted, however, FBR capacity will be impacted by silane gas limitations caused by this incident .Fire in silane iv resulted in damage to gas fired oil heater involved in incident.  Full Article

Rec Silicon sees Moses Lake restart
Tuesday, 3 May 2016 01:00am EDT 

Rec Silicon ASA:Will restart its Silane II unit and half rate FBR production later in May.Silane IV unit and full rate FBR production will restart in June.Targets polysilicon production of about 2,020 MT in Q2.Total polysilicon product for 2016 is targeted at 14,730 and includes peak production rates for FBR production throughout H2.Silicon gas sales volumes are targeted at 800 MT for Q2 and remain at 3,360 MT in total for 2016.Forward sales from Q2 2015 will no longer impact silicon sales volume.In addition, continued strong demand will result in higher sales volumes for the remainder of the year.Yulin JV on Track for Start-up in H2 2017.  Full Article

Rec Silicon shuts plant in USA
Monday, 8 Feb 2016 01:01am EST 

Rec Silicon ASA:Says will shut down Silane IV unit and remaining FBR production in Moses Lake.Production expected to be shut-down from February until June 2016, dependent on ongoing negotiations towards resolution in solar trade war and general market development outside China.Says Silane III, which has been out of production since July 2015 and was previously expected to resume production in January 2016, is expected to remain out of production until there is a resolution to solar trade war​.  Full Article

BRIEF-REC Silicon CEO: will own 15 pct of Julin JV if it can't pay into it

* REC SILICON CEO TORE TORVUND SAYS HAS NO OBLIGATION TO PAY $169 MILLION INTO YULIN JV IN CHINA TO KEEP OWNERSHIP AT 49 PERCENT, IF IT DOES NOT, PAY OWNERSHIP WILL BE 15 PERCENT