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Dow Corning Reports Sales and Profits for First Quarter of 2013
Dow Corning Corp. today reported its financial performance for the
first quarter of 2013. Dow Corning recorded sales of $1.26 billion and net
income of $62.1 million for the first quarter of 2013. Dow Corning's sales and
adjusted net income were down 17 percent and 6 percent, respectively, compared
to 2012. Adjusted net income for 2013 excluded restructuring expenses.
Additional information about Dow Corning's financial results:
First Quarter Results
Sales were $1.26 billion, 17 percent lower than last year's first
Adjusted net income was $66.4 million, 6 percent lower than last year's
Sales were down in both the silicones and polysilicon segments, with the
polysilicon segment realizing the largest reduction.
Dow Corning's Hemlock Semiconductor Group joint ventures continue to
be challenged as the threat of potential duties on its products sold into China
| ||Q1 2013||Q1 2012||% Change
|Net income (in
income* (in millions)||$66||$71||-6%
|* Adjusted net income is a non-GAAP
financial measure which excludes certain unusual items. The reconciliation
between non-GAAP and GAAP measures is shown in the Consolidated Statement of
Operations linked below.
View First Quarter Condensed Consolidated Statements of Operations
(12 KB PDF)
Comments from Dow Corning's Executive
Vice President and Chief Financial Officer J. Donald Sheets:
"Significant oversupply and high raw materials costs continued to
challenge the performance of our silicones segment in the first quarter.
Consistent with our strategy, we are beginning to see opportunities with a
number of the high-value, differentiated products we've developed alongside our
customers, however those opportunities are not sufficient to make up for the
broader pricing pressure in the silicones segment."
"Hemlock Semiconductor's performance continued to worsen as the solar
polysilicon industry deals with excess inventories and awaits resolution of the
global trade disputes."
"In the first quarter, we made some tough decisions to reduce
Dow Corning's cost structure to enable us to continue to invest in
developing innovative products that bring value to both our customers and to
Dow Corning. While we expect the difficulties we're facing to continue
through the year, Dow Corning's strategy for long-term success is clear, and
our foundation is financially strong."
About Dow Corning
Dow Corning (dowcorning.com) provides
performance-enhancing solutions to serve the diverse needs of more than 25,000
customers worldwide. A global leader in silicones, silicon-based technology and innovation, Dow Corning offers more
than 7,000 products and services via the company's Dow Corning® and
Dow Corning is equally owned by The Dow Chemical Company and Corning,
Incorporated. More than half of Dow Corning's annual sales are outside the
About Hemlock Semiconductor Group
Group (Hemlock Semiconductor) is comprised of several joint venture
companies among Dow Corning Corporation, Shin-Etsu Handotai, and
Mitsubishi Materials Corporation. Hemlock Semiconductor is a leading provider
of polycrystalline silicon and other silicon-based products used in the
manufacturing of semiconductor devices, and solar cells and modules. Hemlock
Semiconductor began its operations in 1961.