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Dow Corning Reports Sales and Profits for First Half of 2013
Dow Corning Corp. today announced sales of $2.69 billion and net income
of $149 million for the first half of 2013. Dow Corning's year-to-date
sales and adjusted net income were down 13 percent and 9 percent, respectively,
compared to 2012. Adjusted net income for 2013 excluded restructuring
Additional information about Dow Corning's financial results:
Second Quarter Results
Sales were $1.43 billion, 9 percent lower than last year's second
Q2 silicones segment sales were up nearly 6 percent compared to Q1.
Polysilicon sales volume and prices remained challenged by industry
Adjusted net income was $107 million, 11 percent lower than last year's
Sales were $2.69 billion, 13 percent lower than last year.
Adjusted net income was $174 million, 9 percent lower than last year.
| ||Q2 2013||Q2 2012||% Change||2013||2012||% Change
|Net income (in
|Adjusted net income* (in
|* 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
View Second Quarter Condensed
Consolidated Statements of Operations
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 half of the
year. We did see a quarter over quarter increase in the second quarter for a
number of our high-value, differentiated silicone-based products. We are
confident that our product portfolio, two-brand strategy, and talented team are
well positioned to help our silicones business return to the trajectory of
growth we expect."
"Hemlock Semiconductor's performance began to stabilize in the second
quarter as a result of the actions the company has taken in recent months.
Polysilicon prices and volumes remain significantly down as the solar industry
deals with excess capacity and awaits resolution of the global trade
"In the first half of the year, 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 have a tough road in front of us, we're confident
that our strategy – backed by our strong financial position – will enable us to
return to a path of growth."
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.