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Dow Corning Reports Increased Sales, Flat Net Income in Third Quarter of 2011

Dow Corning Corp. today announced sales of $4.91 billion and net income of $547 million through the first three quarters of 2011.  Sales in the third quarter increased 10 percent compared to last year’s third quarter as demand continued to grow despite global economic volatility.  Additional information about Dow Corning’s financial results:

Third Quarter Results

  • Sales were $1.66 billion, 10 percent higher than last year’s third quarter.
  • Growth continued in Asia, Eastern Europe and in developing geographic regions.
  • Net income was $177 million, 1 percent higher than last year’s third quarter.
  • Higher prices for materials and energy exerted downward pressure on product margins.


Year-to-Date Results

  • Sales were $4.91 billion, 11 percent higher than last year.
  • Net income was $547 million, 11 percent lower than last year.
  • Adjusted net income was $536 million, 4 percent lower than last year, which excluded the U.S. Advanced Energy Manufacturing Tax Credits received by Dow Corning and its joint ventures in 2010. 


 Q3 2011Q3 2010% Change20112010% Change
Sales (in billions)  $            1.66  $             1.5110%  $              4.91  $                4.4111%
Net income (in millions) $             177  $              1761%  $              547  $                 615-11%
Adjusted net income* (in millions) $              173  $              1721%  $               536  $                 559-4%
*Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items. The reconciliation between GAAP and non-GAAP measures is shown in the table following the news release.


Comments from Dow Corning’s Executive Vice President and Chief Financial Officer J. Donald Sheets (PDF):

  • “While demand for Dow Corning’s silicone-based products continued to grow in the third quarter, the pace of growth slowed in many regions – notably in North America and Europe.  Significant increases in raw materials and energy prices continue to challenge profit levels.”
  • “Dow Corning’s polycrystalline silicon segment through its Hemlock Semiconductor Group joint ventures is beginning to feel the impact of softening demand and lower prices in the solar industry.” 
  • “The global economic environment is uncertain, volatile and unpredictable, with no clear relief in sight. We’re responding to this uncertainty with a sharp focus on enhancing the efficiency and productivity of our operations while keeping our customers directly in focus.” 
  •  “Dow Corning’s two-brand business model, robust innovation portfolio, and global reach have positioned us well to weather this period of economic uncertainty.”

View Q3 2011 Condensed Consolidated Statements of Operations (PDF size = 12.2 KB)


About Dow Corning

Dow Corning ( 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 XIAMETER® brands. 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 United States.

About Hemlock Semiconductor Group

Hemlock Semiconductor 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.

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