About Dow Corning
News and Upcoming Events
Dow Corning Reports Sales and Profits Through Third Quarter of 2013
Dow Corning Corp. today announced sales of $4.12 billion and net income
of $267 million through the first three quarters of 2013. Dow Corning’s
year-to-date sales and adjusted net income were down 11 percent and 25 percent,
respectively, compared to 2012. Adjusted net income for both 2013 and 2012
excluded gains from long term sales agreements. Additionally, adjusted net
income for 2013 excluded restructuring expenses, charges for impaired assets
and a gain from a favorable derivative contract.
Additional information about Dow Corning’s financial results:
Third Quarter Results
Sales were $1.43 billion, 8 percent lower than last year’s third
Pricing pressure continued to limit margins in Dow Corning’s Silicones
Polysilicon segment performance tracked positively despite continued
pricing and volume pressure.
Adjusted net income was $28 million, 64 percent lower than last year’s
Sales were $4.12 billion, 11 percent lower than last year.
Adjusted net income was $201 million, 25 percent lower than last year.
| ||Q3 2013||Q3 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 Third Quarter Condensed
Consolidated Statements of Operations
Comments from Dow Corning's Executive Vice President
and Chief Financial Officer J. Donald Sheets
"Despite the significant pricing challenges we’ve faced in the past 18
months, Dow Corning maintains its industry leading financial foundation.
In the past year we’ve paid down debt and maintained stable cash levels,
carrying a strong balance sheet which will enable us to adapt and invest in the
growth of our business."
"Our Silicones segment continues to sell high volumes while pricing
pressure continues to challenge our margins. We are confident that our product
portfolio and talented team are well positioned to help our silicones business
return to the trajectory of growth we expect."
"Hemlock Semiconductor’s polysilicon performance continued to track
positively despite pricing and volume pressure as the solar industry deals with
excess capacity and awaits resolution of the global trade disputes."
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.