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Dow Corning Reports Increased Sales and Net Income in Third Quarter 2014

Dow Corning Corp. today announced third quarter sales of $1.52 billion, a 7 percent increase compared to 2013. Net income also increased to $176 million, representing a 49 percent increase compared to the third quarter of 2013. For the year, Dow Corning’s sales ($4.54 billion) and net income ($476 million) have increased 10 and 78 percent, respectively.

Adjusted net income through the third quarter of 2014 was $318 million, an increase of 58 percent compared to 2013. Adjusted net income for 2014 excluded the impact of a derivative contract, long term sales agreements and a tax benefit associated with foreign dividends. Adjusted net income for 2013 excluded the impact of a derivative contract, long term sales agreements, charges for impaired assets and restructuring expenses. Additional information about Dow Corning's financial results:

Third Quarter Results

  • Silicones sales grew in the Americas, Greater China and Europe
  • Silicones sales growth increased most significantly for applications in the healthcare, packaging, electronics, high-performance building and transportation industries
 Q3 2014Q3 2013% Change20142013% Change
Sales (in billions)$1.52$1.437%$4.54$4.1210%
Net income (in millions)$176$11749%$476$26778%
Adjusted net income* (in millions)$109$28294%$318$20158%
* 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 Consolidated Statement of Operations linked below.

View Third Quarter Condensed Consolidated Statements of Operations (PDF)

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

  • "Dow Corning’s sales increased for the fourth consecutive quarter, demonstrating that our strategy, talented team and technology are well-positioned to deliver the growth expected of a specialty chemicals leader."
  • "Dow Corning’s industry-leading products - combined with our global manufacturing and formulation capabilities - led to record Silicones segment sales in the quarter."
  • "Our Polysilicon segment through the Hemlock Semiconductor Group continued its strong performance in 2014 as long-term contract customers continued to take shipments of material for both semiconductor and solar grade polysilicon."

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 ( is comprised of several joint venture companies owned in majority by Dow Corning 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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