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2014.02.06
Dow Corning Reports Sales and Profits for Fourth Quarter and 2013 Year-End


Dow Corning Corp. today announced fourth quarter 2013 sales of $1.59 billion, an increase of 7 percent over 2012, and net income of $110 million in the quarter. Adjusted net income in the fourth quarter was $103 million, an increase of 50 percent compared with the fourth quarter of 2012. For the year, Dow Corning’s sales were $5.71 billion, a decrease of 7 percent compared to 2012, and net income was $376 million. Adjusted net income for 2013 was $304 million, a decrease of 10 percent from 2012.

Adjusted net income for both 2013 and 2012 excluded gains from long term sales agreements, restructuring expenses and charges for impaired assets. Additionally, adjusted net income for 2013 excluded a gain from a favorable derivative contract.

Additional information about Dow Corning’s financial results:

Fourth Quarter Results

  • Sales were $1.59 billion, 7 percent higher than last year’s fourth quarter.
  • Pricing pressure continued to limit margins in Dow Corning’s Silicones segment.
  • Polysilicon segment performance increased as customers purchased high volumes to meet contractual requirements.

Year-to-Date Results

  • Sales were $5.71 billion, 7 percent lower than last year.
  • Adjusted net income was $304 million, 10 percent lower than last year.
 Q4 2013Q4 2012% Change20132012% Change
Sales (in billions)$1.59$1.487%$5.71$6.12-7%
Net income (in millions)$110$(101)209%$376$188100%
Adjusted net income* (in millions)$103$6950%$304$338-10%
* 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 Fourth Quarter Condensed Consolidated Statements of Operations (PDF)

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

  • “In a year characterized by significant oversupply and pricing pressure in our industry, Dow Corning competed well to maintain its industry leading financial foundation. We moved decisively to reduce our cost structure in 2013, providing us the ability to focus on growth through serving our customers in 2014 and beyond.”
  • “Dow Corning continues to remain strong financially. 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.”
  • “We continue to manufacture and sell high volumes of materials in our Silicones segment. Our efforts to continually improve the efficiency of our manufacturing operations have been a significant factor in our ability to compete in this volatile economic environment.”
  • “In our polysilicon segment, Hemlock Semiconductor Group delivered positive financial performance despite unprecedented pricing and volume pressure as the solar industry deals with excess capacity and awaits resolution of the global trade disputes.”
  • “In 2014, we are in a strong position to focus on growth by providing our customers with industry leading products and services. We are confident that our product portfolio and talented team are well positioned to help return Dow Corning to the trajectory of growth we expect.”

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 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 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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