About Dow Corning
News and Upcoming Events
Dow Corning Reports Third Quarter 2015 Financial Results
Dow Corning Corp. today announced third quarter sales of $1.39 billion
and net income of $72 million. Adjusted net income in the third quarter
decreased 1 percent to $108 million. Through the three quarters,
Dow Corning's adjusted net income, which excludes unusual items, has
increased 6 percent despite decreased sales impacted largely by the strong
United States dollar.
Adjusted net income for 2015 and 2014 excluded the impact of a derivative
contract and gains on long term sales agreements. Additional information about
Dow Corning's financial results:
Third Quarter Results
Sales were $1.39 billion, 9 percent lower than last year's third
Despite the headwinds caused by the strengthening U.S. dollar,
Dow Corning continues to grow its most profitable Silicones segment
Dow Corning continued to grow particularly in North America, Europe,
the Middle East and India.
Sales were $4.18 billion, 8 percent lower than the same time period last
year; the decrease is largely driven by the strong U.S. dollar.
Adjusted net income has increased 6 percent to $336 million.
Sales from Dow Corning's Polysilicon segment continued to decrease as
the timing of customers taking product under long-term contracts resulted in
| ||Q3 2015||Q3 2014||% Change||2015||2014||% 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 GAAP
and non-GAAP measures is shown in the table following the
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):
"Lagging growth in the global economy combined with the strong U.S.
dollar continued to create headwinds for Dow Corning."
"Dow Corning's Silicones segment continues to grow its most
differentiated and innovative product lines – which are also the most
profitable – allowing us to offset some of the negative currency
"Dow Corning's results continue to be impacted by fewer
polysilicon shipments to Hemlock Semiconductor's long-term contract customers.
These contracts have a degree of variability when customers take their product
and recent order patterns have resulted in customer orders being concentrated
late last year."
About Dow Corning
Dow Corning (dowcorning.com) provides
performance-enhancing solutions to serve the diverse needs of more than 25,000
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.
Dow Corning's global operations adhere to the American Chemistry
Council's Responsible Care® initiative, a stringent set of standards
designed to advance the safe and secure management of chemical products and
About Hemlock Semiconductor Group
Hemlock Semiconductor Group (hscpoly.com) 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.
We help you invent the future.™