Dow Corning Reports Sales and Profits for Third Quarter of 2012
26 Ottobre 2012 - 2:45PM
Business Wire
Dow Corning Corp. today announced sales of $4.64 billion
and net income of $288 million through the first three quarters of
2012. Dow Corning’s year-to-date sales and net income were down 5
percent and 47 percent, respectively, compared to 2011 as
oversupply, economic volatility and high raw material costs
continue to challenge the company’s profits. Additional information
about Dow Corning’s financial results:
J. Donald Sheets, Dow Corning's executive
vice president and chief financial officer (Photo: Business
Wire)
Third Quarter Results
- Sales were $1.55 billion, 7
percent lower than last year’s third quarter.
- Polysilicon prices remain depressed due
to industry oversupply, impacting the company’s Hemlock
Semiconductor Group joint ventures.
- Sales in Europe were significantly
lower due to continuing economic volatility.
- Net income was $97 million, 45 percent
lower than last year’s third quarter.
Year-to-Date Results
- Sales were $4.64 billion, 5
percent lower than last year.
- Net income was $288 million, 47 percent
lower than last year.
Q3 2012 Q3 2011 % Change 2012
2011 % Change Sales (in billions) $ 1.55
$ 1.66 -7 % $ 4.64 $ 4.91 -5 %
Net income (in millions) $ 97 $ 177 -45 %
$ 288 $ 547 -47 % Adjusted net income* (in
millions) $ 77 $ 173 -56 % $ 269
$ 536 -50 % *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:
- “Oversupply in both the silicone and
polycrystalline silicon industries, as well as high raw material
costs have impacted our financial performance throughout 2012, and
these conditions are likely to last well into 2013.”
- “Our Hemlock Semiconductor joint
ventures continue to be challenged by global oversupply in the
polycrystalline silicon markets. Additionally, the economic and
political uncertainty surrounding the solar industry is also
impacting Hemlock Semiconductor’s performance.”
- “Dow Corning’s response to the
volatile economy and oversupplied marketplace is to focus on
delivering innovative silicon-based products and solutions to our
customers that differentiate us from our competitors.”
- “We also continue to pursue
opportunities to increase efficiency and reduce costs in our
operations, ultimately protecting the competitive cost position Dow
Corning has earned through its nearly 70 years of experience.”
About Dow Corning
Dow Corning (www.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 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.
Dow Corning Corporation
Selected Financial Information (in millions of U. S.
dollars) (Unaudited) Consolidated
Income Statement Data Three Months Ended September
30, Nine Months Ended September 30, 2012
2011 2012 2011 Net Sales
$ 1,545.2 $ 1,660.4 $
4,638.3 $ 4,907.8 Net Income
Attributable to Dow Corning $ 96.6 $
177.0 $ 288.4 $ 546.5
Adjustment for Long-Term Sales Contracts1 $
(19.7 ) $ (19.7 )
Adjustment for AEMC2, net $ -
$ (4.0 ) $ -
$ (10.5 ) Adjusted Net
Income3 $ 76.9 $
173.0 $ 268.7 $
536.0 1 The three and nine
month periods ended September 30, 2012 included an adjustment for
the gain on long-term sales agreements.
2
The three and nine month periods ended
September 30, 2011 included a tax benefit related to Advanced
Energy Manufacturing Credits, net of the noncontrolling interests'
share.
3 Adjusted Net Income is a non-GAAP financial measure
which excludes certain unusual items and which reconciles to Net
Income as shown. Consolidated Balance Sheet
Data September 30, 2012
December 31, 2011 Assets
Current Assets $ 4,438.5 $
4,873.0 Property, Plant and Equipment, Net
7,747.0 7,380.3 Other Assets
1,116.2 1,317.9 $ 13,301.7
$ 13,571.2 Liabilities and Equity
Current Liabilities $ 1,702.1 $
2,022.9 Other Liabilities 7,766.0
7,963.4 Equity 3,833.6
3,584.9 $ 13,301.7 $ 13,571.2
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