Dow Corning Reports Sales and Profits for First Quarter of 2014
29 Aprile 2014 - 2:30PM
Business Wire
Dow Corning Corp. today announced first quarter 2014 sales
of $1.52 billion, an increase of 21 percent over 2013, and net
income of $191 million. Adjusted net income in the first quarter of
2014 was $109 million, an increase of 65 percent compared with the
first quarter of 2013.
J. Donald Sheets, Dow Corning's executive
vice president and chief financial officer (Photo: Business
Wire)
Adjusted net income for 2014 excluded gains from a derivative
contract and long term sales agreements. Adjusted net income for
2013 excluded restructuring expenses. Additional information about
Dow Corning’s financial results:
First Quarter Results
- Sales were $1.52 billion, 21
percent higher than last year’s first quarter.
- Adjusted net income was $109 million,
65 percent higher than last year’s first quarter.
- Dow Corning’s Silicones segment
experienced volume growth across most geographic regions.
- Dow Corning’s Polysilicon segment
continued to see strong shipments as customers accepted delivery of
material purchased through long-term contracts.
Q1
2014 Q1 2013 % Change Sales (in billions) $
1.52 $ 1.26 21 % Net income (in millions) $
191 $ 62 207 % Adjusted net income* (in millions)
$ 109 $ 66 65 %
*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:
- “Dow Corning’s strategy and leading
technology are enabling us to compete well and deliver stronger
financial performance despite continued industry oversupply and
volatility in the global marketplace.”
- “Our Silicones segment saw increases in
volume in the first quarter as customers look to Dow Corning for
its stability and strength in delivering quality products, reliable
supply and innovation for our customers.”
- “In our Polysilicon segment, Hemlock
Semiconductor Group continued to see strong shipments of both
semiconductor and solar grade polysilicon as customers with
long-term contracts accepted delivery of contracted material.”
- “In 2014, Dow Corning is focusing 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 (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 (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.
Dow Corning Corporation Selected Financial
Information (in millions of U. S. dollars)
(Unaudited) Consolidated
Income Statement Data Three Months Ended March
31, 2014 2013 Net Sales
$ 1,524.2 $ 1,264.4 Net
Income Attributable to Dow Corning $ 190.9
$ 62.1 Adjustment for Long-Term Sales
Agreement1 $ (17.2 ) $
- Adjustment for Contract Asset2
$ (64.4 ) $ -
Adjustment for Restructuring, net3 $ -
$ 4.3 Adjusted Net
Income4 $ 109.3 $
66.4
1
The three month period ended March 31, 2014 included an
adjustment for a gain on a long-term sales agreement.
2
The three month period ended March 31, 2014 included an
adjustment for the change in market value of a derivative contract
asset.
3
The three month period ending March 31, 2013 included an
adjustment for restructuring charges.
4
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
March 31, 2014 December
31, 2013 Assets Current Assets
$ 4,158.4 $ 3,995.7 Property, Plant
and Equipment, Net 7,111.6 7,231.1 Other
Assets 1,207.8 1,075.3 $
12,477.8 $ 12,302.1 Liabilities and
Equity Current Liabilities $
1,380.7 $ 1,346.0 Other Liabilities
7,165.8 7,177.5 Equity 3,931.3
3,778.6 $ 12,477.8 $
12,302.1
Photos/Multimedia Gallery Available:
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Dow Corning Corp.Jarrod Erpelding,
989.496.1582Jarrod.Erpelding@dowcorning.com
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