Dow Corning’s Sales and Profits Increase in 2014
06 Febbraio 2015 - 2:30PM
Business Wire
Dow Corning Corp. today announced fourth quarter sales of
$1.68 billion, a 5 percent increase compared to the fourth quarter
of 2013. Net income decreased 66 percent to $37 million on the
quarter. The fourth quarter performance concluded a year in which
Dow Corning increased sales and net income by 9 and 36 percent,
respectively.
J. Donald Sheets, executive vice
president and chief financial officer, Dow Corning Corporation
(Photo: Business Wire)
Dow Corning’s adjusted net income in 2014 was $522 million, an
increase of 72 percent compared to 2013. Adjusted net income for
2014 and 2013, as applicable, excluded the impact of asset charges
and restructuring expenses, a reduced implant liability, a foreign
tax credit, a derivative contract and gains on long term sales
agreements. Additional information about Dow Corning’s financial
results:
Fourth Quarter Results
- Silicone segment sales continued to
grow especially in the Americas, Greater China and Europe, and
across a variety of market applications, including transportation,
construction, electronics, packaging and health care
- Polysilicon segment performance
increased as customers accepted delivery of contracted volumes late
in the quarter
Q4 2014 Q4 2013 % Change 2014
2013 % Change Sales (in billions) $ 1.68
$ 1.59 5 % $ 6.22 $ 5.71 9 % Net
income (in millions) $ 37 $ 110 -66 % $
513 $ 376 36 % Adjusted net income* (in millions)
$ 205 $ 103 99 % $ 522 $ 304
72 % *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:
- “In 2014 Dow Corning demonstrated why
we lead the silicon-materials industry, as we returned to a
trajectory of sales and profit growth despite operating in an
oversupplied industry and a significantly volatile
marketplace.”
- “We grew our Silicones segment sales in
2014 by providing customers not only with quality silicon-based
products, but also the most knowledgeable team of experts to help
them apply and use our products.”
- “Dow Corning continues to lead the
industry in the development of new formulations and applications
for silicon-based technologies. This commitment to long-term
growth, as well as our diligence in maintaining and enhancing our
cost-leadership has positioned us for continued growth and
success.”
- “Our Polysilicon segment, the Hemlock
Semiconductor Group, continued its strong performance in 2014
despite the lack of progress in resolving the U.S. and China trade
disputes plaguing the solar industry.”
- “The fourth quarter decision to
permanently close Hemlock Semiconductor’s Clarksville site, while
difficult, will ultimately strengthen Dow Corning’s financial
performance by eliminating the significant costs associated with
maintaining the site.”
- “Dow Corning’s significant reduction of
its implant liability estimate in the fourth quarter was taken
based on evidence that the total funding required to fund its
breast implant settlement program will be substantially lower than
the full funding cap set forth in the program. This revised
liability reflects today’s best estimate of Dow Corning’s remaining
funding obligations.”
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 December 31,
Twelve Months Ended December 31, 2014 2013
2014 2013 Net Sales $
1,676.6 $ 1,589.6 $ 6,221.3
$ 5,710.5 Net Income Attributable to
Dow Corning $ 37.2 $ 109.6 $
512.8 $ 376.3 Adjustment for Asset
Charges and Restructuring $ 999.7 $
1.1 $ 999.7 $ 102.2
Adjustment for Long-Term Sales Agreements $ -
$ - $ (17.2 ) $
(134.1 ) Adjustment for Implant
Liability $ (844.9 ) $ -
$ (844.9 ) $ -
Adjustment for Fair Value of Derivative Contract $
29.6 $ (7.8 ) $ (29.1
) $ (40.1 ) Foreign Tax
Credit $ (17.0 ) $ -
$ (99.0 ) $ -
Adjusted Net Income1 $ 204.6
$ 102.9 $ 522.3 $
304.3 1Adjusted 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 December 31,
2014 December 31, 2013 Assets
Current Assets $ 4,712.0 $
3,995.7 Property, Plant and Equipment, Net
5,406.8 7,231.1 Other Assets
1,026.3 1,075.3 $ 11,145.1
$ 12,302.1 Liabilities and Equity
Current Liabilities $ 1,448.2 $
1,346.0 Other Liabilities 6,070.2
7,177.5 Equity 3,626.7
3,778.6 $ 11,145.1 $ 12,302.1
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Dow CorningJarrod
Erpelding989.496.1582Jarrod.Erpelding@dowcorning.com
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