Dow Corning Reports First Quarter 2015 Sales and Profits
29 Aprile 2015 - 2:29PM
Business Wire
Dow Corning Corp. today announced first quarter 2015 sales
of $1.36 billion, a decrease of 11 percent compared to 2014, and
net income of $185 million. Adjusted net income in the first
quarter of 2015 was $101 million, a decrease of 8 percent compared
with the first quarter of 2014.
J. Donald Sheets, executive vice
president and chief financial officer, Dow Corning Corporation
(Photo: Business Wire)
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:
First Quarter Results
- Sales were $1.36 billion, 11
percent lower than last year’s first quarter.
- Adjusted net income was $101 million, 8
percent lower than last year’s first quarter.
- Dow Corning’s Silicones segment
experienced volume growth in several of its highly specialized
product lines, especially for materials sold in construction,
healthcare and packaging applications.
- The strengthening U.S. dollar accounted
for a 4.7 percent revenue decrease in Silicones, partially offset
by lower than expected raw materials and energy costs.
- Sales from Dow Corning’s Polysilicon
segment decreased for the quarter as the timing of customers taking
product under long-term contracts resulted in fewer shipments in
the first quarter of 2015.
Q1
2015 Q1 2014 % Change Sales (in billions) $
1.36 $ 1.52 -11 % Net income (in millions) $
185 $ 191 -3 % Adjusted net income* (in millions)
$ 101 $ 109 -8 % * 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 first quarter results
decreased due to fewer polysilicon shipments to 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 in the fourth
quarter.”
- “Our Silicones segment is steadily
improving profit growth with our focus on providing highly
differentiated and innovative materials to customers. Despite the
headwinds caused by the strengthening U.S. dollar we saw
significant growth in our most profitable product lines in the
first quarter.”
- “Dow Corning continues to lead the
silicon-based materials industry in the development of new
formulations and applications for silicon-based technologies.”
- “This commitment to long-term growth
combined with our continued efforts to enhance our cost-leadership
has positioned us for continued growth and success.”
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, 2015 2014 Net Sales
$ 1,363.5 $ 1,524.2 Net
Income Attributable to Dow Corning $ 185.4
$ 190.9 Adjustment for Long-Term Sales
Agreements $ (97.9 ) $ (17.2
) Adjustment for Fair Value of Derivative
Contract $ 13.6 $ (64.4
) Adjusted Net Income1 $
101.1 $ 109.3
1 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, 2015 December 31, 2014
Assets Current Assets $ 4,458.6
$ 4,712.0 Property, Plant and Equipment, Net
5,285.4 5,406.8 Other Assets
927.5 1,026.3 $
10,671.5 $ 11,145.1
Liabilities and Equity Current Liabilities
$ 1,423.4 $ 1,448.2 Other
Liabilities 5,615.5 6,070.2 Equity
3,632.6 3,626.7 $
10,671.5 $ 11,145.1
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Dow Corning Corp.Jarrod Erpelding,
989-496-1582Jarrod.Erpelding@dowcorning.com
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