Dow Corning Reports Increased Sales for the First Half of 2011
28 Julho 2011 - 9:15AM
Business Wire
Dow Corning Corp. today announced sales of $3.25 billion
and net income of $370 million in the first half of 2011. Sales
increased 12 percent as global demand continued to grow for the
silicon-based innovator and manufacturer. Additional information
about Dow Corning’s financial results:
Second Quarter Results
- Sales were $1.67 billion, 8
percent higher than last year.
- Net income was $191 million, 14 percent
lower than last year.
- Significant demand growth continued in
Asia, Latin America, Eastern Europe and in developing geographic
regions.
- Sharp increases in prices for materials
and energy, as well as higher levels of operating expenses,
negatively impacted net income growth.
- External factors including slowing
global economies, Japan’s tsunami and earthquake, and unrest in the
Middle East depressed net income results.
Year-to-Date Results
- Sales were $3.25 billion, 12
percent higher than last year.
- Net income was $370 million, 16 percent
lower than last year.
- Adjusted net income was $363 million, 6
percent lower than last year, which excluded the U.S. Advanced
Energy Manufacturing Tax Credits received by Dow Corning and its
joint ventures in 2010.
Q2 2011 Q2 2010 % Change 2011
2010 % Change Sales (in billions) $ 1.67 $ 1.54
8%
$ 3.25 $ 2.90
12%
Net income (in millions) $ 191 $ 221
-14%
$ 370 $ 439
-16%
Adjusted net income* (in millions) $ 188 $ 215
-13%
$ 363 $ 388
-6%
*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:
- “While demand remains solid for Dow
Corning’s silicon-based materials, we’ve seen pressure on our
profits in the first half of 2011 from sharply rising raw materials
and energy prices. We’re countering these challenges by focusing on
the efficiency of our business and by continuing to invest in
innovation to serve high-value growth opportunities.”
- “Dow Corning’s silicones segment
continues to see significant growth in emerging economies
throughout Asia, Latin America and Eastern Europe, despite the
global economic volatility that has challenged all businesses in
2011.”
- “Dow Corning’s polycrystalline silicon
segment through our Hemlock Semiconductor Group joint ventures
continues to sell all of its production, and remains sold out for
the foreseeable future. While there has been some softening in the
solar industry in 2011, we believe the solar industry will continue
to grow at a rapid pace over the long-term as regions seek clean,
renewable, domestically-generated sources of energy.”
- “The pace of the global economic
recovery remains slow due to uncertainty in the current business
environment. Political instability throughout the globe, as well as
the tragedy of the earthquake and tsunami in Japan earlier this
year, added to the challenges businesses like Dow Corning faced in
the first half of the year.”
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 (NYSE:DOW) and
Corning, Incorporated (NYSE:GLW). 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 June 30, Six Months Ended June 30,
2011 2010 2011 2010
Net Sales $ 1,668.1 $ 1,544.6
$ 3,247.4 $ 2,898.3 Net
Income Attributable to Dow Corning $ 190.8
$ 220.7 $ 369.5 $ 439.0
Adjustment for AEMC1, net $
(3.2 ) $ (5.8 ) $
(6.5 ) $ (51.5 )
Adjusted Net Income2 $ 187.6 $
214.9 $ 363.0 $ 387.5
1 The three and six month periods ended June 30,
2011 and 2010 included a tax benefit related to Advanced Energy
Manufacturing Credits, net of the noncontrolling interests'
share.
2 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
June 30, 2011
December 31, 2010 Assets
Current Assets $ 4,798.4 $
4,624.6 Property, Plant and Equipment, Net
6,690.3 6,120.7 Other Assets
1,554.7 1,903.1 $ 13,043.4
$ 12,648.4 Liabilities and Equity
Current Liabilities $ 1,909.3 $
2,287.8 Other Liabilities 7,554.2
6,862.8 Equity 3,579.9
3,497.8 $ 13,043.4 $ 12,648.4
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