Dow Corning Reports Sales and Profits for Fourth Quarter and 2011 Year-End
03 Fevereiro 2012 - 11:30AM
Business Wire
Dow Corning Corp. today announced its results for the
fourth quarter and full year of 2011. Dow Corning recorded record
sales of $6.43 billion in 2011 while adjusted net income decreased
15 percent compared to 2010. Adjusted net income excluded a gain on
long-term sales agreements. Fourth quarter sales decreased 4
percent compared to fourth quarter 2010 as prices softened in the
face of global economic volatility. Additional information about
Dow Corning’s financial results:
Fourth Quarter Results
- Sales were $1.52 billion, 4
percent lower than last year’s fourth quarter.
- While demand was reasonably stable,
prices softened across most geographic regions.
- Net income was $260 million, 3 percent
higher than last year’s fourth quarter.
- Adjusted net income was $76.8 million,
53 percent lower than last year’s fourth quarter.
Year-to-Date Results
- Sales were $6.43 billion, 7
percent higher than last year.
- Significant areas of growth included
Asia, Eastern Europe and developing geographic regions.
- Net income was $806 million, 7 percent
lower than last year.
- Adjusted net income was $613 million,
15 percent lower than last year.
Q4 2011 Q4
2010 % Change 2011 2010 % Change Sales (in billions) $ 1.52 $ 1.58
-4 % $ 6.43 $ 6.00 7 % Net income (in millions) $ 260 $ 251 3 % $
806 $ 866 -7 % Adjusted net income* (in millions) $ 76.8 $ 165 -53
% $ 613 $ 724 -15 % *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:
- “We were unable to translate record
2011 sales into increased profits due to oversupply and softening
demand in our industry combined with higher materials and energy
costs. This situation, as well as continued global economic
volatility, impacted both our silicones and polycrystalline
silicon-segments.”
- “In our silicones segment, demand
continued to grow in the emerging economies throughout Asia and
Latin America; however Europe and North America remained nearly
flat.”
- “Our polycrystalline silicon business
through Hemlock Semiconductor Group was impacted by significant
oversupply in the solar industry, a condition we expect to continue
in 2012.”
- “As a cost-competitive manufacturer in
both the silicone and polycrystalline silicon segments, we are well
positioned to compete.”
- “Protecting our competitive cost
position at both Dow Corning and Hemlock Semiconductor is essential
to our long-term success, and we are aggressively pursuing
opportunities to increase efficiency and reduce costs in our
operations.”
- “Dow Corning continues to pioneer new
technologies with a robust innovation portfolio that will drive our
success in the future.”
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 December 31, Twelve Months Ended December 31,
2011 2010 2011 2010
Net Sales $ 1,518.9 $ 1,584.3
$ 6,426.7 $ 5,997.3 Net
Income Attributable to Dow Corning $ 259.7
$ 251.0 $ 806.2 $ 866.0
Adjustment for Long-Term Sales Contracts1
$ (177.6 ) $ - $
(177.6 ) $ - Adjustment for
AEMC2, net $ (5.3 ) $
(2.4 ) $ (15.8 ) $
(58.3 ) Adjustment for Tax
Benefit3, net $ - $
(84.1 ) $ - $
(84.1 ) Adjusted Net Income4
$ 76.8 $ 164.5 $ 612.8
$ 723.6
1 The three and twelve month
periods ended December 31, 2011 included an adjustment for the gain
on long-term sales agreements.
2 The three and twelve month
periods ended December 31, 2011 and 2010 included a tax benefit
related to Advanced Energy Manufacturing Credits, net of the
noncontrolling interests' share.
3 Fiscal year 2010 included a
tax benefit related to the 4th quarter start up of operations in
China and a tax benefit associated with foreign dividends.
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
December 31,
2011 December 31, 2010 Assets
Current Assets $ 4,873.0 $
4,624.6 Property, Plant and Equipment, Net
7,380.3 6,120.7 Other Assets
1,317.9 1,903.1 $ 13,571.2
$ 12,648.4 Liabilities and Equity
Current Liabilities $ 2,022.9 $
2,287.8 Other Liabilities 7,963.4
6,862.8 Equity 3,584.9
3,497.8 $ 13,571.2 $ 12,648.4
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