Dow Corning Reports Sales and Profits for First Quarter of 2013
01 Maio 2013 - 12:05PM
Business Wire
Dow Corning Corp. today reported its financial performance
for the first quarter of 2013. Dow Corning recorded sales of $1.26
billion and net income of $62.1 million for the first quarter of
2013. Dow Corning’s sales and adjusted net income were down 17
percent and 6 percent, respectively, compared to 2012. Adjusted net
income for 2013 excluded restructuring expenses.
Additional information about Dow Corning’s financial
results:
First Quarter Results
- Sales were $1.26 billion, 17 percent
lower than last year’s first quarter.
- Adjusted net income was $66.4 million,
6 percent lower than last year’s first quarter.
- Sales were down in both the silicones
and polysilicon segments, with the polysilicon segment realizing
the largest reduction.
- Dow Corning’s Hemlock Semiconductor
Group joint ventures continue to be challenged as the threat of
potential duties on its products sold into China remains
unresolved.
Q1
2013 Q1 2012 % Change Sales (in billions) $
1.26 $ 1.52 -17 % Net income (in millions) $
62 $ 71 -12 % Adjusted net income* (in millions)
$ 66 $ 71 -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:
- “Significant oversupply and high raw
materials costs continued to challenge the performance of our
silicones segment in the first quarter. Consistent with our
strategy, we are beginning to see opportunities with a number of
the high-value, differentiated products we’ve developed alongside
our customers, however those opportunities are not sufficient to
make up for the broader pricing pressure in the silicones
segment.”
- “Hemlock Semiconductor’s performance
continued to worsen as the solar polysilicon industry deals with
excess inventories and awaits resolution of the global trade
disputes.”
- “In the first quarter, we made some
tough decisions to reduce Dow Corning’s cost structure to enable us
to continue to invest in developing innovative products that bring
value to both our customers and to Dow Corning. While we expect the
difficulties we’re facing to continue through the year, Dow
Corning’s strategy for long-term success is clear, and our
foundation is financially strong.”
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 March 31, 2013
2012 Net Sales $ 1,264.4
$ 1,522.4 Net Income Attributable to
Dow Corning $ 62.1 $ 70.5
Adjustment for Restructuring1, net $
4.3 $ - Adjusted Net
Income2 $ 66.4 $ 70.5
1The three month period ending March 31, 2013
included an adjustment for restructuring charges.
2Adjusted 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, 2013
December 31, 2012 Assets
Current Assets $ 3,901.7 $
4,117.3 Property, Plant and Equipment, Net
7,486.4 7,553.1 Other Assets
1,693.8 1,630.5 $ 13,081.9
$ 13,300.9 Liabilities and Equity
Current Liabilities $ 1,349.5 $
1,513.5 Other Liabilities 8,212.9
8,214.2 Equity 3,519.5
3,573.2 $ 13,081.9 $ 13,300.9
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