Dow Corning Reports Sales and Profits for First Half of 2013
31 Julho 2013 - 9:41AM
Business Wire
Dow Corning Corp. today announced sales of $2.69 billion
and net income of $149 million for the first half of 2013. Dow
Corning’s year-to-date sales and adjusted net income were down 13
percent and 9 percent, respectively, compared to 2012. Adjusted net
income for 2013 excluded restructuring expenses.
J. Donald Sheets, Dow Corning's executive
vice president and chief financial officer (Photo: Business
Wire)
Additional information about Dow Corning’s financial
results:
Second Quarter Results
- Sales were $1.43 billion, 9
percent lower than last year’s second quarter.
- Q2 silicones segment sales were up
nearly 6 percent compared to Q1.
- Polysilicon sales volume and prices
remained challenged by industry oversupply.
- Adjusted net income was $107 million,
11 percent lower than last year’s second quarter.
Year-to-Date Results
- Sales were $2.69 billion, 13
percent lower than last year.
- Adjusted net income was $174 million, 9
percent lower than last year.
Q2 2013 Q2 2012
% Change 2013 2012 % Change Sales (in
billions) $ 1.43 $ 1.57 -9 % $ 2.69
$ 3.09 -13 % Net income (in millions) $ 87
$ 121 -28 % $ 149 $ 192 -22 %
Adjusted net income* (in millions) $ 107 $ 121
-11 % $ 174 $ 192 -9 % *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 half of the year. We did see a
quarter over quarter increase in the second quarter for a number of
our high-value, differentiated silicone-based products. We are
confident that our product portfolio, two-brand strategy, and
talented team are well positioned to help our silicones business
return to the trajectory of growth we expect.”
- “Hemlock Semiconductor’s performance
began to stabilize in the second quarter as a result of the actions
the company has taken in recent months. Polysilicon prices and
volumes remain significantly down as the solar industry deals with
excess capacity and awaits resolution of the global trade
disputes.”
- “In the first half of the year, 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
have a tough road in front of us, we’re confident that our strategy
– backed by our strong financial position – will enable us to
return to a path of growth.”
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 June 30,
Six Months Ended June 30, 2013 2012
2013 2012 Net Sales $
1,429.9 $ 1,570.7 $ 2,694.3
$ 3,093.1 Net Income Attributable to
Dow Corning $ 87.2 $ 121.3 $
149.3 $ 191.8 Adjustment for
Restructuring1, net $ 20.2 $
- $ 24.5 $ - Adjusted
Net Income2 $ 107.4 $ 121.3
$ 173.8 $ 191.8 1
The three and six month periods ended June 30, 2013 included
adjustments for restructuring charges 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, 2013 December 31,
2012 Assets Current Assets $
3,967.1 $ 4,117.3 Property, Plant and
Equipment, Net 7,417.5 7,553.1 Other
Assets 1,721.2 1,630.5 $
13,105.8 $ 13,300.9 Liabilities and
Equity Current Liabilities $
1,414.0 $ 1,513.5 Other Liabilities
8,078.4 8,214.2 Equity 3,613.4
3,573.2 $ 13,105.8 $
13,300.9
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