MIDLAND — Dow Corning Corp. Wednesday announced net income of $109 million in the second quarter ended June 30, up from $87.2 million in the second quarter of 2013.
Revenue was $1.5 billion, up from $1.43 billion a year earlier.
In the first half, net income was $300 million, up from $149.3 million in the first half of 2013. Revenue was $3.02 billion, up from $2.69 billion in the first half of 2013.
“We had a strong first half of the year, as our team committed to returning Dow Corning to a trajectory of growth in 2014,” said Dow Corning executive vice president and CFO J. Donald Sheets. “Thus far in 2014, sales and profits are growing, outpacing a sluggish global economy and amidst industry oversupply and increased raw materials costs.”
Dow Corning also released an “adjusted net income” figure for the quarter of $99.5 million, down from adjusted net income of $197.4 million in the second quarter of 2013. Adjusted net income for 2014 excluded gains from a derivative contract and long-term sales agreements. Adjusted net income for 2013 excluded restructuring expenses.
In the first half, adjusted net income was $208.8 million, up from $173.8 million in the first half of 2013.
The company said silicones segment sales grew in most geographies, with significant growth in transportation and electronics applications. However, profits in both the silicones and polysilicon segments were tempered by a rise in raw materials cost.
Said Sheets: “In our polysilicon segment, Hemlock Semiconductor Group’s performance was a result of long-term contract customers continuing to take shipments of material for both semiconductor and solar grade polysilicon.”
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 Midland-based Dow Chemical Co. and New York-based Corning Inc.
More at www.dowcorning.com.
Hemlock Semiconductor Group is comprised of several joint venture companies owned in majority by Dow Corning. Hemlock Semiconductor provides 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.
More at www.hscpoly.com.