MIDLAND — Dow Corning Corp. announced third quarter sales of $1.52 billion, a 7 percent increase $1.43 billion from 2013. Net income also increased to $176 million, representing a 49 percent increase compared to the third quarter of 2013.
For the year, Dow Corning posted sales of $4.54 billion, up 10 percent from $4.12 billion a year earlier. Net income was $476 million, up 78 percent from $267 billion in the first nine months of 2013.
Adjusted net income through the third quarter of 2014 was $318 million, an increase of 58 percent compared to 2013. Adjusted net income for 2014 excluded the impact of a derivative contract, long term sales agreements and a tax benefit associated with foreign dividends. Adjusted net income for 2013 excluded the impact of a derivative contract, long term sales agreements, charges for impaired assets and restructuring expenses.
Silicones sales grew in the Americas, Greater China and Europe
Silicones sales growth increased most significantly for applications in the healthcare, packaging, electronics, high-performance building and transportation industries
“Dow Corning’s sales increased for the fourth consecutive quarter,
demonstrating that our strategy, talented team and technology are well-positioned to deliver the growth expected of a specialty chemicals leader,” Dow Corning CFO and executive vice president J. Donald Sheets said in a statement. “Dow Corning’s industry-leading products — combined with our global manufacturing and formulation capabilities — led to record silicones segment sales in the quarter. Our Polysilicon segment through the Hemlock Semiconductor Group continued its strong performance in 2014 as long-term contract customers continued to take shipments of material for both semiconductor and solar grade polysilicon.”
Dow Corning provides more tan 7,000 products and services to more than 25,000 customers worldwide, with more than half its sales coming from outside the United States. The company is a joint venture of Midland-based Dow Chemical Co. and New York-based Corning Inc. Hemlock Semiconductor Group, www.hscpoly.com, is comprised of several joint venture companies owned in majority by Dow Corning. Hemlock provides polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices and solar cells and modules. Hemlock Semiconductor began operations in 1961.
More at www.dowcorning.com.