Dow Corning Reports Sales and Profits for Fourth Quarter and 2013 Year-End

  • Saturday, February 8, 2014
  • Source:

  • Keywords:Si,Silicon,Polysilicon,Sales,Dow Corning,2013
[Fellow]
[Ferro-alloys.com]Dow Corning Corp. today announced fourth quarter 2013 sales of $1.59 billion, an increase of 7 percent over 2012, and net income of $110 million in the quarter. Adjusted net income in the fourth quarter was $103 million, an increase of 50 percent compared with the fourth quarter of 2012. For the year, Dow Corning’s sales were $5.71 billion, a decrease of 7 percent compared to 2012, and net income was $376 million. Adjusted net income for 2013 was $304 million, a decrease of 10 percent from 2012.
 
Adjusted net income for both 2013 and 2012 excluded gains from long term sales agreements, restructuring expenses and charges for impaired assets. Additionally, adjusted net income for 2013 excluded a gain from a favorable derivative contract.
 
In a year characterized by significant oversupply and pricing pressure in our industry, Dow Corning competed well to maintain its industry leading financial foundation. We moved decisively to reduce our cost structure in 2013, providing us the ability to focus on growth through serving our customers in 2014 and beyond.”
 

Comments from Dow Corning's Executive Vice President and Chief Financial Officer J. Donald Sheets: “Dow Corning continues to remain strong financially. In the past year we’ve paid down debt and maintained stable cash levels, carrying a strong balance sheet which will enable us to adapt and invest in the growth of our business.” “We continue to manufacture and sell high volumes of materials in our Silicones segment. Our efforts to continually improve the efficiency of our manufacturing operations have been a significant factor in our ability to compete in this volatile economic environment.” “In our polysilicon segment, Hemlock Semiconductor Group delivered positive financial performance despite unprecedented pricing and volume pressure as the solar industry deals with excess capacity and awaits resolution of the global trade disputes.” “In 2014, we are in a strong position to focus on growth by providing our customers with industry leading products and services. We are confident that our product portfolio and talented team are well positioned to help return Dow Corning to the trajectory of growth we expect.” (Source: Dow Corning Official Website)

  • [Editor:editor]

Tell Us What You Think

please login!   login   register
Please be logged in to comment!