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. 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.
Additional information about Dow Corning's financial results:
Fourth Quarter Results
*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:
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®
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 (hscpoly.com)
is comprised of several joint venture companies owned in majority by Dow
Corning 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.
Consolidated Balance Sheet Data
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