This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow Corning Reports Sales And Profits For Fourth Quarter And 2013 Year-End

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
  • Sales were $1.59 billion, 7 percent higher than last year’s fourth quarter.
  • Pricing pressure continued to limit margins in Dow Corning’s Silicones segment.
  • Polysilicon segment performance increased as customers purchased high volumes to meet contractual requirements.

Year-to-Date Results
  • Sales were $5.71 billion, 7 percent lower than last year.
  • Adjusted net income was $304 million, 10 percent lower than last year.
    Q4 2013   Q4 2012   % Change   2013   2012   % Change
Sales (in billions) $ 1.59 $ 1.48   7 % $ 5.71 $ 6.12 -7 %
Net income (in millions) $ 110 $ (101 ) 209 % $ 376 $ 188 100 %
Adjusted net income* (in millions) $ 103 $ 69   50 % $ 304 $ 338 -10 %

*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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,575.30 -79.47 -0.48%
S&P 500 1,979.71 -7.95 -0.40%
NASDAQ 4,804.0860 -8.6220 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs