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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.

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