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J. Donald Sheets, Dow Corning's Executive Vice President And Chief Financial Officer (Photo: Business Wire)

Dow Corning Corp. today announced first quarter 2014 sales of $1.52 billion, an increase of 21 percent over 2013, and net income of $191 million. Adjusted net income in the first quarter of 2014 was $109 million, an increase of 65 percent compared with the first quarter of 2013.

J. Donald Sheets, Dow Corning's executive vice president and chief financial officer (Photo: Busines ...

J. Donald Sheets, Dow Corning's executive vice president and chief financial officer (Photo: Business Wire)

Adjusted net income for 2014 excluded gains from a derivative contract and long term sales agreements. Adjusted net income for 2013 excluded restructuring expenses. Additional information about Dow Corning’s financial results:

First Quarter Results

  • Sales were $1.52 billion, 21 percent higher than last year’s first quarter.
  • Adjusted net income was $109 million, 65 percent higher than last year’s first quarter.
  • Dow Corning’s Silicones segment experienced volume growth across most geographic regions.
  • Dow Corning’s Polysilicon segment continued to see strong shipments as customers accepted delivery of material purchased through long-term contracts.
             
    Q1 2014   Q1 2013   % Change
Sales (in billions)   $ 1.52   $ 1.26   21 %
Net income (in millions)   $ 191   $ 62   207 %
Adjusted net income* (in millions)   $ 109   $ 66   65 %

*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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