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: 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.