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J. Donald Sheets, Dow Corning Executive Vice President And Chief Financial Officer

Dow Corning Corp. today announced sales of $3.02 billion, an increase of 12 percent over 2013, and net income of $300 million. Adjusted net income in the first half of 2014 was $209 million, an increase of 20 percent compared with the first half of 2013.

J. Donald Sheets, Dow Corning executive vice president and chief financial officer

J. Donald Sheets, Dow Corning executive vice president and chief financial officer

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:

Second Quarter Results

  • Sales were $1.50 billion, 5 percent higher than last year’s second quarter
  • Adjusted net income was $100 million, 7 percent lower than last year’s second quarter
  • Silicones segment sales grew in most geographies; significant growth in transportation and electronics applications
  • Profits in both the Silicones and Polysilicon segments were tempered by inflation from raw materials costs

Year-to-Date Results

  • Sales were $3.02 billion, 12 percent higher than the first half of last year
  • Adjusted net income was $209 million, 20 percent higher than the first half of last year
      Q2 2014     Q2 2013     % Change     2014     2013     % Change
Sales (in billions)     $ 1.50     $ 1.43     5 %     $ 3.02     $ 2.69     12 %
Net income (in millions)     $ 109     $ 87     25 %     $ 300     $ 149     101 %
Adjusted net income* (in millions)     $ 100     $ 107     -7 %     $ 209     $ 174     20 %

*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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