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Dow Corning reports increased profits for first half of 2015
Dow Corning Corp. today announced second quarter sales of $1.42 billion
and net income of $113 million. Adjusted net income in the second quarter
increased 27 percent to $127 million. Through the first half of the year,
Dow Corning's adjusted net income, which excludes unusual items, has
increased 9 percent despite decreased sales impacted largely by the strong
United States dollar.
Adjusted net income for 2015 and 2014 excluded the impact of a derivative
contract and gains on long term sales agreements. Additional information about
Dow Corning’s financial results:
Second Quarter Results
Sales were $1.42 billion, 5 percent lower than last year's second
Despite the headwinds caused by the strengthening U.S. dollar
Dow Corning experienced significant growth in its most profitable
Silicones segment product lines, especially for materials sold in electronics,
packaging, high-performance building and healthcare applications.
The strengthening U.S. dollar accounted for a nearly 6 percent revenue
decrease in the Silicones segment.
Sales were $2.79 billion, 8 percent lower than the first half of last year;
the decrease is largely driven by the strong U.S. dollar.
Adjusted net income was $228 million, 9 percent higher than the first half
of last year.
Sales from Dow Corning's Polysilicon segment have decreased for the
first half of the year as the timing of customers taking product under
long-term contracts resulted in fewer shipments.
| ||Q2 2015||Q2 2014||% Change||2015||2014||% Change
|Net income (in
|Adjusted net income* (in
|* 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
View Second Quarter Condensed Consolidated Statements of Operations (PDF)
Comments from Dow Corning's Executive
Vice President and Chief Financial Officer J. Donald Sheets (PDF):
"This strong first half performance is remarkable given the currency
headwinds we face and amidst continued oversupply and volatility in the
silicones and polysilicon industries."
"Dow Corning continues to advance on our strategy to increase
profitability, especially in our Silicones segment. We're doing this by
delivering more of our highly differentiated and innovative materials to
customers that value the expertise and innovation we bring to the table as the
silicones industry leader."
"Dow Corning's first half results continued to be impacted by
fewer polysilicon shipments to long-term contract customers. These contracts
have a degree of variability when customers take their product and recent order
patterns have resulted in customer orders being concentrated late last
About Dow Corning
Dow Corning (dowcorning.com) provides
performance-enhancing solutions to serve the diverse needs of more than 25,000
A global leader in silicones, silicon-based
technology and innovation,
Dow Corning offers more than 7,000 products and services via the company's
Dow Corning® and
XIAMETER® brands. Dow Corning is equally owned by The
Dow Chemical Company and Corning, Incorporated. More than half of
Dow Corning's annual sales are outside the United States.
Dow Corning's global operations adhere to the American
Chemistry Council's Responsible Care® initiative, a stringent set of
standards designed to advance the safe and secure management of chemical
products and processes.
About Hemlock Semiconductor Group
Hemlock Semiconductor Group (hscpoly.com) is comprised of several joint venture
companies owned in majority by Dow Corning Corporation. Hemlock
Semiconductor is a leading provider of polycrystalline silicon and other
silicon-based products used in the manufacturing of semiconductor devices and
solar cells and modules. Hemlock Semiconductor began its operations in
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