Dow Corning Reports Third Quarter 2015 Financial Results
October 28 2015 - 8:24AM
Business Wire
Dow Corning Corp. today announced third quarter sales of
$1.39 billion and net income of $72 million. Adjusted net income in
the third quarter decreased 1 percent to $108 million. Through the
three quarters, Dow Corning’s adjusted net income, which excludes
unusual items, has increased 6 percent despite decreased sales
impacted largely by the strong United States dollar.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20151028005780/en/
J. Donald Sheets, executive vice
president and chief financial officer, Dow Corning Corporation
(Photo: Business Wire)
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:
Third Quarter Results
- Sales were $1.39 billion, 9
percent lower than last year’s third quarter.
- Despite the headwinds caused by the
strengthening U.S. dollar, Dow Corning continues to grow its most
profitable Silicones segment product lines.
- Dow Corning continued to grow
particularly in North America, Europe, the Middle East and
India.
Year-to-Date Results
- Sales were $4.18 billion, 8
percent lower than the same time period last year; the decrease is
largely driven by the strong U.S. dollar.
- Adjusted net income has increased 6
percent to $336 million.
- Sales from Dow Corning’s Polysilicon
segment continued to decrease as the timing of customers taking
product under long-term contracts resulted in fewer shipments.
Q3 2015 Q3 2014 % Change
2015 2014 % Change Sales
(in billions) $ 1.39 $ 1.52 -9 %
$ 4.18 $ 4.54 -8 % Net
income (in millions) $ 72 $ 176
-59 % $ 370 $ 476 -22 %
Adjusted net income* (in millions) $ 108 $ 109
-1 % $ 336 $ 318
6 %
* 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.
Comments from Dow Corning’s Executive Vice President and Chief
Financial Officer J. Donald Sheets:
- “Lagging growth in the global economy
combined with the strong U.S. dollar continued to create headwinds
for Dow Corning.”
- “Dow Corning’s Silicones segment
continues to grow its most differentiated and innovative product
lines – which are also the most profitable – allowing us to offset
some of the negative currency impact.”
- “Dow Corning’s results continue to be
impacted by fewer polysilicon shipments to Hemlock Semiconductor’s
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 year.”
About Dow Corning
Dow Corning (www.dowcorning.com) provides performance-enhancing
solutions to serve the diverse needs of more than 25,000 customers
worldwide. 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.
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 1961.
Dow Corning Corporation Selected Financial
Information (in millions of U. S. dollars)
(Unaudited)
Consolidated Income Statement Data Three
Months Ended September 30, Nine Months Ended September
30, 2015 2014 2015 2014
Net Sales $ 1,389.3 $
1,519.9 $ 4,177.2 $ 4,544.7
Net Income Attributable to Dow Corning
$ 71.6 $ 175.5 $ 370.0
$ 475.6 Adjustment for Long-Term Sales
Agreements $ - $ - $
(97.9 ) $ (17.2 )
Adjustment for Fair Value of Derivative Contract $
36.2 $ 15.3 $ 63.4 $
(58.8 ) Foreign Tax Credit $
- $ (82.0 ) $ -
$ (82.0 ) Adjusted Net
Income1 $ 107.8 $ 108.8
$ 335.5 $ 317.6
1
Adjusted Net Income is a non-GAAP financial measure which
excludes certain unusual items and which reconciles to Net Income
as shown. Consolidated Balance Sheet Data
September 30, 2015
December 31, 2014 Assets
Current Assets $ 4,478.9 $
4,712.0 Property, Plant and Equipment, Net
5,172.1 5,406.8 Other Assets
899.0 1,026.3 $ 10,550.0
$ 11,145.1 Liabilities and Equity
Current Liabilities $ 1,444.1 $
1,448.2 Other Liabilities 5,425.9
6,070.2 Equity 3,680.0
3,626.7 $ 10,550.0 $ 11,145.1
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151028005780/en/
Dow CorningJarrod Erpelding,
989.496.1582Jarrod.Erpelding@dowcorning.com
Corning (NYSE:GLW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Corning (NYSE:GLW)
Historical Stock Chart
From Sep 2023 to Sep 2024