Dow Corning Announces Third Quarter 2012 Sales and Profits

On October 26, 2012, Dow Corning announced sales of $4.64 billion in the first three quarters of 2012, net income of $288 million, and sales and net income decreased by 5% and 47%, respectively, compared to the same period last year. This is mainly due to oversupply in the market, economic instability and high raw material costs, which have caused the company's earnings to continue to be affected. The following is a detailed financial report:

Third Quarter 2012 Results Report

  • * Sales of $1.55 billion, down 7% from the same period last year

    • * The price of polysilicon products continued to be depressed by the pressure of oversupply in the industry, affecting the joint venture Hemlock
    * Semiconductor Group (Hemlock Semiconductor Group)
    * Continued economic volatility in the European market led to a significant decline in sales in the region * Net income was $97 million, a 45% decrease from the same period last year

    Performance in the first three quarters of 2012

  • * Sales of $6.44 billion, down 5% from the same period last year
  • * Net income was $288 million, down 47% from the same period last year

  • Third quarter of 2012 Third quarter of 2011 Change range (%) 2012 year 2011 Change range (%)
    Sales (unit: billion) $ 1.55 $ 1.66 -7% $ 4.64 $ 4.91 -5%
    Net income (in millions) $ 97 $ 177 -45% $ 288 $ 547 -47%
    Adjusted net income*
    (Unit: million)     		$ 77 $ 173 -56% $ 269 $ 536 -50%
    * Adjusted net income is a non-GAAP financial indicator and does not include certain unconventional items.


    Dow Corning executive vice president and chief financial officer J. Donald Sheets commented on this:
  • * "From 2012 to the present, our performance has been affected by the oversupply and high price of raw materials from the silicone and polysilicon markets, and the impact of these factors is expected to continue until 2013."
  • * "Our joint venture Hemlock Semiconductor Group continues to face challenges from oversupply in the polysilicon industry worldwide. In addition, the performance of the Hemlock Semiconductor Group is also being affected by the economic and political uncertainty surrounding the solar industry."
  • * "In response to a volatile economy and an oversupply market environment, Dow Corning will continue to focus on providing customers with innovative silicon-based products and solutions, which is our advantage over competitors."
  • * "We will continue to actively seek opportunities to increase efficiency, reduce operating costs, and maintain Dow Corning's competitiveness in terms of product cost over the past 70 years."

  • (This article is based on Dow Corning submission)

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