Dow Corning Corp. today announced sales of $3.09 billion and net income $192 million for the first half of 2012. Dow Corning’s year-to-date sales and net income were down 5 percent and 48 percent, respectively, compared to 2011 as oversupply and high raw material costs continue to challenge the company’s profits. Additional information about Dow Corning’s financial results:
Second Quarter Results
- Sales were $1.57 billion, 6 percent lower than last year’s second quarter.
- Polysilicon prices remain depressed through Hemlock Semiconductor Group joint ventures.
- Sales in Europe are significantly lower due to economic volatility in the region.
- Net income was $121 million, 36 percent lower than last year’s second quarter.
- Sales were $3.09 billion, 5 percent lower than last year.
- Net income was $192 million, 48 percent lower than last year.
Comments from Dow Corning’s Executive Vice President and Chief Financial Officer J. Donald Sheets:
- “The first half of 2012 presented significant challenges as oversupply in both the silicone and polycrystalline silicon industries combined with high raw material costs continued to impact our performance.”
- “Our Hemlock Semiconductor Group joint ventures continue to be challenged by oversupply in the polycrystalline silicon markets and the economic and political uncertainty surrounding the solar industry.”
- “Protecting our competitive cost position at both Dow Corning and Hemlock Semiconductor remains essential to our long-term success, and we continue to aggressively pursue opportunities to increase efficiency and reduce costs in our operations.”
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 Dow Corning ASEAN/ANZ
Dow Corning in ASEAN/ANZ (www.dowcorning.sg) has worked closely with customers for nearly 30 years to help them be successful in local as well as in international markets. We serve customers across the region from our regional head office in Singapore and our offices in Indonesia, Malaysia, Thailand, The Philippines and Vietnam besides serving the customer requirements in Australia and New Zealand. Our Science & Technology facility in Singapore enables collaboration with ASEAN/ANZ customers to provide innovative silicone-based solutions that are new to, or customized for the region.
About Hemlock Semiconductor Group
Hemlock Semiconductor Group (Hemlock Semiconductor) is comprised of several joint venture companies among Dow Corning Corporation, Shin-Etsu Handotai, and Mitsubishi Materials 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.