Dow Corning Reports 10 Percent Increase in Net Income in 2015
06 February 2016 - 12:08AM
Business Wire
Dow Corning Corp. today announced a 10 percent increase in
net income in 2015, despite a 9 percent decrease in sales resulting
from a strong U.S. dollar. For the year, Dow Corning reported $5.65
billion of sales and $563 million of net income. Dow Corning’s
fourth quarter net income was $193 million on sales of $1.47
billion.
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J. Donald Sheets, executive vice
president and chief financial officer, Dow Corning Corporation
(Photo: Business Wire)
Dow Corning’s adjusted net income in 2015 was $492 million, a
decrease of 6 percent compared to 2014. Adjusted net income for
2015 excluded the impact of a derivative contract and gains
resulting from the sale of property, long-term sales agreements and
implant liability adjustment. Additional information about Dow
Corning’s financial results:
2015 Year-End Results
- Dow Corning continued to increase sales
volumes in its most profitable specialty silicones product lines
with notable strength in the high performance building, packaging,
electronics, and health and beauty care industries.
- 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.
Q4 2015 Q4 2014
% Change 2015 2014
% Change Sales (in billions) $ 1.47 $
1.68 -12 % $ 5.65 $ 6.22
-9 % Net income (in millions) $ 193
$ 37 419 % $ 563
$ 513 10 % Adjusted net income* (in millions)
$ 157 $ 205 -23 %
$ 492 $ 522 -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:
- “Dow Corning’s efforts to increase the
profitability of our Silicones business in 2015 enabled us to
offset the currency headwinds we faced as well as the continued
volatility in our Polysilicon business.”
- “Our ability to sustain volume growth
in our most profitable specialty silicones product lines
demonstrates Dow Corning’s leadership in providing highly
innovative and differentiated products to our customers.”
- “We continued to enhance the efficiency
of our operations in 2015, enabling Dow Corning to provide
unmatched global scale and services to our customers while
continuing to invest in R&D and growth opportunities.”
- “We see a tremendous opportunity to
accelerate growth in our Silicones business upon completion of the
Dow Chemical and Corning Inc. transaction. The added power of Dow’s
brand, operational excellence, global scale and powerful innovation
and R&D engine will provide our customers with even greater
expertise and capabilities.”
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 December 31, Twelve Months Ended December 31,
2015 2014 2015 2014
Net Sales $ 1,472.1 $ 1,676.6
$ 5,649.3 $ 6,221.3 Net
Income Attributable to Dow Corning $ 193.0
$ 37.2 $ 563.0 $ 512.8
Adjustment for Asset (Gains) Charges and
Restructuring $ (5.7 ) $
999.7 $ (5.7 ) $ 999.7
Adjustment for Long-Term Sales Agreements $
- $ - $ (97.9 ) $
(17.2 ) Adjustment for Implant
Liability $ (41.1 ) $ (844.9
) $ (41.1 ) $ (844.9
) Adjustment for Fair Value of Derivative
Contract $ 10.4 $ 29.6 $
73.9 $ (29.1 ) Foreign Tax
Credit $ - $ (17.0 )
$ - $ (99.0 )
Adjusted Net Income1 $ 156.6
$ 204.6 $ 492.2 $
522.3
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
December 31, 2015 December 31,
2014 Assets Current Assets $
4,510.8 $ 4,448.3 Property, Plant and
Equipment, Net 5,086.3 5,406.8 Other
Assets 977.2 1,284.8
$ 10,574.3 $ 11,139.9
Liabilities and Equity Current
Liabilities $ 1,320.6 $ 1,446.9
Other Liabilities 5,314.4 6,066.3
Equity 3,939.3 3,626.7
$ 10,574.3 $ 11,139.9
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version on businesswire.com: http://www.businesswire.com/news/home/20160205005347/en/
Dow Corning Corp.Jarrod Erpelding,
989.496.1582Jarrod.Erpelding@dowcorning.com
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