Dow Corning Reports Sales and Profits Through 3Q 2013

Third quarter sales were $1.43 billion, 8% lower than last year’s third quarter. Pricing pressure continued to limit margins in Dow Corning’s Silicones segment. Polysilicon segment performance tracked positively despite continued pricing and volume pressure. Adjusted net income was $28 million, 64% lower than last year’s third quarter.

Year-to-date sales were $4.12 billion, 11% lower than last year.
Adjusted net income was $201 million, 25% lower than last year.

“Despite the significant pricing challenges we’ve faced in the past 18 months, Dow Corning maintains its industry-leading financial foundation,” said J. Donald Sheets, Dow Corning’s executive vice president and chief financial officer. “In the past year, we’ve paid down debt and maintained stable cash levels, carrying a strong balance sheet, which will enable us to adapt and invest in the growth of our business.”

“Our Silicones segment continues to sell high volumes while pricing pressure continues to challenge our margins,” Sheets added. “We are confident that our product portfolio and talented team are well positioned to help our silicones business return to the trajectory of growth we expect. Hemlock Semiconductor’s polysilicon performance continued to track positively despite pricing and volume pressure as the solar industry deals with excess capacity and awaits resolution of the global trade disputes.”