Home / Knowledge / News / Textiles / Net Income crashes 36% at Dow Corning in Q2
Net Income crashes 36% at Dow Corning in Q2
01
Aug '12
Dow Corning Corp. 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.

Year-to-Date Results

  • 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.”

Dow Corning 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 Corp.


Must ReadView All

US & EU retailers release industry approach to GDPR

Apparel/Garments | On 24th May 2018

US & EU retailers release industry approach to GDPR

The Washington, D.C.-based National Retail Federation and...

Global cotton consumption to reach record in 2018-19: USDA

Textiles | On 24th May 2018

Global cotton consumption to reach record in 2018-19: USDA

Reflecting continued growth in the global economy, world cotton mill...

Courtesy: Nanollose

Textiles | On 24th May 2018

Nanollose develops fabric from coconuts

Australian technology company Nanollose has developed a sustainable...

Interviews View All

Top executives
Textile industry, India

The event should be organised every year

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Urmil Arya

Sushila International, a well established textile organisation established ...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search