Net Income crashes 36% at Dow Corning in Q2

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.