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.
- 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.