Dow Corning Corp. today reported its financial performance for the fourth quarter and full year of 2012. Dow Corning recorded sales of $6.12 billion and net income of $188 million for 2012. Dow Corning’s year-to-date sales and adjusted net income were down 5 percent and 45 percent, respectively, compared to 2011 as oversupply, economic volatility and high raw material costs significantly reduced the company’s profits. Adjusted net income for 2012 excluded charges for asset abandonments and restructuring expenses. Adjusted net income for 2011 excluded a gain on long-term sales agreements. Additional information about Dow Corning’s financial results:
Fourth Quarter Results
Sales were $1.48 billion, 3 percent lower than last year’s fourth quarter.
Adjusted net income was $69 million, 10 percent lower than last year's fourth quarter.
Dow Corning's Hemlock Semiconductor Group joint ventures continued to be challenged by significant oversupply in the polysilicon industry and the threat of potential duties on its products sold into China.
Sales in Europe continued to be significantly lower due to continuing economic volatility.
Sales were $6.12 billion, 5 percent lower than 2011.
Adjusted net income was $338 million, 45 percent lower than 2011.