Dow Corning sees large increase in sales for Q1 2014
ERJ staff report (TP)
Michigan – Dow Corning Corp. announced on 29 April its first quarter 2014 sales of $1.52bn (€1.1bn), an increase of 21 percent over 2013, and net income of $191m (€138.2m).
Adjusted net income in the first quarter of 2014 was $109m (€78.8m), an increase of 65 percent compared with the first quarter of 2013.
Adjusted net income for 2014 excluded gains from a derivative contract and long term sales agreements. Adjusted net income for 2013 excluded restructuring expenses.
The firm’s silicones segment experienced volume growth across most geographic regions, while its polysilicon segment continued to see strong shipments as customers accepted delivery of material purchased through long-term contracts.
Executive vice president and chief financial officer J. Donald Sheets said: "Dow Corning's strategy and leading technology are enabling us to compete well and deliver stronger financial performance in the first quarter despite continued industry oversupply and volatility in the global marketplace."
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Press release from Dow Corning