Oct 29, 2014 - US silicon-based materials maker Dow Corning Corp said today its third-quarter net profit has climbed by 49% year-on-year to USD 176 million (EUR 138m) as sales increased for the fourth consecutive quarter.
The firm, which is a joint venture between Dow Chemical (NYSE:DOW) and glass group Corning (NYSE:GLW), saw its adjusted net income surge by 294% to USD 109 million.
Total sales went up by 7% to USD 1.52 billion as silicones sales increased in the Americas, Greater China and Europe, mainly for applications in the healthcare, packaging, electronics, high-performance building and transportation sectors.
Dow Corning noted that the long-term contract clients of its polysilicon unit, Hemlock Semiconductor Group, had continued to take shipments of material for both semiconductor and solar grade polysilicon, thus helping the division maintain its solid performance in 2014.
Year-to-date net profit jumped by 78% to USD 476 million as total sales increased by 10% to USD 4.54 billion. The company’s adjusted profit for the first three quarters rose by 58% to USD 318 million. This figure excludes the impact of a derivative contract, long-term sales contracts and a foreign dividend-related tax benefit.