Jul 30, 2014 - US silicon-based materials maker Dow Corning said Wednesday its second-quarter 2014 net profit totalled USD 109 million (EUR 81.4m), up from USD 87 million a year earlier.
The company’s adjusted net profit declined a bit to USD 100 million from USD 107 million in the same quarter of 2013. The adjusted result for 2014 does not include gains from long-term sales agreements and derivative contracts, the company noted.
“Thus far in 2014, sales and profits are growing, outpacing a sluggish global economy and amidst industry oversupply and increased raw materials costs,” noted executive vice president and chief financial officer J Donald Sheets.
Dow Corning, a joint venture of Dow Chemical (NYSE:DOW) and glass group Corning (NYSE:GLW), saw its revenues for April-June grow by 5% on the year to USD 1.5 billion. The company benefited from higher silicones segment sales and improved revenues from transportation and electronic applications.
Polycrystalline silicon and other silicon-based products supplier Hemlock Semiconductor Group also posted good results, due to shipments to long-term customers. The firm is comprised of joint ventures majority owned by Dow Corning.
For the whole first half of 2014, Dow Corning booked a net income of USD 300 million, up by 101% year-on-year. The company posted a total revenue for the six months of USD 3.02 billion, compared to USD 2.69 billion in the same period last year.