Dow Corning Corp. recently announced third quarter sales of $1.52 billion, a 7% increase compared to 2013. Net income increased to $176 million, representing a 49% increase compared to the third quarter of 2013. For the year, Dow Corning’s sales ($4.54 billion) and net income ($476 million) have increased 10% and 78%, respectively.
Adjusted net income through the third quarter of 2014 was $318 million, an increase of 58% compared to 2013. Adjusted net income for 2014 excluded the impact of a derivative contract, long-term sales agreements and a tax benefit associated with foreign dividends. Adjusted net income for 2013 excluded the impact of a derivative contract, long-term sales agreements, charges for impaired assets and restructuring expenses.
“Dow Corning’s sales increased for the fourth consecutive quarter, demonstrating that our strategy, talented team and technology are well-positioned to deliver the growth expected of a specialty chemicals leader,” said J. Donald Sheets, executive vice president and chief financial officer.
For more information, visit www.dowcorning.com.