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Dow Corning Posts Q4 Loss Amid Sales Decline

 February 08, 2013 02:00 PM
 


(By Balachander) Dow Corning, equally owned by Dow Chemical Co. (NYSE: DOW) and Corning Inc. (NYSE: GLW), posted a fourth-quarter loss as an adjustment for asset abandonments and restructuring charges as well as lower sales hurt the silicones supplier's results.

The company lost $101 million for the three month period, compared with earnings of $260 million in the same period of last year. Adjusted net income fell 10 percent to $69 million.

Net sales declined 3 percent to $1.48 billion.

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Dow Corning recorded adjustments of $169.5 million for the quarter.

For the full year 2012, Dow Corning's earnings plunged 77 percent to $188 million. Sales dropped 5 percent to $6.12 billion for the 12-month period.

The company cited the lower results to oversupply in the silicone and polycrystalline silicon industries, economic volatility and "persistently" high raw material costs. Dow Corning expects these conditions to last well into 2013.

Dow Corning said its Hemlock Semiconductor Group joint ventures continued to be challenged by the threat of potential duties on its products sold into China and significant oversupply in the polysilicon industry.

Corning Inc. is a specialty glass and ceramics maker, while Dow Chemical manufactures chemical products used as raw materials.

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