Dow Corning Corp. today announced third quarter sales of $1.39 billion and net income of $72 million. Adjusted net income in the third quarter decreased 1 percent to $108 million. Through the three quarters, Dow Corning’s adjusted net income, which excludes unusual items, has increased 6 percent despite decreased sales impacted largely by the strong United States dollar.Adjusted net income for 2015 and 2014 excluded the impact of a derivative contract and gains on long term sales agreements. Additional information about Dow Corning’s financial results:
Third Quarter Results-
– Sales were $1.39 billion, 9 percent lower than last year’s third quarter.
– Despite the headwinds caused by the strengthening U.S. dollar, Dow Corning continues to grow its most profitable Silicones segment product lines.
– Dow Corning continued to grow particularly in North America, Europe, the Middle East and India.
– Sales were $4.18 billion, 8 percent lower than the same time period last year; the decrease is largely driven by the strong U.S. dollar.
– Adjusted net income has increased 6 percent to $336 million.
– Sales from Dow Corning’s Polysilicon segment continued to decrease as the timing of customers taking product under long-term contracts resulted in fewer shipments.
* Adjusted net income is a non-GAAP financial measure which excludes certain unusual items. The reconciliation between GAAP and non-GAAP measures is shown in the table following the news release.