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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Corning Inc | NYSE:GLW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.32 | 0.96% | 33.80 | 33.80 | 33.075 | 33.76 | 5,208,523 | 22:45:56 |
Dow Corning Corp. today announced first quarter 2016 sales of $1.32 billion, a three percent decrease compared to 2015, and net income of $112 million. Adjusted net income in the first quarter of 2016 was $116 million, a 14 percent increase compared with the first quarter of 2015.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160429005691/en/
J. Donald Sheets, executive vice president and chief financial officer, Dow Corning Corporation (Photo: Business Wire)
Adjusted net income for 2016 and 2015 excluded the impact of a derivative contract and gains from long-term sales agreements. Additional information about Dow Corning’s financial results:
First Quarter Results
* 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.
Comments from Dow Corning’s Executive Vice President and Chief Financial Officer J. Donald Sheets:
About Dow Corning
Dow Corning (www.dowcorning.com) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company’s Dow Corning® and XIAMETER® brands. Dow Corning is equally owned by The Dow Chemical Company and Corning, Incorporated. More than half of Dow Corning’s annual sales are outside the United States.
About Hemlock Semiconductor Group
Hemlock Semiconductor Group (hscpoly.com) is comprised of several joint venture companies owned in majority by Dow Corning Corporation. Hemlock Semiconductor is a leading provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices and solar cells and modules. Hemlock Semiconductor began its operations in 1961.
Dow Corning Corporation Selected Financial Information (in millions of U. S. dollars) (Unaudited) Consolidated Income Statement Data Three Months Ended March 31, 2016 2015 Net Sales $ 1,316.4 $ 1,363.5 Net Income Attributable to Dow Corning $ 111.7 $ 185.4 Adjustment for Long-Term Sales Agreements $ - $ (97.9 ) Adjustment for Fair Value of Derivative Contract $ 4.0 $ 13.6 Adjusted Net Income1 $ 115.7 $ 101.11 Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items and which reconciles to Net Income as shown.
Consolidated Balance Sheet Data March 31, 2016 December 31, 2015 Assets Current Assets $ 4,591.8 $ 4,510.8 Property, Plant and Equipment, Net 5,053.8 5,086.3 Other Assets 996.6 977.2 $ 10,642.2 $ 10,574.3 Liabilities and Equity Current Liabilities $ 1,967.1 $ 1,320.6 Other Liabilities 4,582.0 5,314.4 Equity 4,093.1 3,939.3 $ 10,642.2 $ 10,574.3
View source version on businesswire.com: http://www.businesswire.com/news/home/20160429005691/en/
Dow Corning Corp.Jarrod ErpeldingJarrod.Erpelding@dowcorning.com989.496.1582
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