Dow Corning Sales, Profits Jump
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Midland-based Dow Corning Corp. reported consolidated net income of $220.7 million for the second quarter of 2010, an increase of 91 percent from consolidated net income of $115.4 million reported for the second quarter of 2009.
Adjusted net income for the second quarter of 2010 was $214.9 million and $115.5 million in 2009.
For the first half of 2010, consolidated net income was $439 million, an increase of 252 percent from consolidated net income of $124.8 million reported in the first half of last year.
Dow Corning reported adjusted net income of $387.5 million for the first half of 2010. Adjusted net income was $182.2 million for the first half of 2009.
For 2010, adjusted net income excluded the tax benefit related to the U.S. Advanced Energy Manufacturing Tax Credits. The 2009 results were adjusted for a charge related to restructuring activities.
Sales for the quarter hit a record $1.54 billion, 30 percent higher than sales of $1.19 billion in the same quarter of 2009. Sales in the first half of 2010 were $2.9 billion, 31 percent higher than sales of $2.22 billion reported in the first half of 2009.
“Dow Corning’s second quarter sales marked a record for the company as we continue to put the global recession behind us,” said Dow Corning executive vice president and CFO J. Donald Sheets. “Demand for Dow Corning’s silicones products strengthened over the previous quarter with outstanding growth in Latin America and Asia. Dow Corning’s Hemlock Semiconductor Group saw increased sales from new manufacturing capacity that began to come on line in the second quarter.”
Dow Corning provides 7,000 products based on silicones and silicon-based technology to more than 25,000 customers worldwide. It is a joint venture of Midland-based Dow Chemical Co. and New York’s Corning Inc.
More at www.dowcorning.com.
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