Dow Corning Net Income Dips

Midland-based Dow Corning Corp. Tuesday reported consolidated net income of $176 million for the third quarter of 2010, a decrease of 5 percent from consolidated net income of $184.3 million reported for the third quarter of 2009. 

For the first three quarters of 2010, consolidated net income was $615 million, an increase of 99 percent from the $309.1 million of consolidated net income reported in the first three quarters last year. 

Dow Corning reported sales of $1.51 billion in the third quarter of 2010, 7 percent higher than sales of $1.41 billion in the same quarter of 2009. Sales in the first three quarters of 2010 were $4.41 billion, 22 percent higher than sales of $3.62 billion reported in the first three quarters of 2009.

"Dow Corning continues to benefit from strong global demand for our silicon-based products," said Dow Corning's executive vice president and CFO J. Donald Sheets. "This has enabled us to sustain our success while continuing to invest for the future amidst this uncertain economic environment. We're seeing consistent growth in our silicones segment across all of the industries we serve, with notable strength in electronics, life sciences, solar and industrial applications. Dow Corning's polysilicon segment through our joint venture, Hemlock Semiconductor Group, continues to benefit from growing demand in the solar industry, enabling it to sell all of its production. The fourth quarter will mark a major milestone for Dow Corning as we will officially open our newest integrated siloxane manufacturing facility in Zhangjiagang, China. This facility will drive further growth in Dow Corning's silicones segment by helping us to better serve Asia, which is currently the largest and fastest growing region for our silicone products."

Dow Corning provides silicones, silicon-based technology and services to more than 25,000 customers worldwide.

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