Dow Corning Reports 7% Jump in Q3 Sales
Dow Corning has reported consolidated net income of $176 million for the third quarter of 2010, a decrease of 5% from consolidated net income of $184.3 million reported for the third quarter of 2009. Adjusted net income for the third quarter of 2010 was $171.6 million and $184.5 million in 2009. For the first three quarters of 2010, consolidated net income was $615.0 million, an increase of 99% from the $309.1 million of consolidated net income reported in the first three quarters last year.
Dow Corning reported adjusted net income of $559.1 million for the first three quarters of 2010, compared with $366.7 million for the first three quarters 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.
Dow Corning reported sales of $1.51 billion in the third quarter of 2010, 7% 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% 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 Chief Financial Officer 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," said Sheets.
"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."
