Dow Corning Reports Sales and Profits for First Quarter of 2010

News provided by

Dow Corning

Apr 29, 2010, 08:31 ET

MIDLAND, Mich., April 29 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated net income of $218.3 million for the first quarter of 2010, compared to consolidated net income of $9.4 million in the first quarter of 2009.  Dow Corning reported adjusted net income of $172.6 million for the first quarter of 2010.  Adjusted net income excluded the tax benefit related to the U.S. Advanced Energy Manufacturing Tax Credits.  In 2009 consolidated adjusted net income was $66.7 million for the first quarter.  The 2009 results were adjusted for a charge related to restructuring activities.  

(Logo:  http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO )

Sales were $1.35 billion in the first quarter of 2010, 31 percent higher than sales of $1.03 billion in the same quarter of 2009.

Dow Corning and Hemlock Semiconductor each received a portion of the U.S. Advanced Energy Manufacturing Tax Credits awarded to the companies in January.  The tax credits were designed to support job-creating investment in manufacturing projects linked with growing industries such as solar technology.  

Comments from Dow Corning's Executive Vice President and Chief Financial Officer J. Donald Sheets:

  • "Dow Corning's silicones business is returning to the peak performance we experienced prior to the global recession.  It is encouraging that we're seeing this recovery in demand in nearly every industry and geography we serve.  Our customers are again focusing on innovation and are looking to silicones from Dow Corning and its XIAMETER® brand to help them create differentiated, high-value products."
  • "Hemlock Semiconductor continues to run at full capacity, and will bring new capacity online sometime in the second quarter. Both the solar and semiconductor industries indicated signs of growth in the first quarter."
  • "The Advanced Energy Manufacturing Tax Credits support our recent investments in solar materials manufacturing and research and development efforts as Dow Corning and Hemlock Semiconductor seek to help make solar energy a viable energy option worldwide."

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 (NYSE: DOW) and Corning, Incorporated (NYSE: GLW). More than half of Dow Corning's annual sales are outside the United States.

About Hemlock Semiconductor Group

The Hemlock Semiconductor Group (Hemlock Semiconductor) is comprised of two joint ventures:  Hemlock Semiconductor Corporation and Hemlock Semiconductor, L.L.C.  The companies are joint ventures among Dow Corning Corporation, Shin-Etsu Handotai, and Mitsubishi Materials 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 Corporation began its Michigan operations in 1961 and Hemlock Semiconductor, L.L.C. broke ground at its Tennessee location in 2009.

Dow Corning Corporation

Selected Financial Information

(in millions of U. S. dollars)

(Unaudited)


Consolidated Income Statement Data





Three Months Ended March 31,





2010

2009












Net Sales

$                     1,353.7

$                     1,024.6







Net Income Attributable to Dow Corning

$                        218.3

$                            9.4







Adjustment for AEMC(1), net

$                         (45.7)

$                              -  







Adjustment for Restructuring(2), net

$                              -  

$                          57.3







Adjusted Net Income(3)

$                        172.6

$                          66.7













(1) The period ending March 31, 2010 included a tax benefit related to Advanced Energy Manufacturing Credits, net of the noncontrolling interests' share.

(2) The period ending March 31, 2009 included charges related to the Company's restructuring program.

(3) 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, 2010

December 31, 2009

Assets









Current Assets

$                     3,662.5

$                     3,569.7

Property, Plant and Equipment, Net

                       5,240.5

                       5,018.5

Other Assets

                       2,219.4

                       2,251.5





$                   11,122.4

$                   10,839.7







Liabilities and Equity








Current Liabilities

$                     1,911.2

$                     1,926.0

Other Liabilities

                       6,105.5

                       5,885.7

Equity

                       3,105.7

                       3,028.0





$                   11,122.4

$                   10,839.7

SOURCE Dow Corning

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED