MIDLAND, Mich., Nov. 2, 2010 /PRNewswire-FirstCall/ --
Dow Corning Corp. today reported consolidated net income of
$176.0 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. 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 percent 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 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 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."
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.
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Dow Corning
Corporation
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Selected
Financial Information
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(in millions
of U. S. dollars)
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(Unaudited)
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Consolidated
Income Statement Data
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Three Months
Ended September 30,
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Nine Months
Ended September 30,
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2010
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2009
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2010
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2009
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Net Sales
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$1,514.7
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$1,408.5
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$4,413.0
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$3,624.4
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Net Income
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Attributable to Dow
Corning
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$176.0
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$184.3
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$615.0
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$309.1
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Adjustment for AEMC(1)
,net
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$(4.4)
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$-
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$(55.9)
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$-
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Adjustment for Restructuring(2),
net
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$-
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$0.2
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$-
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$57.6
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Adjusted Net
Income(3)
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$171.6
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$184.5
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$559.1
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$366.7
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(1) The three and nine
month periods ended September 30, 2010 included a tax benefit
related to Advanced Energy Manufacturing Credits, net of the
noncontrolling interests' share.
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(2) The three and nine
month periods ended September 30, 2009 included charges related to
the Company's restructuring program.
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(3) Adjusted Net Income is
a non-GAAP financial measure which excludes certain unusual items
and which reconciles to Net Income as shown.
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Consolidated
Balance Sheet Data
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September
30, 2010
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December 31,
2009
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Assets
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Current Assets
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$3,734.0
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$3,579.2
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Property, Plant and Equipment,
Net
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5,828.3
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5,049.8
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Other Assets
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1,894.9
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2,194.3
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$11,457.2
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$10,823.3
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Liabilities and
Equity
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Current
Liabilities
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$2,045.0
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$1,926.0
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Other Liabilities
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6,082.0
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5,850.8
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Equity
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3,330.2
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3,046.5
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$11,457.2
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$10,823.3
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SOURCE Dow Corning