|
Dow Corning Corp. today reported consolidated adjusted net income of
$253.4 million for the third quarter of 2008, an increase of
56 percent from adjusted net income of $162.7 million reported in the
same quarter of 2007. For the first three quarters of 2008, adjusted net income
was $601.5 million, an increase of 15 percent from adjusted net
income of $523.0 million reported in the first three quarters of last
year. Adjusted net income excludes a loss from a write down of certain
investments in the third quarter of 2008. The 2007 results were not
adjusted for any unusual items.
Including all items, Dow Corning reported consolidated net income of
$218.0 million for the third quarter of 2008 and $566.1 million for the
first three quarters of 2008.
Sales were $1.49 billion in the third quarter of 2008, 20 percent
higher than sales of $1.24 billion in the same quarter of 2007. Sales in
the first three quarters of 2008 were $4.15 billion, 14 percent
higher than sales of $3.65 billion reported in the first three quarters of
2007.
“Dow Corning’s third quarter was strong as both our silicones segment and
our joint venture Hemlock Semiconductor posted excellent performance,” said Dow
Corning’s Vice President and Chief Financial Officer
J. Donald Sheets. “There are clear signs of economic
uncertainty and we will take immediate action to mitigate these
challenges. Dow Corning is well positioned to respond to economic
weakness and will continue to make critical investments for the long term
health of the company.”
View Q3 2008 Condensed Consolidated Statements of Operations (PDF size = 9
KB)
About Dow Corning
Dow Corning 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 a joint venture equally owned by The Dow Chemical
Company and Corning, Incorporated. More than half of Dow Corning’s annual sales
are outside the United States.
For further information regarding this press release, please contact Jarrod Erpelding.
WE HELP YOU INVENT THE FUTURE™
|
Change
