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Dow Corning Corp. today reported consolidated net income of
$187.7 million for the second quarter of 2008, an increase of
6 percent from net income of $176.7 million reported in the same
quarter of 2007. For the first half of 2008, net income was
$348.1 million, a decline of 3 percent from net income of
$360.3 million reported in the first half of last year.
Sales were $1.38 billion in the second quarter of 2008, 12 percent
higher than sales of $1.23 billion in the same quarter of 2007. Sales in
the first half of 2008 were $2.66 billion, 10 percent higher than
sales of $2.41 billion reported in the first half of 2007.
“While our sales and income both grew in the second quarter, we continue to
be significantly challenged by high raw materials and energy costs,” said Dow
Corning’s Vice President and Chief Financial Officer
J. Donald Sheets. “We are encouraged by continued demand growth
for our silicone-based products, especially in developing regions such as
China, Eastern Europe, India and South America. Also in the second
quarter, Dow Corning’s joint venture, Hemlock Semiconductor
Corporation, commissioned new manufacturing capacity which nearly doubled
the output of polycrystalline silicon, a critical raw material for the solar
and electronics industries.”
View Q2 2008 Condensed Consolidated Statements of Operations (PDF size = 11
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 silicon-based
technology and innovation, offering more than 7,000 products and services, Dow
Corning is 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.
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