Oct. 30, 2009 (PR Newswire) --
MIDLAND, Mich., Oct. 30 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated adjusted net income of $184.5 million for the third quarter of 2009, a decrease of 27 percent from adjusted net income of $253.4 million reported in the third quarter of 2008. For the first three quarters of 2009, adjusted net income was $366.7 million, a decline of 39 percent from adjusted net income of $601.5 million reported in the first three quarters of last year. The 2009 adjusted net income excluded restructuring charges. The 2008 results were adjusted for a loss from a write down of certain investments in the third quarter. Including all items, Dow Corning reported consolidated net income of $184.3 million for the third quarter and $309.1 million for the first three quarters of 2009. In 2008, consolidated net income was $218.0 million for the third quarter and $566.1 million for the first three quarters.
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Dow Corning's sales were $1.41 billion in the third quarter of 2009, five percent lower than sales of $1.49 billion in the same quarter of 2008. Sales in the first three quarters of 2009 were $3.62 billion, 13 percent lower than sales of $4.15 billion reported in the first three quarters of 2008.
"While we're still feeling the impact of the global economic recession, we were encouraged by a nearly 20 percent increase in third quarter sales compared to the second quarter," said Dow Corning's Executive Vice President and Chief Financial Officer J. Donald Sheets. "This was especially evident in our silicones segment, where Dow Corning's two-brand strategy delivered solid results. Sales increased in both specialized silicone materials marketed through the Dow Corning brand and in standard silicone products marketed through the XIAMETER brand.
"Dow Corning's polysilicon joint venture, the Hemlock Semiconductor Group, continues to post strong results, while the announced expansions under way are progressing as scheduled," said Sheets.
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 a joint venture equally owned by The Dow Chemical Company (NYSE: DOW) and Corning, Incorporated (NYSE: GLW).
