At the end of October 2009, Dow Corning reported adjusted net income of USD 184.3 million, a decrease of 27% from the same quarter in 2008, while sales dropped 5%, to USD 1.41 billion.
“While we“re …
At the end of October 2009, Dow Corning reported adjusted net income of USD 184.3 million, a decrease of 27% from the same quarter in 2008, while sales dropped 5%, to USD 1.41 billion. “While we“re still feeling the impact of the global economic recession, we were encouraged by nearly 20% increase in third quarter sales compared to the second quarter,” says Donald Sheets, executive vice president and CFO of Dow Corning. “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.” Hemlock Semiconductor Group, Dow Corning“s polysilicon joint venture, continues to post strong results,” he said, adding that polysilicon expansions are on schedule. Officials at Corning, which owns half of the 50-50 joint-venture with Dow Chemical, said previously that earnings improvement at Dow Corning were expected to continue, adding that its share of equity earnings could increase 10%-15% sequentially.