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Dow Corning second-quarter net rises

Dow Corning Corp. said second-quarter earnings increased more than four times compared to the same period in 2001 partly because of a favourable comparison with a year-ago period that was hammered by …

Dow Corning Corp. said second-quarter earnings increased more than four times compared to the same period in 2001 partly because of a favourable comparison with a year-ago period that was hammered by a hefty charge, and a 6% jump in sales from $615.5 million in 2001. While sales growth resumed in the second quarter, however, the silicon products venture of chemical titan Dow Chemical Co. and glass giant Corning Inc. said the upturn has been “mild.” The company, which attributed its profitability to its restructuring efforts, said more than half its sales are from outside the US Dow Corning is operating under Chapter 11 bankruptcy protection because of thousands of claims by women alleging the company“s silicone-gel breast implants harmed them. Net income came to US$ 40 million, or US$ 16 a share, in the latest period, compared with US$ 7.7 million in the same period in 2001. However, the latest results included a restructuring charge of US$ 6.4 million. Excluding the item, Dow Corning said it would have earned US$ 46.4 million, or US$ 18.57 a share. The 2001 figures included a charge of US$ 36.7 million for the cumulative adjustment to Chapter 11 interest cost and income of US$ 2.3 million for breast-implant insurance settlements. Excluding items, the company would have had year-ago earnings of US$ 42.1 million, or US$ 16.84 a share.

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