Aug. 4, 2010 (PR Newswire) --
MIDLAND, Mich. -- Dow Corning Corp. today reported consolidated net income of $220.7 million for the second quarter of 2010, an increase of 91 percent from consolidated net income of $115.4 million reported for the second quarter of 2009. Adjusted net income for the second quarter of 2010 was $214.9 million and $115.5 million in 2009. For the first half of 2010, consolidated net income was $439.0 million, an increase of 252 percent from consolidated net income of $124.8 million reported in the first half of last year. Dow Corning reported adjusted net income of $387.5 million for the first half of 2010. Adjusted net income was $182.2 million for the first half of 2009. For 2010, adjusted net income excluded the tax benefit related to the U.S. Advanced Energy Manufacturing Tax Credits. The 2009 results were adjusted for a charge related to restructuring activities.
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Dow Corning reported record sales of $1.54 billion in the second quarter of 2010, 30 percent higher than sales of $1.19 billion in the same quarter of 2009. Sales in the first half of 2010 were $2.90 billion, 31 percent higher than sales of $2.22 billion reported in the first half of 2009.
"Dow Corning's second quarter sales marked a record for the company as we continue to put the global recession behind us," said Dow Corning's Executive Vice President and Chief Financial Officer J. Donald Sheets.
"Demand for Dow Corning's silicones products strengthened over the previous quarter with outstanding growth in Latin America and Asia. Dow Corning's Hemlock Semiconductor Group saw increased sales from new manufacturing capacity that began to come on line in the second quarter."
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 equally owned by The Dow Chemical Company (NYSE: DOW) and Corning, Incorporated (NYSE: GLW). More than half of Dow Corning's annual sales are outside the United States.
About Hemlock Semiconductor Group
The Hemlock Semiconductor Group (Hemlock Semiconductor) is comprised of two joint ventures: Hemlock Semiconductor Corporation and Hemlock Semiconductor, L.L.C. The companies are joint ventures among Dow Corning Corporation, Shin-Etsu Handotai and Mitsubishi Materials Corporation. Hemlock Semiconductor is a leading provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices, and solar cells and modules. Hemlock Semiconductor Corporation began its Michigan operations in 1961 and Hemlock Semiconductor, L.L.C. broke ground at its Tennessee location in 2009.
Dow Corning Corporation | ||||||||||
Selected Financial Information | ||||||||||
(in millions of U. S. dollars) | ||||||||||
(Unaudited) | ||||||||||
Consolidated Income Statement Data | ||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
2010 | 2009 | 2010 | 2009 | |||||||
Net Sales | $ 1,544.6 | $ 1,191.3 | $ 2,898.3 | $ 2,215.9 | ||||||
Net Income | ||||||||||
Attributable to Dow Corning | $ 220.7 | $ 115.4 | $ 439.0 | $ 124.8 | ||||||
Adjustment for AEMC (1), net | $ (5.8) | $ - | $ (51.5) | $ - | ||||||
Adjustment for Restructuring (2), net | $ - | $ 0.1 | $ - | $ 57.4 | ||||||
Adjusted Net Income (3) | $ 214.9 | $ 115.5 | $ 387.5 | $ 182.2 | ||||||
1 The three and six month periods ended June 30, 2010 included a tax benefit related to Advanced Energy Manufacturing Credits, net of | ||||||||||
2 The three and six month periods ended June 30, 2009 included charges related to the Company's restructuring program. | ||||||||||
3 Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items and which reconciles to Net Income as | ||||||||||
Consolidated Balance Sheet Data | ||||||||||
June 30, 2010 | December 31, 2009 | |||||||||
Assets | ||||||||||
Current Assets | $ 3,921.8 | $ 3,569.7 | ||||||||
Property, Plant and Equipment, Net | 5,458.7 | 5,018.5 | ||||||||
Other Assets | 1,998.0 | 2,251.5 | ||||||||
$ 11,378.5 | $ 10,839.7 | |||||||||
Liabilities and Equity | ||||||||||
Current Liabilities | $ 2,088.9 | $ 1,926.0 | ||||||||
Other Liabilities | 6,068.0 | 5,885.7 | ||||||||
Equity | 3,221.6 | 3,028.0 | ||||||||
$ 11,378.5 | $ 10,839.7 | |||||||||
SOURCE Dow Corning
