Dow Corning Reports Sales and Profits for the Third Quarter of 2009
30 Outubro 2009 - 10:30AM
PR Newswire (US)
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. (Logo:
http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGO) 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
(http://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). 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 began its Michigan operations in 1961 and 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
Nine Months Ended September 30, September 30, 2009 2008 2009 2008
---- ---- ---- ---- Net Sales $1,408.5 $1,487.2 $3,624.4 $4,146.3
Net Income Attributable to Dow Corning $184.3 $218.0 $309.1 $566.1
Adjustment for Restructuring(1), net $0.2 $- $57.6 $- Adjustment
for Asset Impairment(2) $- $35.4 $- $35.4 -- ----- -- -----
Adjusted Net Income(3) $184.5 $253.4 $366.7 $601.5 (1) The nine
months ended September 30, 2009 included charges related to the
Company's restructuring program. (2) The nine months ended
September 30, 2008 included a loss from a write down of investments
in Fannie Mae and Freddie Mac securities. (3) Adjusted Net Income
is a non-GAAP financial measure which excludes certain unusual
items and which reconciles to Net Income as shown. Consolidated
Balance Sheet Data September 30, 2009 December 31, 2008
------------------ ----------------- Assets Current Assets $2,779.4
$3,212.6 Property, Plant and Equipment, Net 4,652.8 3,755.9 Other
Assets 2,172.7 2,253.7 ------- ------- $9,604.9 $9,222.2 ========
======== Liabilities and Stockholders' Equity Current Liabilities
$1,940.8 $2,007.8 Other Liabilities 4,969.2 4,475.0 Equity 2,694.9
2,739.4 ------- ------- $9,604.9 $9,222.2 ======== ========
http://www.newscom.com/cgi-bin/prnh/20081030/CLTH022LOGODATASOURCE:
Dow Corning Corp. CONTACT: Jarrod Erpelding, Dow Corning,
+1-989-496-1582, Web Site: http://www.dowcorning.com/
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