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Dow Corning Reports Record Sales, Increased Earnings in Third Quarter

Published on 2007-11-09. Author : SpecialChem

Midland, Mich. -- Dow Corning Corp. has reported consolidated net income of $162.7 million for the third quarter of 2007, an increase of 4 percent from net income of $156.0 million reported in the same quarter of 2006. For the first three quarters of 2007, adjusted net income was $523.0 million, an increase of 20 percent from adjusted net income of $434.7 million reported in the same period last year. Adjusted net income excludes a gain from a settlement with the U. S. Internal Revenue Service in the second quarter of 2006. No unusual items were adjusted from 2007 results.

Sales were $1.24 billion in the third quarter of 2007, 9 percent higher than sales of $1.14 billion in the same quarter of 2006. The third quarter marked the seventh consecutive quarter of record sales for Dow Corning. Sales in the first three quarters of 2007 were $3.65 billion, 13 percent higher than sales of $3.23 billion reported in the first three quarters of 2006.

"Dow Corning's growth is balanced globally with double-digit sales increases year-to-date across all major geographic regions," said Dow Corning's Vice President and Chief Financial Officer, J. Donald Sheets. "We continue to invest in new technologies and manufacturing capabilities despite extreme cost pressure on raw materials and energy."

Dow Corning provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company and Corning Incorporated. More than half of Dow Corning's annual sales are outside the United States.

Source: Dow Corning Corp.


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