OK
The Universal Selection Source:
Coatings Ingredients
Industry News

Dow Corning Reports Second Quarter 2006 Growth in Sales and Profits

Published on 2006-07-31. Author : SpecialChem

Midland, Mich. -- Dow Corning Corp. reported consolidated adjusted net income of $137.2 million for the second quarter of 2006, an increase of 6 percent from adjusted net income of $129.7 million reported in the same quarter of 2005. For the first half of 2006, adjusted net income was $271.5 million, an increase of 4 percent from adjusted net income of $262.2 million reported in the first half of last year. Adjusted net income excludes a gain from a settlement with the US Internal Revenue Service in the second quarter of 2006, a gain on issuance of subsidiary stock in the second quarter of 2005, and certain items related to Chapter 11 (from which the company emerged on June 1, 2004) in all reported periods.

Including all items, Dow Corning reported consolidated net income of $207.3 million for the second quarter of 2006 and $345.3 million for the first half of 2006.

Sales were $1.062 billion in the second quarter of 2006, 5 percent higher than sales of $1.007 billion in the same quarter of 2005. Sales in the first half of 2006 were $2.089 billion, 5 percent higher than sales of $1.990 billion reported in the first half of 2005.

"Our global sales growth was in line with our expectations, with continuing strength in semiconductor and solar silicon," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "High raw materials costs, especially energy, are challenging us throughout our operations."

About Dow Corning

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


Halcyon Group 3rd R&D Innovation Summit
Channel Alerts

Receive weekly digests on hot topics

Back to Top