Dow Corning Reports Sales and Profits for the First Quarter of 2008
30 Aprile 2008 - 3:30PM
PR Newswire (US)
MIDLAND, Mich., April 30 /PRNewswire-FirstCall/ -- Dow Corning
Corp. today reported consolidated net income of $160.4 million for
the first quarter of 2008, a decrease of 13 percent from net income
of $183.6 million reported in the first quarter of 2007. Sales were
$1.28 billion in the first quarter of 2008, 8 percent higher than
sales of $1.18 billion in the same quarter of 2007. "Dow Corning's
sales increased in the first quarter, yet margins were strained due
to increased raw materials and energy costs," said Dow Corning's
Vice President and Chief Financial Officer J. Donald Sheets. "Our
silicones revenues grew in the quarter; however as expected,
polysilicon revenues and prices declined at our joint venture
Hemlock Semiconductor as the company shifted to extended supply
contracts." 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 silicon-based
technology and innovation, offering more than 7,000 products and
services, 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. Dow
Corning Corporation Selected Financial Information (in millions of
U. S. dollars) (Unaudited) Condensed Consolidated Statements of
Income Three Months Ended March 31, 2008 2007 Net Sales $1,275.0
$1,178.3 Net Income $160.4 $183.6 Condensed Consolidated Balance
Sheets March 31, 2008 December 31, 2007 Assets Current Assets
$2,755.4 $3,511.1 Property, Plant and Equipment, Net 2,882.4
2,542.4 Other Assets 2,474.1 1,145.2 $8,111.9 $7,198.7 Liabilities
and Stockholders' Equity Current Liabilities $2,058.2 $1,266.8
Other Liabilities 3,227.9 3,188.1 Minority Interest 334.4 383.3
Stockholders' Equity 2,491.4 2,360.5 $8,111.9 $7,198.7 DATASOURCE:
Dow Corning Corp. CONTACT: Jarrod Erpelding of Dow Corning Corp.,
+1-989-496-1582, Web site: http://www.dowcorning.com/
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