Dow Corning Reports Sales and Profits for the Second Quarter of 2008
31 Luglio 2008 - 2:00PM
PR Newswire (US)
MIDLAND, Mich., July 31 /PRNewswire-FirstCall/ -- Dow Corning Corp.
today reported consolidated net income of $187.7 million for the
second quarter of 2008, an increase of 6 percent from net income of
$176.7 million reported in the same quarter of 2007. For the first
half of 2008, net income was $348.1 million, a decline of 3 percent
from net income of $360.3 million reported in the first half of
last year. Sales were $1.38 billion in the second quarter of 2008,
12 percent higher than sales of $1.23 billion in the same quarter
of 2007. Sales in the first half of 2008 were $2.66 billion, 10
percent higher than sales of $2.41 billion reported in the first
half of 2007. "While our sales and income both grew in the second
quarter, we continue to be significantly challenged by high raw
materials and energy costs," said Dow Corning's Vice President and
Chief Financial Officer J. Donald Sheets. "We are encouraged by
continued demand growth for our silicone-based products, especially
in developing regions such as China, Eastern Europe, India and
South America. Also in the second quarter, Dow Corning's joint
venture, Hemlock Semiconductor Corporation, commissioned new
manufacturing capacity which nearly doubled the output of
polycrystalline silicon, a critical raw material for the solar and
electronics industries." 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) Consolidated Income
Statement Data Three Months Ended Six Months Ended June 30, June
30, 2008 2007 2008 2007 Net Sales $1,384.1 $1,231.3 $2,659.1
$2,409.6 Net Income $187.7 $176.7 $348.1 $360.3 Consolidated
Balance Sheet Data June 30, Dec. 31, 2008 2007 Assets Current
Assets $2,549.6 $3,511.1 Property, Plant and Equipment, Net 3,133.0
2,542.4 Other Assets 2,380.4 1,145.2 $8,063.0 $7,198.7 Liabilities
and Stockholders' Equity Current Liabilities $1,913.2 $1,266.8
Other Liabilities 3,260.6 3,188.1 Minority Interest 364.2 383.3
Stockholders' Equity 2,525.0 2,360.5 $8,063.0 $7,198.7 DATASOURCE:
Dow Corning Corporation CONTACT: Jarrod Erpelding, Dow Corning
Corporation, +1-989-496-1582, Web site: http://www.dowcorning.com/
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