GLW Corning Inc

MIDLAND, Mich., Aug. 4 /PRNewswire-FirstCall/ -- Dow Corning Corp. today reported consolidated net income of $220.7 million for the second quarter of 2010, an increase of 91 percent from consolidated net income of $115.4 million reported for the second quarter of 2009.  Adjusted net income for the second quarter of 2010 was $214.9 million and $115.5 million in 2009.  For the first half of 2010, consolidated net income was $439.0 million, an increase of 252 percent from consolidated net income of $124.8 million reported in the first half of last year.  Dow Corning reported adjusted net income of $387.5 million for the first half of 2010.  Adjusted net income was $182.2 million for the first half of 2009.  For 2010, adjusted net income excluded the tax benefit related to the U.S. Advanced Energy Manufacturing Tax Credits.  The 2009 results were adjusted for a charge related to restructuring activities.  

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Dow Corning reported record sales of $1.54 billion in the second quarter of 2010, 30 percent higher than sales of $1.19 billion in the same quarter of 2009. Sales in the first half of 2010 were $2.90 billion, 31 percent higher than sales of $2.22 billion reported in the first half of 2009.

"Dow Corning's second quarter sales marked a record for the company as we continue to put the global recession behind us," said Dow Corning's Executive Vice President and Chief Financial Officer J. Donald Sheets.

"Demand for Dow Corning's silicones products strengthened over the previous quarter with outstanding growth in Latin America and Asia.  Dow Corning's Hemlock Semiconductor Group saw increased sales from new manufacturing capacity that began to come on line in the second quarter."

About Dow Corning

Dow Corning (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 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 Corporation began its Michigan operations in 1961 and Hemlock Semiconductor, L.L.C. broke ground at its Tennessee location in 2009.

SOURCE Dow Corning