Dow Corning Reports Third Quarter Growth in Sales and Profits
2006.10.27 - Midland, Mich. - Dow Corning Corp. today reported consolidated adjusted net income of $152.9 million for the third quarter of 2006, an increase of 35 percent from adjusted net income of $113.2 million reported in the same quarter of 2005. For the first three quarters of 2006, adjusted net income was $424.4 million, an increase of 13 percent from adjusted net income of $375.5 million reported in the same period last year. Adjusted net income excludes 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 $156.0 million for the third quarter of 2006 and $501.3 million for the first three quarters of 2006.
Sales were $1.141 billion in the third quarter of 2006, 21 percent higher than sales of $0.946 billion in the same quarter of 2005. Sales in the first three quarters of 2006 were $3.230 billion, 10 percent higher than sales of $2.936 billion reported in the first three quarters of 2005.
“Strong sales growth was led by semiconductor and solar silicon, but all segments benefited from our focus on innovation and solutions thinking,” said Dow Corning’s Vice President and Chief Financial Officer J. Donald Sheets. “We continued to experience the effects of high costs of raw materials and energy.”
View Q3 2006 Condensed Consolidated Statements of Operations (.pdf size 20kb): www.dowcorning.com/content/news/Q3_2006_Press_Release,_part_2.pdf
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 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.
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