Dow Corning Q3 profit falls 15%, sales off 5%

30 October 2009 14:48  [Source: ICIS news]

TORONTO (ICIS news)--Dow Corning’s third-quarter net income fell 15% and sales were off 5% amid continued fall-out from the global economic crisis, the silicones joint venture between Dow Chemical and glass maker Corning said on Friday.

Including all items, net income for the three months ended 30 September was $184.3m (€123.5m), down from $218.0m in the year-earlier quarter.

Sales were $1.41bn, compared with $1.49bn in the 2008 third quarter, but the company said that sales were up 20% from the 2009 second quarter.

"While we're still feeling the impact of the global economic recession, we were encouraged by a nearly 20% increase in third-quarter sales compared to the second quarter," said chief financial officer Donald Sheets.

Meanwhile, Dow Corning's Hemlock Semiconductor polysilicon joint venture is on schedule with planned capacity expansions, he added.

($1 = €0.67)

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By: Stefan Baumgarten
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