Dow Corning Q3 net profit falls 7%, sales rise on silicone demand

02 November 2010 14:01  [Source: ICIS news]

TORONTO (ICIS)--Dow Corning’s adjusted third-quarter net income was $171.6m (€123.6m), down 7% from the same period in 2009, as sales rose 7% on increased silicone demand, the company said.

The company said that for 2010, adjusted net income excluded the tax benefit related to the US Advanced Energy Manufacturing Tax Credits. The 2009 results were adjusted for a charge related to restructuring activities. 

Dow Corning’s third-quarter sales rose to $1.51bn from $1.41bn in the 2009 third quarter, on strong demand from for silicone products, the US-based silicones major said on Tuesday.

"Dow Corning continues to benefit from strong global demand for our silicon-based products," said chief financial officer Donald Sheets.

"This has enabled us to sustain our success while continuing to invest for the future amidst this uncertain economic environment,” he said.

Sheets noted strong demand from electronics, life sciences, solar and industrial markets.

“Dow Corning's polysilicon segment through our joint venture, Hemlock Semiconductor, continues to benefit from growing demand in the solar industry, enabling it to sell all of its production," he said.

In the fourth quarter, Dow Corning would officially open an integrated siloxane plant in Zhangjiagang, China, he said. China was currently the largest and fastest growing region for the company’s silicone products, Sheets added.

Dow Corning is a joint venture between Dow Chemical and US-based glass firm Corning.

($1 = €0.72)

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By: Stefan Baumgarten
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