The following is a message from Dow Corning Corp.:
Dow Corning Corp. today reported consolidated net income of $218.3 million for the first quarter of 2010, compared to consolidated net income of $9.4 million in the first quarter of 2009. Dow Corning reported adjusted net income of $172.6 million for the first quarter of 2010. Adjusted net income excluded the tax benefit related to the U.S. Advanced Energy Manufacturing Tax Credits. In 2009 consolidated adjusted net income was $66.7 million for the first quarter. The 2009 results were adjusted for a charge related to restructuring activities.
Sales were $1.35 billion in the first quarter of 2010, 31 percent higher than sales of $1.03 billion in the same quarter of 2009.
Dow Corning and Hemlock Semiconductor each received a portion of the U.S. Advanced Energy Manufacturing Tax Credits awarded to the companies in January. The tax credits were designed to support job-creating investment in manufacturing projects linked with growing industries such as solar technology.
Comments from Dow Corning’s Executive Vice President and Chief Financial Officer J. Donald Sheets:
"Dow Corning’s silicones business is returning to the peak performance we experienced prior to the global recession. It is encouraging that we’re seeing this recovery in demand in nearly every industry and geography we serve. Our customers
are again focusing on innovation and are looking to silicones from Dow Corning and its XIAMETER® brand to help them create differentiated, high-value products."
"Hemlock Semiconductor continues to run at full capacity, and will bring new capacity online sometime in the second quarter. Both the solar and semiconductor industries indicated signs of growth in the first quarter."
"The Advanced Energy Manufacturing Tax Credits support our recent investments in solar materials manufacturing and research and development efforts as Dow Corning and Hemlock Semiconductor seek to help make solar energy a viable energy option worldwide."
