Jul 30 2007
Dow Corning has reported consolidated adjusted net income of $176.7 million for the second quarter of 2007, an increase of 26 percent from adjusted net income of $140.7 million reported in the same quarter of 2006. For the first half of 2007, adjusted net income was $360.3 million, an increase of 29 percent from adjusted net income of $278.7 million reported in the first half of last year. Adjusted net income excludes a gain from a settlement with the US Internal Revenue Service in the second quarter of 2006. No unusual items were adjusted from 2007 results.
Sales were $1.23 billion in the second quarter of 2007, 16 percent higher than sales of $1.06 billion in the same quarter of 2006. The second quarter marked the sixth consecutive quarter of record sales for Dow Corning. Sales in the first half of 2007 were $2.41 billion, 15 percent higher than sales of $2.09 billion reported in the first half of 2006.
"Dow Corning had an outstanding second quarter, highlighted by the announcement of a $1 billion investment by our joint venture, Hemlock Semiconductor Corporation, for additional capacity to develop ultra pure silicon for the solar and semiconductor industries," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets. "We continue to strengthen our silicone technology leadership by delivering innovative products and solutions while serving customers in new geographies - such as China, India, Malaysia, Russia, Turkey and Vietnam."
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