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Share Name | Share Symbol | Market | Type |
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Dow Inc | NYSE:DOW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 57.63 | 0 | 01:00:00 |
Dow Corning Corp. today announced sales of $4.91 billion and net income of $547 million through the first three quarters of 2011. Sales in the third quarter increased 10 percent compared to last year’s third quarter as demand continued to grow despite global economic volatility. Additional information about Dow Corning’s financial results:
Third Quarter Results
Year-to-Date Results
Comments from Dow Corning’s Executive Vice President and Chief Financial Officer J. Donald Sheets:
About Dow Corning
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 silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company’s Dow Corning® and XIAMETER® brands. 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.
About Hemlock Semiconductor Group
Hemlock Semiconductor Group (Hemlock Semiconductor) is comprised of several joint venture companies among Dow Corning Corporation, Shin-Etsu Handotai, and Mitsubishi Materials Corporation. Hemlock Semiconductor is a leading provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices, and solar cells and modules. Hemlock Semiconductor began its operations in 1961.
Dow Corning Corporation Selected Financial Information (in millions of U. S. dollars) (Unaudited) Consolidated Income Statement Data Three Months Ended September 30, Nine Months Ended September 30, 2011 2010 2011 2010 Net Sales $ 1,660.4 $ 1,514.7 $ 4,907.8 $ 4,413.0 Net Income Attributable to Dow Corning $ 177.0 $ 176.0 $ 546.5 $ 615.0 Adjustment for AEMC1, net $ (4.0 ) $ (4.4 ) $ (10.5 ) $ (55.9 ) Adjusted Net Income2 $ 173.0 $ 171.6 $ 536.0 $ 559.11 The three and nine month periods ended September 30, 2011 and 2010 included a tax benefit related to Advanced Energy Manufacturing Credits, net of the noncontrolling interests' share.
2 Adjusted Net Income is a non-GAAP financial measure which excludes certain unusual items and which reconciles to Net Income as shown.
Consolidated Balance Sheet Data September 30, 2011 December 31, 2010 Assets Current Assets $ 4,550.2 $ 4,624.6 Property, Plant and Equipment, Net 7,029.8 6,120.7 Other Assets 1,483.2 1,903.1 $ 13,063.2 $ 12,648.4 Liabilities and Equity Current Liabilities $ 1,920.5 $ 2,287.8 Other Liabilities 7,546.4 6,862.8 Equity 3,596.3 3,497.8 $ 13,063.2 $ 12,648.4
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