 |
 |
||||||
[May 2005]
First Quarter Growth for Dow Corning
Dow Corning Corp (Midland, MI, USA) has reported consolidated adjusted net income of US$132.6 million for the first quarter of 2005, an increase of 154% from net income of US$52.2 million reported for the same quarter in 2004.
Adjusted net income in 2005 excludes certain items related to Chapter 11 from which the company emerged on 1 June 2004. Including all items, Dow Corning reported consolidated net income of US$135.9 million for Q1 2005.
First quarter sales were US$982.5 million, 21% higher than sales of US$814.3 million in Q1 2004.
"First-quarter sales growth was driven by volume increases in all major geographies," said Donald Sheets, the Vice President for Planning & Finance and Dow Corning's CFO. "Profitability improved primarily due to our ability to contain operating expense growth below the rate of sales growth."
Dow Corning is equally owned by The Dow Chemical Company and Corning Inc. More than half of its annual sales are outside the USA.
ENDS