Dow Corning has reported consolidated net income of US$270.5 million for the fourth quarter of 2009, an increase of 57% from net income of $172.6 million reported in the fourth quarter of 2008.
For the whole of 2009, net income was US$579.6 million, a decline of 22% from net income of US$738.7 million reported in 2008. The company reported an adjusted consolidated net income of US$211.3 million for the fourth quarter and US$578.0 million for all of 2009.
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The 2009 adjusted net income excluded restructuring charges and the tax benefit associated with foreign dividends. In 2008 consolidated adjusted net income was US$174.2 million for the fourth quarter and US$775.7 million for the year. The 2008 results were adjusted for a loss from a write down of certain investments.
Sales were US$1.47 billion in the fourth quarter of 2009, 13% higher than sales of US$1.30 billion in the same quarter of 2008. Sales for all of 2009 were US$5.09 billion, 7% lower than sales of US$5.45 billion reported in 2008.
Dow Corning also made an acquisition in Q4 having acquired two chemical grade silicon manufacturing assets from Globe Specialty Metals for approximately US$175 million.
Dow Corning’s executive vice president and chief financial officer J. Donald Sheets said, “Dow Corning saw a significant recovery in its silicones business in the second half of the year, as our two-brand strategy allowed us to get the right products and solutions into the hands of our customers.”
“Our polycrystalline silicon business through Hemlock Semiconductor Group had another solid year, operating at expected manufacturing rates while supplying all contracted volumes to both solar and semiconductor customers.”
“While it’s still a volatile economic environment, the year ended with many positive signs. Dow Corning’s fourth quarter sales performance is another significant step in the global recovery of our business.”
“2010 will be another active year for Dow Corning as major capital expansions in China will be completed and Hemlock Semiconductor Group’s expansions in the United States will continue to bring new capacity online. We’ll also focus on expanding our markets by investing in our diverse innovation portfolio and by continuing to expand our geographic footprint.”