Dow Corning Corporation has reported adjusted net income of $96.6 million for the fourth quarter of 2005, a 29 percent rise from the $74.8 million reported in same quarter of 2004.
For all of 2005, adjusted net income was $472.1 million, 64 percent higher than the $288.8 million reported for 2004. Adjusted net income is a financial measure which excludes certain unusual items and which is reconciled to net income in an attachment to this news release.
Fourth quarter 2005 sales were $942.7 million, 8 percent greater than sales of $876.7 million in last year's fourth quarter.
For all of 2005, sales were $3.88 billion, an increase of 15 percent from sales of $3.37 billion in 2004.
Including all items, Dow Corning reported net income of $100.0 million for the fourth quarter of 2005 and $506.5 million for all of 2005.
Vice President and Chief Financial Officer J Donald Sheets said, “This performance reflects the capabilities of our global workforce to adapt to changing market conditions, including increasing raw materials and energy costs.”
“We are taking “innovation” to a new level -- applying it to supply chain management and business model development, for example, in addition to the science and technology of silicon,” he added.
Dow Corning develops, manufactures and markets diverse silicon-based products and services, and currently offers more than 7,000 products to customers around the world.
Dow Corning is a global leader in silicon-based materials with shares equally owned by The Dow Chemical Company and Corning, Incorporated. More than half of Dow Corning's sales are outside the United States.
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