news digest ♦ compound semiconductor ♦ financial news
in shipment volumes. The segment recorded an operating income of JPY 1,826 million (up JPY 6,285 million).
Dow Corning Corp first quarter income up from last year
Dow Corning Corp. reported consolidated net income of $218.3 million for the first quarter of 2010
Dow Corning Corp. reported consolidated net income of $218.3 million for the first quarter of 2010, compared to consolidated net income of $9.4 million in the first quarter of 2009. Dow Corning reported adjusted net income of $172.6 million for the first quarter of 2010. Adjusted net income excluded the tax benefit related to the U.S. Advanced Energy Manufacturing Tax Credits. In 2009 consolidated adjusted net income was $66.7 million for the first quarter. The 2009 results were adjusted for a charge related to restructuring activities.
Sales were $1.35 billion in the first quarter of 2010, 31 percent higher than sales of $1.03 billion in the same quarter of 2009.
Dow Corning and Hemlock Semiconductor each received a portion of the U.S. Advanced Energy Manufacturing Tax Credits awarded to the companies in January. The tax credits were designed to support job-creating investment in manufacturing projects linked with growing industries such as solar technology.
Comments from Dow Corning’s Executive Vice President and Chief Financial Officer J. Donald Sheets:
-- “Dow Corning’s silicones business is returning to the peak performance we experienced prior to the global recession. It is encouraging that we’re seeing this recovery in demand in nearly every industry and geography we serve. Our customers are again focusing on innovation and are looking to silicones from
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www.compoundsemiconductor.net June 2010
Dow Corning and its XIAMETER® brand to help them create differentiated, high-value products.”
-- “Hemlock Semiconductor continues to run at full capacity, and will bring new capacity online sometime in the second quarter. Both the solar and semiconductor industries indicated signs of growth in the first quarter.” -- “The Advanced Energy Manufacturing
Tax Credits support our recent investments in solar materials manufacturing and research and development efforts as Dow Corning and Hemlock Semiconductor seek to help make solar energy a viable energy option worldwide.”
MEMC increase revenues to $438 million
First quarter highlights: - Revenue increases to $438 million - Solar Energy (SunEdison) revenue of $60.7 million - GAAP net loss of $9.6 million
MEMC Electronic Materials, Inc. reported financial results for the quarter ended March 31, 2010.
Net sales for the 2010 first quarter were $437.7 million, representing an increase of 23% from fourth quarter 2009 net sales of $356.7 million, and an increase of 105% from first quarter 2009 net sales of $214.0 million. First quarter 2010 results include $60.7 million from the SunEdison business that was acquired in November 2009. Excluding SunEdison, net sales were up 7% sequentially and 76% year- over-year.
Gross profit in the quarter was $59.3 million, or 13.5% of net sales, compared to $53.0 million, or 14.9% of net sales, in the 2009 fourth quarter and $19.7 million, or 9.2% of net sales, in the 2009 first quarter.
The company reported an operating loss of $15.3 million for the quarter, compared to an operating loss of $11.0 million in the 2009
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