MIDLAND (dpa-AFX) - Specialist in silicone and silicon-based technology Dow Corning Corp, Wednesday reported a near 49 percent jump in third-quarter profit, led mainly by a 7 percent increase in sales.
Dow Corning is jointly owned by Dow Chemical Co (DOW) and specialty glass maker Corning Inc (GLW).
'Dow Corning's sales increased for the fourth consecutive quarter, demonstrating that our strategy, talented team and technology are well-positioned to deliver the growth expected of a specialty chemicals leader,' said Donald Sheets, the company's chief executive officer.
'Dow Corning's industry-leading products - combined with our global manufacturing and formulation capabilities - led to record Silicones segment sales in the quarter,' Sheets said.
During the quarter, the company benefited from higher silicones sales in the Americas, Greater China and Europe. Demand for Silicones were strong in the the healthcare, packaging, electronics, high-performance building and transportation industries.
Dow Corning, based in Midland, Michigan, posted third-quarter net earnings of $175.5 million, compared with $117.4 million last year.
Excluding items, adjusted earnings for the quarter were $108.8 million, compared with $27.6 million in the prior year.
Sales for the third quarter climbed 7 percent to $1.52 billion from $1.43 billion in the prior year.
DOW is trading at $47.04, down $0.94 or 1.95%, on a volume of 5.8 million shares on the NYSE.
GLW is trading at $20.09, up $0.49 or 2.50%, on a volume of 5.6 million shares on the NYSE.
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