Dow Corning reports sales and profits for the first quarter of 2008

Date: 6 May 2008

Dow Corning Corp. on 2008.04.30 reported consolidated net income of $160.4 million for the first quarter of 2008, a decrease of 13 percent from net income of $183.6 million reported in the first quarter of 2007.

Sales were $1.28 billion in the first quarter of 2008, 8 percent higher than sales of $1.18 billion in the same quarter of 2007.

“Dow Corning’s sales increased in the first quarter, yet margins were strained due to increased raw materials and energy costs,” said Dow Corning’s Vice President and Chief Financial Officer J. Donald Sheets. “Our silicones revenues grew in the quarter; however as expected, polysilicon revenues and prices declined at our joint venture Hemlock Semiconductor as the company shifted to extended supply contracts.”

View Q1 2008 Condensed Consolidated Statements of Operations (pdf size: 40kb)

About Dow Corning

Dow Corning provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company and Corning Incorporated. More than half of Dow Corning’s annual sales are outside the United States.

For additional information regarding this press release, please contact Jarrod Erpelding.