By Patrick Raleigh, ERJ On-line news editor
Midland, Michigan-Dow Corning Corp. has posted a 47-percent rise in adjusted net income to $79.8 million for the second quarter on sales of $851.9 million, 20 percent higher than in the same period last year. First half earning were also up 47 percent, at $132.0 million, while sales rose 22 percent to around $1670 million
The earnings figures exclude restructuring costs and a cumulative adjustment to Chapter 11 interest expense. Including these items, Dow Corning reported second quarter net earnings of $35.7 million, and $87.9 million for the first half.
â€œDow Corning has emerged from Chapter 11 with a continued focus on meeting the needs of our customers in every industry we serve, in every geography,â€ said J. Donald Sheets the group's chief financial officer, in a press statement.