(RTTNews) - Silicone-based products marker Dow Corning Corp, a joint venture between Corning Inc. (GLW: News ) and Dow Chemical Co. (DOW: News ), Friday reported a lower profit for the third quarter, hurt by 5% lower sales year-on-year.

Midland, Michigan-based Dow Corning's third-quarter net income attributable to the company was $184.3 million, down from $218.0 million in the year-ago quarter. While the recently-ended quarter included restructuring charges of $0.2 million, the year-ago results included $35.4 million from a write down of certain investments.

Excluding items, adjusted net income for the quarter was $184.5 million, down 27% from $253.4 million in the third quarter of 2008.

The company which produces adhesives, insulating materials, and lubricants for aerospace, automotive, and electrical uses, reported third quarter net sales of $1.41 billion, down 5% from $1.49 billion last year.

For the nine-month period, net income attributable to Dow Corning was $309.1 million, compared to $566.1 million in the comparable period last year. Adjusted net income for the period was $366.7 million, down from $601.5 million in the year ago period.

Net sales for the nine months declined to $3.62 billion from $4.15 billion in the corresponding period of the prior-year.
Corning Inc. reported lower profit on weak sales for third quarter four days earlier, while Dow Chemicals, earlier this month, reported higher earnings for the same quarter on asset sales and cost-reductions despite lower revenues .

Shares of GLW are currently trading down 48 cents or 3.17%, at $14.66 on 8.10 million shares on the NYSE.

DOW is also down 5.77% or $1.46, currently at $23.79 on 8.03 million shares in Mid-day trading.

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by RTT Staff Writer

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