SOUTHFIELD — Detrex Corp. (OTC: DTRX) reported net income
of $541,945 or 31 cents a share in the first quarter ended March 31,
down from $1.04 million or 60 cents a share in the same quarter a
year earlier. Revenue was $10.2 million, down from $11.2 million a
year earlier. The company also announced it would pay a dividend
of 25 cents a share on June 24 to shareholders of record as of
June 10. The company said the sales decline was caused by
normal fluctuations in sales levels, partially offset by higher sales in
China. Founded in 1925, Southfield-based Detrex, through its
subsidiary Elco Corp., manufactures specialty chemicals.
Also, materials and chemicals giant Dow Chemical Co. (NYSE: DOW) of Midland reported net income of $964 million or 79 cents a share in the first quarter, up from $550 million or 46 cents a share in the same
quarter a year earlier. Revenue was $14.46 billion, up from $14.38
billion a year earlier. Higher sales in China led the revenue increase.
Among product lines, performance plastics, coatings and
infrastructure solutions led the way. The company said it cut
research and development spending 10 percent year over year,
part of a strategy to prioritize R&D spending on “high-growth market
sectors.” Capital expenditures, however, jumped to $672 million
from $346 million a year earlier.
Also, Jackson-based CMS Energy posted net income of $204 million or 75 cents a share in the first quarter, up from $144 million or 53 cents a share a year earlier. Revenue for the quarter was $2.52 billion, up from $1.98 billion a year earlier. The utility holding company said a harsh winter boosted natural gas deliveries and electric sales, improving profits. CMS also affirmed its existing earnings guidance for all of 2014 at between $1.74 and $1.78 a share. Economic indicators in Consumers Energy’s Michigan service territory continue to point to good recovery and job growth. Several industries have announced expansion projects and electric sales to industrial customers are expected to grow by about 2 percent per year. Consumers Energy is supporting the state’s economic recovery through its commitment to increase by $1 billion its purchase of Michigan-made goods and services over five years, from 2011-2016, as part of Pure Michigan Business Connect. This is in addition to the more than $2 billion the company spends each year in Michigan. Other quarterly highlights include the company’s announcement to purchase, with plans to close the transaction in late 2015, a 540 megawatt natural gas plant in its hometown of Jackson, Michigan to largely replace seven older coal plants, and a new program to purchase renewable energy from anaerobic digesters operated primarily by Michigan farmers.
And the Detroit utility holding company DTE Energy reported first quarter net income of $326 million, or $1.84 a share, up from $234 million, or $1.34 a share, a year earlier. Revenue was $3.53 billion, up from $2.92 billion a year earlier. Harsh winter weather boosted DTE’s sales of electricity and natural gas — and thus, higher revenue and profit. DTE also reiterated its 2014 operating earnings guidance of $4.20 to $4.40 per diluted share. The full earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com. To listen to a replay of the discussion of the results, call (888) 203-1112 in the United States and Canada and (719) 457-0820 elsewhere, and enter passcode 8376260.
And Livonia-based automotive safety systems developer TRW Automotive Holdings Corp. (NYSE: TRW) reported first quarter net income of $199 million or $1.68 a share, up from $162 million or $1.29 a share in the first quarter of 2013. Excluding one-time events, 2014 net income was $215 million or $1.82 a share, up from an equivalent of $1.51 a share a year earlier. The one-time items are restructuring charges and the tax impacts of those charges. Revenue was $4.44 billion, up from $4.21 billion a year earlier. The company said it expects 2014 revenue to fall between $17.4 billion and $17.7 billion. To listen in on a replay of a conference call discussing the results, U.S. locations should dial (855) 859-2056, and locations outside the U.S. should dial (404) 537-3406. The replay code is 21549269. A replay of the conference call will also be available at www.trw.com.
Midland-based Dow Corning Corp. announced first quarter 2014 revenue of $1.52 billion, an increase of 21 percent from $1.26 billion in 2013. Net income was $191 million, up 207 percent from $62 million a year earlier. Adjusted net income in the first quarter of 2014 was $109 million, up 65 percent from $66 million a year earlier. Adjusted net income for 2014 excluded gains from a derivative contract and long term sales agreements. Adjusted net income for 2013 excluded restructuring expenses. Dow Corning’s silicones segment experienced volume growth across most geographic regions. Dow Corning’s polysilicon segment continued to see strong shipments as customers accepted delivery of material purchased through long-term contracts. Dow Corning is equally owned by Midland-based Dow Chemical Co. and New York-based Corning Inc. Hemlock Semiconductor Group (www.hscpoly.com) is comprised of several joint venture companies owned in majority by Dow Corning Corp. Hemlock Semiconductor is a provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices and solar cells and modules. Hemlock Semiconductor began its operations in 1961.