MIDLAND, Mich.—Dow Corning Corp. reported sales grew 17 percent to $1.58 billion for the first quarter of 2011.
Net income was $179 million, a decrease when compared with the first quarter of 2010. However the 2010 net income number included U.S. Advanced Energy Manufacturing Tax Credits received by Dow Corning and its joint ventures.
Dow Corning's adjusted net income, which excludes these tax benefits, rose 2 percent in the quarter.
The company said growth in its silicones segment continues in Asia, Latin America and Europe, particularly in developing geographic regions.
“Dow Corning's first quarter sales performance reflects strong demand for our silicon-based materials, especially in electronics, solar, life sciences and industrial applications,” according to J. Donald Sheets, executive vice president and chief financial officer.