MIDLAND, Mich.—For the first half of 2011, DowáCorning Corp. has posted sales of $3.25 billion, an increase of 12 percent, and net income of $370 million, 16 percent lower than a year ago. á
For the second quarter, sales were 8 percent higher than the same period last year at $1.67 billion. Net income dropped 14 percent at $191 million for the period, a result of the sharp increase in prices for materials, energy and operating expenses, the company said.
Dow said other factors that affected net income include slowing global economies, the tsunami and earthquake in Japan and unrest in the Middle East.
The increase in sales was spurred by a jump in demand in certain regions, according to Dow.
“Dow Corning's silicones segment continues to see significant growth in emerging economies throughout Asia, Latin America and Eastern Europe, despite the global economic volatility that has challenged all businesses in 2011,” according to J. Donald Sheets, executive vice president and chief financial officer.