MIDLAND, Mich.—Dow Corning Corp. reported sales of $2.69 billion and net income of $149 million for the first half of 2013, down 13 and 9 percent, respectfully, compared to the first of 2012.
In the second quarter, sales fell $1.43 billion, 9 percent lower than last year's second quarter. The bright spot for the company was in silicones, which were up 6 percent from quarter one. Adjusted net income was $107 million, 11 percent lower than last year. The company said the figure excluded restructuring expenses.
J. Donald Sheets, executive vice president and CFO at Dow Corning, said significant oversupply and high raw materials cost continued to challenge the performance of the silicones segment. He also said polysilicone prices and volumes remain down as the solar industry deals with excess capacity, and that actions taken in recent months began to stabilize the second quarter.