MIDLAND, Mich.—Dow Corning Corp.'s fourth-quarter adjusted net income for 2013 increased by 50 percent to $103 million, but fell 10 percent to $304 million for the year.
The firm's net income came in at $110 million for the fourth quarter and $376 million for the year, both significant increases compared to 2012.
Dow Corning's sales increased by 7 percent to $1.59 billion in the fourth quarter, but its year-to-date sales dropped 7 percent to $5.71 billion.
J. Donald Sheets, executive vice president and chief financial officer, said the firm continues to manufacture and sell high volumes of materials in its silicones segment. Dow Corning continually tries to improve the efficiency of its manufacturing operations, which the executive noted was a significant factor in its ability to compete in what he called a volatile economic environment.
"In a year characterized by significant oversupply and pricing pressure in our industry, Dow Corning competed well to maintain its industry leading financial foundation," Sheets said. "We moved decisively to reduce our cost structure in 2013, providing us the ability to focus on growth through serving our customers in 2014 and beyond."