MIDLAND, Mich.—Dow Corning Corp. reported a 207 percent increase in net income and a 21 percent increase in sales for the first quarter 2014.
Net income come in at $191 million compared to $62 million in 2013. Adjusted net income, excluding certain unusual items, was 65 percent higher than 2013 at $109 million, the firm said.
Sales for the first quarter came in at $1.52 billion compared to $1.26 billion in 2013.
“Our silicones segment saw increases in volume in the first quarter as customers look to Dow Corning for its stability and strength in delivering quality products, reliable supply and innovation for our customers,” said J. Donald Sheets, executive vice president and chief financial officer.
Dow Corning is an equally owned joint venture between Dow Chemical Co. and Corning Inc. It offers more than 7,000 products and services to more than 25,000 customers worldwide.