MIDLAND, Michigan—Dow Corning Corp. reported a 5 percent increase in sales in its fourth quarter results compared to the fourth quarter of 2013.
The silicone supplier said that its sales rose by 9 percent while its net income increased by 36 percent throughout 2014, however it experienced a 66 percent drop in net income to $37 million on the quarter.
The firm said its adjusted net income for 2014 was $522 million, an increase of 72 percent compared to 2013.
Dow Corning said silicone segment sales continued to grow across a variety of markets—including transportation, construction, electronics, packaging and health care— in the Americas, Europe and China.
“In 2014 Dow Corning demonstrated why we lead the silicon-materials industry, as we returned to a trajectory of sales and profit growth despite operating in an oversupplied industry and a significantly volatile marketplace,” said J. Donald Sheets, Dow Corning's executive vice president and chief financial officer, in a statement.
Established in 1943, Dow Corning is a joint venture between Dow Chemical Co. and Corning Inc. that produces silicones used in sealants, cosmetics and rubber goods.