MIDLAND, Mich.—Dow Corning Corp. has posted a 10 percent increase in net income for 2015, despite a 9 percent decrease in sales, the company said in its financial report on Feb. 9.
A strong U.S. dollar was a key contributor to the increase in income to $563 million on sales of $5.65 billion for 2015, the silicone supplier said.
Dow Corning's adjusted net income in 2015 was $492 million, a decrease of 6 percent compared to 2014.
“Adjusted net income for 2015 excluded the impact of a derivative contract and gains resulting from the sale of property, long-term sales agreements and implant liability adjustment,” the specialty chemicals company said.
Dow Corning increased sales volumes in its most profitable specialty silicones product lines with notable strength in the high-performance building, packaging, electronics, and health and beauty care industries.
“The efforts to increase the profitability of our silicones business in 2015 enabled us to offset the currency headwinds we faced as well as the continued volatility in our polysilicon business,” Dow Corning said.