MIDLAND, Mich.—Dow Inc. has reported a significant increase in silicone materials demand for the three months to June 30, adding to gains made elsewhere in its portfolio.
The Michigan-based group's silicones business is part of a Performance Materials & Coatings Segment, which reported second quarter net sales of $3 billion, up 22 percent versus the year-ago period.
The revenue gains reflected local price increases equivalent to 28 percent year-on-year in both business areas and in all regions, according to Dow's financial report.
Volume declined 3 percent year-over-year, primarily due to the impact of pandemic-related lockdowns in China, the company said.
Dow added, however, that these negative effects "were partly offset by stronger demand for silicones and coatings applications in the U.S. and Canada."
Operating earnings (EBIT) was $561 million, compared to $225 million in the year-ago period, helped in part by pricing gains for both silicones and coatings applications, reported Dow.
