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People & Business :: Earnings/Finance
Dow Corning earnings fall on weak silicones, polysilicon
2:49 PM MDT | October 26, 2012 | Lindsay Frost
Dow Corning says sales and earnings fell in the third quarter hurt by oversupply, economic weakness Europe, and high raw material costs. Net income was $97 million, down 45% year-on-year (YOY). Adjusted income was $77 million, down 55%. Sales were $4.64 billion, a 5% decrease YOY. "Oversupply in both the silicone and polycrystalline silicon industries, as well as high raw material costs, have impacted our financial performance throughout 2012, and these conditions are likely to last well into 2013,” says Donald Sheets, Dow Corning executive v.p...
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