Dow Corning Reports Profits Down 61% on Pricing Pressures, Raw Material Costs

Dow Corning reported first quarter 2012 net income down 61% from the year-ago quarter, to $71 million, due to pricing pressures and high raw material costs. Sales fell 4%, to $1.52 billion. “As expected, this was a difficult quarter due to oversupply in both the silicone and polycrystalline silicon industries combined with rising raw materials and energy costs,” says Dow Corning executive v.p. and CFO Donald Sheets. Global demand for silicon products is rising, but the sector is struggling with significant pricing pressure, he says. The...

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