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Dow Corning reports drop in sales, earnings on oversupply

8:56 AM MDT | July 31, 2013 | Lindsay Frost

Dow Corning, a 50-50 joint venture between Dow Chemical and Corning, reports second-quarter net income of $87.2 million, a 28% drop year-on-year (YOY). Sales were $1.43 billion, down 9% YOY.  “Significant oversupply and high raw materials costs continued to challenge the performance of our silicones segment in the first half of the year,” says Donald Sheets, executive v.p. and CFO at Dow Corning. “We did see a quarter-over-quarter increase in the second quarter for a number of our high-value, differentiated, silicone-based...

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