Dow Corning - supplier of seals and sealants and other silicon-based technology for the global appliance industry - had record sales of $6.43 billion in 2011, although adjusted net income was down 15% compared to 2010.
Dow Corning fourth quarter sales were down 4% compared to 4Q 2010, which the company attributed to soft prices and global economic volatility.
Full-year 2011 sales of $6.43 billion were 7% higher than 2010, with significant growth in Asia, Eastern Europe, and developing geographic regions. Net income was $806 million, down 7% from 2010. Adjusted net income was $613 million, 15% lower than 2010.
"We were unable to translate record 2011 sales into increased profits due to oversupply and softening demand in our industry combined with higher materials and energy costs," said Dow Corning Executive Vice President and Chief Financial Officer J. Donald Sheets. "This situation, as well as continued global economic volatility, impacted both our silicones and polycrystalline silicon-segments."
Sheets said the company saw demand from its silicones segment continue to grow in emerging economies in Asia and Latin America, while Europe and North America demand was almost flat. The company's polycrystalline silicon business, through Hemlock Semiconductor, was hurt by oversupply in the solar industry, which the company sees continuing in 2012.
to Daily News