26 October 2012 15:15 [Source: ICIS news]
LONDON (ICIS)--Dow Corning’s third-quarter net income fell by 45% year on year to $97m (€75m), as oversupply and high raw material costs challenged the company’s profits, the US-based silicones major said on Friday.
Sales for the third quarter were $1.55bn, 7% lower than in the same period last year, it added.
Dow Corning’s executive vice president and CFO, J Donald Sheets, said: “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.”
“Our Hemlock Semiconductor joint ventures continue to be challenged by global oversupply in the polycrystalline silicon markets. Additionally, the economic and political uncertainty surrounding the solar industry is also impacting Hemlock Semiconductor’s performance,” he added.
“Dow Corning’s response to the volatile economy and oversupplied marketplace is to focus on delivering innovative silicon-based products and solutions to our customers that differentiate us from our competitors,” Sheets said.
($1 = €0.77)
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