31 July 2013 15:46 [Source: ICIS news]
Excluding unusual accounting items, Dow Corning’s adjusted Q2 net income was $107m, down 11% year on year.
Dow Corning CFO Donald Sheets said that “significant oversupply and high raw materials costs" continued to challenge the performance of the company's silicones segment.
“We did see a quarter-over-quarter increase in the second quarter for a number of our high-value, differentiated silicone-based products,” he added.
Also, Dow Corning’s Hemlock Semiconductor joint venture saw its performance begin to stabilise in the second quarter as a result of cost-cutting and other actions, he said.
However, polysilicon prices and volumes “remain significantly down as the solar industry deals with excess capacity and awaits resolution of the global trade disputes”, he said.
Dow Corning is equally owned by Dow Chemical and glass maker Corning.
($1 = €0.75)
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