06 February 2014 16:51 [Source: ICIS news]
HOUSTON (ICIS)--Dow Corning swung to a fourth-quarter net profit of $110m, from a net loss of $101m in the 2012 fourth quarter, partly driven by higher sales volumes in its polysilicon segment, the US-based producer said on Thursday.
However, pricing pressures continued to limit silicone margins, the company added.
Dow Corning’s sales for the three months ended 31 December rose 7% year over year to $1.59bn.
For the full 12 months of 2013, net profit doubled to $376m but sales were down 7% to $5.71bn.
"In a year characterised by significant oversupply and pricing pressure in our industry, Dow Corning competed well to maintain its industry leading financial foundation," said CFO Donald Sheets.
"We moved decisively to reduce our cost structure in 2013, providing us the ability to focus on growth through serving our customers in 2014 and beyond," Sheets added.
In related indusry news, Dow Corning competitor Wacker earlier on Thursday reported a sharp decline in its fourth-quarter net profit on the back of low silicon prices and exchange rate effects.
Additional reporting by Jonathan Lopez
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