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For the fourth quarter, sales were $1.52 billion, 4% lower compared to the same period last year. While demand was reasonably stable, the company reported that prices softened across most geographic regions. Net income was $260 million, 3% higher than last year’s fourth quarter. Adjusted net income was $76.8 million, 53% lower than last year’s fourth quarter.
“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 J. Donald Sheets, executive vice president and chief financial officer. “This situation, as well as continued global economic volatility, impacted both our silicones and polycrystalline silicon segments.”
For more information, visit www.dowcorning.com.