Dow Corning Corp. recently announced its first quarter 2011 financial performance. Sales grew 17% to $1.58 billion in the first quarter, while net income was $179 million, a decrease when compared with the first quarter of 2010.
However, 2010 net income included U.S. Advanced Energy Manufacturing Tax Credits received by Dow Corning and its joint ventures. Dow Corning’s adjusted net income, which excludes these tax benefits, rose 2% in the quarter.
“First quarter profits were softened by sharply rising materials and energy costs, as well as expenses related to the successful startup of new production capacity in the U.S. and China,” said J. Donald Sheets, executive vice president and CFO. “We continue to seek opportunities to enhance the efficiency of our operations and to mitigate the impact of price volatility on our business.”
For more information, visitwww.dowcorning.com.