Dow Corning reports higher sales and lower net income in Q1

Sales at silicon-based innovator Dow Corning Corp. increased 17% for the first quarter of 2011 to USD 1.58 billion, while net income dropped. Net income for the quarter was USD 179 million, down 18% f…

Sales at silicon-based innovator Dow Corning Corp. increased 17% for the first quarter of 2011 to USD 1.58 billion, while net income dropped. Net income for the quarter was USD 179 million, down 18% from the first quarter of 2010, which was USD 218 million. Company officials say the 2010 net income number included US Advanced Energy Manufacturing Tax Credits that Dow Corning and its joint ventures received. Adjusted net income for the quarter rose 2% from a year ago, from USD 173 million to USD 175 million. The company said the increase in sales was helped by growth in Asia and Europe, particularly in developing geographic regions. Yet increasing energy costs and material costs in the first quarter challenged income results, according to a company release. In 2010, Dow Corning reached a record USD 6 billion in sales and net income of USD 866 million.