Dow Corning Corp., equally owned by chemical products maker Dow Chemical Co. (DOW) and specialty glass maker Corning Inc. (GLW), Wednesday reported a first-quarter net income of $62.1 million, down from $70.5 million in the same quarter last year.
On an adjusted basis, earnings for the current quarter dropped to $66 million from $77 million in the year-ago period.
Net sales decreased 17 percent to $1.26 billion from $1.52 billion in the prior year-quarter. First-quarter core sales were $1.8 billion, similar to core sales in the first quarter last year. The company in a statement added that sales were down in both the silicones and polysilicon segments, with polysilicon segment sales realizing the largest reduction.
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