MIDLAND, Mich. (AP) -- Dow Corning Corp. said Tuesday that first-quarter profit fell 61 percent on weak prices for silicone and polycrystalline silicon.
The company is a joint venture of Dow Chemical Co. and Corning Inc. It makes silicone-based adhesives, sealants and other products for a range of industries from aviation to solar power to skin care.
Dow Corning said demand for its products improved slightly over last year but prices remained depressed because of an oversupply, and costs for raw materials and energy remained high, leading to lower profit margins.
Net income was $70.5 million, compared with $178.7 million a year earlier.
Revenue fell 4 percent to $1.52 billion.
Shares of Dow Chemical closed down 4 cents at $33.85, and Corning shares fell 3 cents to close at $14.32 Tuesday.