MIDLAND, Mich. (AP) -- Dow Corning Corp. said Wednesday that its net income dropped 12 percent in the first quarter as sales declined in the silicones and polysilicon segments.
The company is a joint venture of Dow Chemical Co. and Corning Inc. It makes silicone-based adhesives, sealants and other products for industries ranging from aviation to solar power to skin care.
Net income declined to $62.1 million from $70.5 million in the prior-year period. Excluding restructuring expenses, net income was $66.4 million for the current quarter.
Revenue for the three months ended March 31 fell 17 percent to $1.26 billion.
Chief Financial Officer J. Donald Sheets said in a statement that the silicones unit continued to be hurt by high raw materials costs and significant oversupply.
Dow Chemical lost 44 cents to $33.47 in afternoon trading, while Corning fell 13 cents to $14.37.