Dow Corning Q4 and 2011 year-end results

By Accommodation Times (www.accommodationtimes.com)

Mumbai: Dow Corning has announced its results for the fourth quarter and full year of 2011. Dow Corning recorded record sales of $6.43 billion in 2011 while adjusted net income decreased 15 percent compared to 2010. Adjusted net income excluded a gain on long-term sales agreements. Fourth quarter sales decreased 4 percent compared to fourth quarter 2010 as prices softened in the face of global economic volatility. Additional information about Dow Corning’s financial results:
Fourth Quarter Results
• Sales were $1.52 billion, 4 percent lower than last year’s fourth quarter.
• While demand was reasonably stable, prices softened across most geographic regions.
• Net income was $260 million, 3 percent higher than last year’s fourth quarter.
• Adjusted net income was $76.8 million, 53 percent lower than last year’s fourth quarter.
Year-to-Date Results
• Sales were $6.43 billion, 7 percent higher than last year.
• Significant areas of growth included Asia, Eastern Europe and developing geographic regions.
• Net income was $806 million, 7 percent lower than last year.
• Adjusted net income was $613 million, 15 percent lower than last year.