Dow Corning posts higher 4Q profit, boosted by one-time gain

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MIDLAND, Mich. — Dow Corning Corp. said Friday its fourth-quarter profit rose 3.6 percent, boosted by a one-time gain related to long-term sales agreements.

The private joint venture between industrial manufacturers Dow Chemical Co. and Corning Inc. earned $260 million, up from $251 million in the same quarter last year.

Excluding the one-time gain, the Midland, Mich.-based company said its adjusted profit fell to $76.8 million from $165 million. Revenue fell 3.8 percent to $1.52 billion from $1.58 billion.

Dow Corning said that while demand for its products was stable during the quarter, prices weakened in most parts of the world.

For the full year 2011, Dow Corning earned $806 million, down from $866 million in 2010. Sales rose to $6.43 billion from $6 billion.

In morning trading, Dow shares rose 60 cents to $34.14, while Corning shares rose 39 cents, or 3 percent, to $13.32.

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