Momentive Specialty Chemicals Q3 profit more than doubled - CEO

22 October 2010 15:57  [Source: ICIS news]

TORONTO (ICIS)--Momentive Specialty Chemicals expects to report third-quarter operating income of $183m-$192m (€132m-€138m), up from $77m in the third quarter of 2009, on a 30% increase in sales, CEO Craig Morrison said late on Thursday.

The US-based company, until recently known as Hexion Specialty Chemicals, expected to record sales of $1.40bn for the three months ending on 30 September, up from $1.08bn in the third quarter of 2009, Morrison said in a statement.

Third-quarter segment earnings before interest, taxes, depreciation and amortisation (EBITDA) were expected at $198m-$204m, up from $128m in the third quarter of 2009, he added.

“During the third quarter of 2010, our year-over-year segment EBITDA increase was largely driven by continued top-line gains and operating leverage from our ongoing productivity programme,” Morrison said.

Momentive Specialty Chemicals would report official third-quarter results early next month, the statement said.

Earlier this month, Hexion and Momentive Performance Materials – both controlled by private equity firm Apollo Global Management – completed a deal to combine their businesses, and Hexion was renamed Momentive Specialty Chemicals.

However, the two companies said their capital and legal entity structures remained separate and they would continue to file separate financial reports.

($1 = €0.72)

For more on Momentive/Hexion and other producers visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index