26 April 2012 22:09 [Source: ICIS news]
HOUSTON (ICIS)--Momentive Specialty Chemicals expects its first-quarter operating income to fall by more than 50% year on year, the US-based thermoset resins producer said on Thursday.
Momentive expects to report a first-quarter operating income of $41m-51m (€31m-39m), down from $119m reported for the same time last year. First-quarter sales should be $1.2bn, down from $1.3bn reported for the same time last year.
The company said it expects to report $145m-155m in segment earnings before interest, tax, depreciation and amortisation (EBITDA). For the first quarter of 2011, Momentive reported a segment EBITDA of $178m.
“As anticipated, first-quarter 2012 results reflected volatile market conditions in certain end markets and the impact of negative product mix due to lower volumes for some of our specialty products compared to the prior year,” according to a statement by Craig Morrison, Momentive president.
“While we experienced softer results in the first quarter of 2012 compared to the prior year, we were pleased with our strong sequential quarterly improvement in volumes and segment EBITDA compared to the fourth quarter of 2011," he added.
Momentive should release its full quarterly earnings in May.
($1 = €0.76)
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