US Momentive Specialty swings to Q2 net loss, sales flat at $1.3bn

13 August 2013 13:03  [Source: ICIS news]

HOUSTON (ICIS)--Momentive Specialty Chemicals reported a $28m (€21m) second-quarter net loss, compared with net income of $28m in the same period ago, partly due to idling expenses related to plant maintenance, the US-based producer said on Tuesday.

However, Momentive said that its forest products resins segment posted “record” earnings before interest, tax, depreciation and amortisation (EBITDA) in the second quarter, driven by the North American housing market.

Momentive’s overall sales for the three months ended 30 June remained flat at $1.3bn. Gross profit was down 11% year on year to $152m while operating incomes fell 47% year on year to $49m.

“Our forest products results reflected continued strength in North American housing and our past restructuring initiatives, particularly in Europe, as well as our strong performance in Latin America and the Asia Pacific region,” said CEO Craig Morrison.

Momentive also saw segment EBITDA gains in its phenolic specialty resins business during the second quarter, Morrison added.

Momentive's second-quarter EBITDA in forest products resins was $59m, compared with $56m in the same period a year ago while EBITDA in expoxy, phenolic and coating resins fell to $73m from $101m in the 2012 second quarter.

$1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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