Momentive Performance Materials reports continued loss

Momentive Performance Materials reports continued loss

1:07 PM, 13th August 2011
Momentive Performance Materials reports continued loss
Craig O Morrison, Chairman and CEO, Momentive Inc.

 

ALBANY, US: Momentive Performance Materials Inc reported its consolidated results for the second quarter ended July 3, 2011. The net sales of the company is $728 million compared to $651 million in the three-month period ended June 27, 2010, an increase of 12 per cent. The increase was primarily due to an increase in selling prices, favourable exchange rate fluctuations and higher sales volume. In addition, the earthquake and tsunami in Japan on March 11th and related events negatively impacted operations at the company’s Ohta site and reduced sales in the quarter by approximately $11 million.

The operating income of $70 million versus operating income of $72 million in the three-month period ended June 27, 2010. Combined adjusted EBITDA, excluding the impact of pro forma cost savings, of $125 million in the three-month period ended July 3, 2011 compared to combined adjusted EBITDA, excluding the impact of pro forma cost savings, of $139 million in the fiscal three-month period ended June 27, 2010.

“Our second quarter 2011 results reflected strong global demand for our specialty products. Sales for our silicones segment were positively impacted on a year-over-year basis by stronger demand in the automotive, construction, energy and industrial markets. Our quartz business continued to perform well in the second quarter of 2011 due to strong demand in the semiconductor and ceramics application market,” said Craig O Morrison, Chairman and CEO, Momentive Performance Materials Inc.

“We anticipate that raw material cost fluctuations will stabilize for the remainder of 2011. We believe pricing actions, both implemented and in-process, will compensate for the increase in raw material and energy costs experienced in the first half of 2011. We are also pleased with our ability to minimize the business impact of the Japanese earthquake that occurred earlier in the year as our site continues to operate well,” he added.

© WOC News

 

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