Momentive Specialty Chemicals posts profit volume gains, pricing

Momentive Specialty Chemicals posts profit on volume gains, pricing

12:37 PM, 13th August 2011
Momentive Specialty Chemicals posts profit on volume gains, pricing
Craig O Morrison, Chairman, President and CEO, Momentive Specialty Chemicals.

 

COLUMBUS, US: Momentive Specialty Chemicals Inc (former Hexion Specialty Chemicals), announced results for the second quarter ended June 30, 2011. The revenues was $1.4 billion in second quarter of 2011 compared to $1.2 billion during the prior year period as sales continued to increase primarily due to volume gains and pricing actions.

The operating income was $128 million for the second quarter of 2011 compared to operating income of $132 million for the prior year period. Net income of $63 million for the second quarter of 2011 versus net income of $52 million in the prior year period.

The segment EBITDA totaled $189 million in the second quarter of 2011 compared to $155 million during the prior year period.

“In the second quarter of 2011, we continued to see strong Segment EBITDA growth due to our specialty portfolio, improved product mix, strong cost controls and ongoing productivity initiatives,” said Craig O Morrison, Chairman, President and CEO, Momentive Specialty Chemicals.

“In particular, operating leverage and strong performances in oilfield resins, base epoxy resins, phenolic specialty resins, North American formaldehyde and Latin America forest products businesses drove a 22 per cent gain in second quarter 2011 Segment EBITDA compared to the second quarter of 2010. We continued to make good progress on the pricing front during the second quarter of 2011 as we work to offset raw material inflation,” added Morrison

“Finally, due to the recent worldwide economic developments, the short-term outlook for the remainder of 2011 for our business is difficult to predict, although we believe our business is well-positioned over the long-term,” infomed Morrison.

© WOC News

 

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