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Momentive Records Losses on Destocking, Volume Declines
10:22 AM MST | March 2, 2012 | Vincent Valk
Momentive Specialty Chemicals reported a fourth-quarter net loss of $47 million, compared with net income of $53 million in the year-ago period. The company’s revenues fell 2% to $1.15 billion. Operating income tumbled 88%, to $19 million, as volumes fell, especially in high-margin products, and raw material costs rose. Epoxy, phenolic and coating resins sales fell 4%, to $736 million. Segment Ebitda fell 38%, to $73 million. Forest products resins sales rose 4%, to $417 million. Segment Ebitda was flat, at $39 million. “We believe we’ll...
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