Momentive Specialty Chemicals' Income Plummets

Momentive Specialty Chemicals reported a second-quarter net income of $28 million, down 56% year-on-year (YOY), on sales down 7%, to $1.3 billion. Income fell due to volume declines, especially in volumes of higher-margin products. High prices partially offset the volume declines.   Epoxy, phenolic, and coating resins sales declined 18% YOY, to $796 million. Segment Ebitda fell 36%, to $101 million. Forest products resins sales were roughly flat, at $463 million. Segment Ebitda was up 12%, to $56 million. The company is expecting “continued...

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