Hexion First-Quarter Earnings Flat; Texas Petrochemical Dips

Hexion Specialty Chemicals says that first-quarter net income was about level with year-ago period, at $4 million, excluding a one-time gain of $31 million from asset sales in year-ago quarter. Sales rose 17% year-on-year, to $1.44 billion. The company says strong demand for various products, including epoxy resins and intermediates, phenolic specialty resins, versatic acid and derivatives, oilfield services and international forest product resins, and formaldehyde more than offset some softening in volumes in the North American residential construction...

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