Momentive Specialty Chemicals Expects Earnings Decline

Momentive Specialty Chemicals has reported preliminary first-quarter operating income between $41 million and $51 million, down about 61% from the year-ago period. Sales are expected to fall about 8%, to $1.2 billion. “As anticipated, first quarter 2012 results reflected volatile market conditions in certain end markets and the impact of negative product mix due to lower volumes for some of our specialty products compared to the prior year,” says Momentive CEO Craig Morrison. The company has about $3.5 billion in debt and about $400 million in cash...

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