Momentive reports $27 million of income for quarter ended March 31

By Caroline Salls

Pittsburgh, May 15 - Momentive Performance Materials Inc. reported $27 million of operating income for the quarter ended March 31 on net sales of $605 million, according to a 10-Q filed Thursday with the Securities and Exchange Commission.

The figures showed improvement from the $17 million of operating income posted for the quarter ended March 31, 2013 on $570 million in net sales.

According to the 10-Q, the increase in net sales primarily stemmed from improved demand for the company's silicones products in the construction and automotive markets as a result of successful growth initiatives and economic improvement primarily in Europe, as well as improving demand in the semiconductor market.

Momentive said restructuring and other costs for the first quarter remained flat compared to the first quarter of 2013. For the first quarter of 2014, these costs were primarily related to one-time charges for services and costs associated with restructuring the company's capital structure, partially offset by a gain related to a claim settlement. For the first quarter of 2013, these costs were primarily related to one-time expenses for services and integration costs.

The net loss for the three months ended March 31 was $56 million, narrowing from a $61 million net loss for the same period of 2013.

Momentive had $111 million in cash and cash equivalents as of March 31, down from $116 million at March 31, 2013.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.