Despite Sales Drop, Income Rises for Momentive in Second Quarter
Momentive Performance Materials Inc. recently announced results for the second quarter ended June 30, 2013. The company reported net sales of $610 million, compared to $627 million in the prior year period. Operating income for the second quarter was $10 million, vs. an operating loss of $24 million in the prior year period.
“Our results continue to reflect the slower growth environment and global economic volatility we continue to experience,” said Craig O. Morrison, chairman, president and CEO. “Second quarter 2013 segment EBITDA also reflected $6 million in unplanned manufacturing issues. Second quarter 2013 silicones segment EBITDA totaled $63 million compared to $59 million in the prior year period, a 7% increase, reflecting pricing actions, mix shift and our cost reduction initiatives.”
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