WATERFORD, N.Y.—Momentive Performance Materials Inc. reported a net loss of $70 million for the second quarter, which was better than the previous year's net loss of $88 million.
Sales decreased to $610 million from $627 million in 2012, but operating income was $10 million, compared to a loss of $24 million during the prior year. The company cited improved gross margins, a $19 million decrease in selling, general and administrative expenses and an $11 million restructuring and other costs as reasons for the improvement.
Silicones segment EBITA totaled $63 million, a 7 percent increase from 2012. Momentive cited pricing actions, mix shift and cost reduction initiatives. Silicone EBITA for the first half of the year was $138 million, an increase of $29 from the first half of 2012.
Chairmen, President and CEO Craig O. Morrison said the company is taking all necessary actions to drive improvement in its results during the second half. The company projects its silicones and quartz businesses will continue to recover gradually.