WATERFORD, N.Y.—Momentive Performance Materials Inc. reported a net loss of $67 million for the third quarter that ended Sept. 30, compared to a net loss of $81 million in 2012.
The company said it had a nine-month net loss of $198 million, an improvement over the loss of $234 million for the nine-month period in 2012.
The firm said the result reflects improved operating income partially offset by a $6 million increase in interest costs.
Net sales increased to $604 million, compared to $571 million in 2012.
Craig Morrison, chairman, president and CEO of Momentive, said the firm's aggressive cost reduction initiatives helped offset continued soft demand from ongoing economic volatility.
Net sales for silicones in quarter three increased to $549 million, up from $512 million in 2012. Sales in silicones for nine months increased to $1.63 billion, which is about a $20 million increase from the same period in 2012.
Morrison said the silicone results reflected a modest improvement in North American sales and the impact of the firm's cost reduction and productivity initiatives, which were partially offset by decreased pricing and mix shift.