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March 30, 2015 02:00 AM

Momentive releases first results since restructuring

Rubber & Plastics News Report
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    WATERFORD, N.Y.—Silicones manufacturer Momentive Performance Materials Inc. presented mixed but optimistic financial results in its first year-end report since it announced its balance sheet restructuring last October.

    Sales for fiscal year 2014 were $2.48 billion, up 3 percent from 2013's $2.4 billion, Momentive announced March 30. The company credited increased volume in silicones for the improvement in sales.

    Earnings before taxes, interest, depreciation and amortization were $238 million in 2014, even with 2013 results, Momentive said. Gains from the company's silicones portfolio were offset by cyclical demand for semiconductor-related quartz products and an increase in corporate expenses, the company said.

    For the fourth quarter ended Dec. 31, Momentive's net sales were down 2 percent, to $603 million from $614 million. The strengthening of the U.S. dollar more than offset price and mix improvements in the company's silicones sector during the quarter, it said.

    “On a constant currency basis, net sales would have increased 2 percent,” Momentive said.

    Segment EBITDA, however, increased 17 percent during the quarter, to $61 million from last year's $52 million. Strong growth in Momentive's specialty silicones portfolio drove the earnings increase, which was partially offset by cyclical demand for semiconductor-related quartz products, Momentive said.

    Momentive announced its emergence from Chapter 11 bankruptcy proceedings on Oct. 24, 2014, and at that time announced fresh start accounting procedures which created a new entity for financial reporting purposes, the company said. “We appreciate the steadfast support of our lenders, customers, suppliers and employees during the pendency of our case, and are moving forward with the financial flexibility and cash flow necessary to continue to drive innovation across our specialty portfolio and provide value-added and differentiated products and services,” said Jack Boss, Momentive president and CEO, upon the release of the full-year and first-quarter financial results.

    Boss was named Momentive president and CEO Dec. 19, after serving as interim president and CEO since Oct. 24. A veteran of more than 30 years in the specialty chemicals and materials industry, Boss joined Momentive in March 2014 as executive vice president of the company and president of its Silicones and Quartz Division.

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