Momentive Specialty Announces Results for The Fourth Quarter and Ended December 31, 2013

Momentive Specialty Chemicals Inc. announced results for the fourth quarter and year ended December 31, 2013.

Fourth Quarter 2013 Highlights
-Total revenues increased 11% to $1.20 billion primarily reflecting an increase in oilfield, specialty epoxy and forest products volumes.
-Segment EBITDA decreased 6% to $79 million primarily reflecting cyclicality within base epoxies and Versatic Acids and Derivatives and higher pension costs, partially offset by continued strong growth in oilfield and forest products.
-Continued to invest in the growth of the Company’s specialty product portfolio: i) acquired a resin coated proppants facility in Shreveport, LA, ii) approved the expansion of the Company’s existing Diboll, TX oilfield facility, and iii) approved the construction of a new formaldehyde facility in North America.

Fiscal Year 2013 Highlights
-Total revenues increased 3% to $4.89 billion primarily reflecting an increase in oilfield, specialty epoxy and forest products volumes, partially offset by the impact of site closures that took place during fiscal year 2012.
-Segment EBITDA decreased 14% to $422 million and was impacted by the same factors influencing the Company’s fourth quarter 2013 Segment EBITDA performance.

“We are pleased to report the continued strong growth of our oilfield and forests products businesses during the fourth quarter,” said Craig Morrison, Chairman, President and CEO.

“While cyclicality in certain of our end markets and higher pension costs impacted our overall Segment EBITDA results, we remain encouraged by the long-term business fundamentals and our success in expanding the depth and breadth of our specialty portfolio.”