Momentive Specialty Chemicals Inc. announced results for the third quarter ended September 30, 2013.
Third Quarter 2013 Highlights
-Total revenues increased 6 percent to $1.25 billion. - Segment EBITDA increased 4 percent to $120 million. - Operating income increased 14 percent to $58 million. - Signed a Memo of Understanding for a phenolic specialty resins and formaldehyde joint venture in India. - Approved construction of a new forest products plant in Brazil.
“We are pleased to report improved financial performance despite ongoing global economic volatility,” said Craig O. Morrison, Chairman, President and CEO.
“Our Forest Products Resins business continues to demonstrate consistent, strong growth as both the North American housing market steadily recovers and strategic investments in high growth markets and productivity dropped to the bottom line. While cyclicality persists in our base epoxies business, we are encouraged by gains in our specialty portfolio. Going forward, we remain focused on investing in our leading portfolio of technologies and global footprint, further enhancing our cost structure and maintaining a strong balance sheet with significant liquidity.”
