Hexion Posts Loss, but sales and Volumes improve

摘要

Hexion Specialty Chemicals reported a first-quarter net loss of $7 million, compared with income of $117 million in the same period last year. Various costs, including interest expense and depreciation and amortization, took a toll on earnings in both the 2009 and 2010 periods, but the year-ago first quarter was helped by a $168-million gain on the early extinguishment of debt. First-quarter operating income was $67 million, compares with $12 million in the year-ago quarter, on higher revenues, improved cost structure, and lower expenses associated with the company's productivity program. Sales rose 28%, to $1.17 billion, on volume gains, higher selling prices, and favorable foreign currency exchange rates.