Lower volumes suppress 2012 earnings at Momentive Specialty Chemicals

摘要

Momentive will continue to focus on "driving costs out of the business wherever possible while strategically investing in the business's specialty portfolio" the company's boss said while revealing 2012 fourth quarter and full-year results. Momentive Specialty Chemicals suffered a fourth quarter net loss of $52 million compared to a net loss of $47 million in the fourth quarter of 2011. Lower volumes last year led to a 45% fall in operating income for the full-year as revenue declined 7.6% to $4.8 billion, with epoxy, phenolic and coating resins suffering a larger drop in sales than forest products resins. Full-year operating income fell to $202 million compared to income of $368 million in 2011. However, net income was boosted by a $365 million tax benefit bringing the end-of-year number to $324 million versus net income of $ 118 million in 2011. V