MoreMomentive Performance Materials Inc. recently announced its preliminary results for the fourth quarter ended December 31, 2009. The company expects to post fourth quarter 2009 net sales of approximately $600 million to $610 million, GAAP operating income of approximately $50 to $60 million and adjusted EBITDA of approximately $101 to $111 million.
Last year in the fourth quarter, Momentive recorded net sales of approximately $545.3 million, GAAP operating loss of approximately $933.2 million (including a goodwill impairment charge of approximately $857.5 million), and adjusted EBITDA of approximately $39.2 million (reflecting pro-forma effects of certain estimated cost savings). Momentive also estimates that as of December 31, 2009, its total debt, net of cash and cash equivalents, will be between $2,825 million and $2,850 million, up slightly from the third quarter, primarily due to Momentive’s semi-annual interest payments on its notes made in December.
“Demand in the fourth quarter continued to improve on a sequential basis, in line with our previous guidance, but remained well below normalized historical levels,” said Jonathan Rich, president and CEO. “Our strong year-over-year fourth quarter comparisons reflect a modest recovery in our business from last year’s depressed levels and the significant cost actions we implemented in 2009.”
The company’s website is located at www.momentive.com.
Last year in the fourth quarter, Momentive recorded net sales of approximately $545.3 million, GAAP operating loss of approximately $933.2 million (including a goodwill impairment charge of approximately $857.5 million), and adjusted EBITDA of approximately $39.2 million (reflecting pro-forma effects of certain estimated cost savings). Momentive also estimates that as of December 31, 2009, its total debt, net of cash and cash equivalents, will be between $2,825 million and $2,850 million, up slightly from the third quarter, primarily due to Momentive’s semi-annual interest payments on its notes made in December.
“Demand in the fourth quarter continued to improve on a sequential basis, in line with our previous guidance, but remained well below normalized historical levels,” said Jonathan Rich, president and CEO. “Our strong year-over-year fourth quarter comparisons reflect a modest recovery in our business from last year’s depressed levels and the significant cost actions we implemented in 2009.”
The company’s website is located at www.momentive.com.
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