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“We are pleased to report continued recovery in our business in the first quarter, with sales and adjusted EBITDA up significantly from our recession-impacted results a year ago, though sales still remain below normalized pre-recessionary levels,” said Jonathan Rich, president and CEO. “Our strong year-over-year quarterly comparisons reflect a rebound in our volumes from last year’s depressed levels, better mix and the impact of the significant cost actions we implemented in 2009. In 2010, we will continue to focus on growth in our specialties business, improving our productivity and controlling costs.”
Net sales for the Quartz segment in the 2010 first quarter were $66.1 million, compared to $33.6 million for the same period in 2009, an increase of 96.7%. The increase was primarily a result of strong overall demand on a year-over-year basis for semiconductor-related products. Compared to the fourth quarter of 2009, net sales for the Quartz segment grew 17.2%, primarily due to improved semiconductor demand on a sequential basis as production levels continued to recover at chipmakers. Momentive expects further sequential improvement in semiconductor-related product sales in the second quarter of 2010.
Additional details are available at www.momentive.com.