Momentive 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