Momentive sales lifted by silicones demand

New York-based quartz and silicones producer Momentive Performance Materials' revenue rose by 16pc in the third quarter driven by sales of silicones and additives.

Revenue increased to $687mn, up from $594mn a year earlier. Momentive reversed an $8mn loss from a year earlier, earning $18mn in profit in the third quarter.

Sales from the formulated and basic silicones segment rose by 23pc to $395mn.

Momentive's quartz segment sales edged up by 4pc to $53mn in the quarter. The performance additives segment sales grew by 7pc to $239mn from a year earlier.

"We continue to benefit from the ongoing market uplift within our formulated and basic silicones segment as well as growth in our specialty applications driven by end-market pull and our strategic capital investments," said chief executive Jack Boss.

Demand is projected to remain strong for the remainder of 2018 in line with healthy industry fundamentals, while margins are expected to improve from increased specialty sales, cost optimizations and favorable trends in basic products.

Sales were up across segments reflecting better demand from basics end markets and greater volumes across nearly all segments. The company highlighted better automotive, agriculture, personal care, electronic and industrial end market demand.