Momentive Performance Materials Inc. (MPMI) saw its loss widen to $118 million in the quarter ended compared with $37 million a year ago.
Revenue during the quarter went down marginally by 0.91 percent to $544 million from $549 million in the previous year period. Gross margin for the quarter contracted 407 basis points over the previous year period to 12.87 percent. Operating margin for the quarter stood at negative 17.10 percent as compared to a negative 4.01 percent for the previous year period.
Operating loss for the quarter was $93 million, compared with an operating loss of $22 million in the previous year period.
"We are pleased to report strong fourth quarter and fiscal year 2016 results reflecting ongoing progress on our transformation initiatives," said Jack Boss, chief executive officer and president. "In 2016, our results reflected meaningful product mix improvement. While overall volume was lower due to intentional declines in our basics business, specialty volume was up 5 percent year-over-year, as we achieved gains in key portions of the specialty silicones portfolio driving EBITDA margin accretion."
Operating cash flow improves
Momentive Performance Materials Inc. has generated cash of $142 million from operating activities during the year, up 10.94 percent or $14 million, when compared with the last year.
The company has spent $117 million cash to meet investing activities during the year as against cash outgo of $116 million in the last year. It has incurred net capital expenditure of $118 million on net basis during the year, up 1.72 percent or $2 million from year ago.
The company has spent $16 million cash to carry out financing activities during the year as against cash outgo of $10 million in the last year period.
Debt remains almost stable
Total debt of Momentive Performance Materials Inc. remained almost stable for the quarter at $1,203 million, when compared with the last year period.
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