Momentive Specialty Chemicals Inc. announced results for the first quarter ended March 31, 2014.

First Quarter 2014 Highlights
-Total revenues increased 8% to $1.29 billion primarily reflecting increased volumes in our oilfield, specialty epoxy,
-North American formaldehyde and Latin America forest products resins businesses.
-Segment EBITDA increased 11% to $117 million primarily reflecting higher sales, cost control and productivity initiatives, partially offset by continued softness within base epoxies.
-Continued to invest in the growth of the Company’s specialty product portfolio: i) acquired a resin coated proppants facility in Shreveport, LA, in January 2014, and ii) approved the construction of a new formaldehyde facility in North America.

“Our improved first quarter 2014 results reflect our strategy of leveraging our specialty portfolio, pursuing targeted growth opportunities and maintaining aggressive cost controls,” said Craig Morrison, Chairman, President and CEO. “We were pleased by the broad-based improvement in volumes we experienced in the majority of our businesses driving both topline and Segment EBITDA gains in the first quarter of 2014 compared to the prior year.

“Our forest products business continued to reflect positive demand from North American housing despite temporary weather-related issues and continued strength in Latin America. In addition, our Epoxy, Phenolic and Coatings Resins segment benefitted from strong performances in oilfield, specialty epoxy resins and Versatic Acids, as well as volume gains from our new oilfield plant in Shreveport that we acquired in January.”

“In the first quarter of 2014, we invested approximately $200 million between the expansion of our leading oilfield business and working capital to meet improving global demand,” Morrison added. “Going forward, we remain focused on investing in the growth of MSC’s specialty product portfolio, driving productivity gains and maintaining our strong balance sheet.”

Segment Results
Following are net sales and Segment EBITDA by reportable segment for the first quarter ended March 31, 2014. Segment EBITDA is defined as EBITDA adjusted to exclude certain non-cash and non-recurring expenses. Segment EBITDA is an important measure used by the Company's senior management and board of directors to evaluate operating results and allocate capital resources among segments. Corporate and Other primarily represents certain corporate, general and administrative expenses that are not allocated to the segments.