While the company saw a decline in revenue over sales generated in the same quarter of the previous year, the gross profit margin of 15.3%, was similar to Q1/2023.
The new report from Allied Market Research shows that economic growth, urbanization, and increasing construction activities continue to drive demand in flooring, furniture, doors, windows, and other architectural woodwork.
"We are excited to fully bring Momentive into the broader KCC Corporation and anticipate a positive impact with the ownership change as we shift from a private equity mindset to a more strategic and long-term approach," said Momentive President and CEO Sam Conzone, Ph.D.
This year's winners have demonstrated various benefits, including energy savings, carbon emission reductions, minimized water usage, and a significant decrease in VOC and hazardous air pollutant emissions.
Results included record first quarter Housing and Infrastructure Products (HIP) income from operations, and Performance & Essential Materials (PEM) sales volume growth.
First quarter 2024 net sales increased year-over-year. The growth within the company’s end-markets was driven by improvement in both refinish and light vehicles, offset partially by lower net sales in industrial and commercial vehicles.