ERJ staff report (LMH)
St Louis, Illinois - Speciality chemicals company Solutia has reported net sales of $519 million in the third quarter, a 2 percent increase from the same period in 2010. Q3 income was $76 million, up from $50 million in 2010.
For the nine months ended 30 Sept 2011, net sales were $1.6 billion, an 8 percent increase from the same period in 2010. Income was $212 million, a huge increase from $34 million the previous year.
In the technical specialities business, which includes Crystex insoluble sulphur, net sales in Q3 totalled $218 million, a 3-percent-decrease from the same period in 2010. Earnings (adjusted EBITDA) decreased by $7 million to $75 million for the quarter.
"Raw material cost inflation persisted across the technical Specialties segment in the third quarter of 2011. While selected selling price increases mitigated cost pressures in the speciality fluids and Crystex insoluble sulphur product lines, the price increases achieved in our Santoflex product lines were not sufficient due to current over-supply conditions in the antidegradant rubber chemical market," said Michael Donnelly, Solutia COO in a 26 Oct results report.
The company said it expects net sales in the fourth quarter to be consistent with Q3. Full-year sales are predicted to be in the range of $2.05 - $2.1 billion.
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Press release from Solutia