US Solutia Q3 profit hits $24m on higher sales

29 October 2008 21:53  [Source: ICIS news]

HOUSTON (ICIS news)--US specialty chemical producer Solutia said on Wednesday strong international sales volumes helped boost third-quarter net profit to $24m (€20m), compared with a net loss of $134m from the same period one year ago.

Net sales for the quarter were $587m, up 29% from $454m in third quarter of 2007, the company said.

The company said earnings from its discontinued nylon segment fell by $54m due in part to damage sustained during Hurricane Ike and higher raw material costs during the quarter.

Solutia put the segment, which produces acrylonitrile (ACN), up for sale in June but has not indicated whether it has attracted interest.

"Our process of exploring strategic alternatives for the nylon business continues to progress. We are optimistic that through this process we will position the going-forward Solutia as a pure-play, high-value specialty materials company,” said company CEO John Quinn.

The company said it would maintain its full-year earnings outlook of $385m-395m.

($1 = €0.79)

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For more information on ACN, visit ICIS chemical intelligence
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By: Ben Lefebvre
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