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.
"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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