02 November 2010 12:03 [Source: ICIS news]
LONDON (ICIS)--TPC Group’s fiscal first-quarter net income surged to $12.8m (€9.2m), up from $3.7m during the same period in 2009, as revenues increased on higher selling prices, the US-based butadiene producer said on Tuesday.
Revenues for the July-September period soared by 47% to $499.4m from $340.2m in the same period last year, mainly due to significantly higher average selling prices.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the first quarter was $33.1m, compared with $20.0m for the same three months in 2009.
"I am quite pleased with and encouraged by our first-quarter results. As we had anticipated, the favourable market conditions that we experienced over the latter part of fiscal 2010 continued through the first quarter,” said Charlie Shaver, TPC Group president and CEO.
“The strong results for the quarter reflected overall average selling prices and margins that were comparable with the immediately-preceding fourth quarter, which historically is our strongest quarter," he added.
The company said it expected to see a normal seasonal slowdown in the quarter ending 31 December, but that results for the fiscal second quarter would be significantly higher than the comparable quarter of 2009.
($1 = €0.72)
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