US Solutia Q4 income surges to $47m on higher sales

26 January 2011 21:58  [Source: ICIS news]

HOUSTON (ICIS)--Solutia posted a fourth-quarter net income of $47m (€34m), up significantly from $7m in the year-earlier period amid higher sales, the US specialty chemicals producer said on Wednesday.

Net sales of $489m were 7% higher than $456m in the 2009 fourth quarter, the company reported.

"We delivered strong financial results highlighted by significant top-line growth and industry-leading margins, as well as earnings and cash flow that exceeded expectations,” said CEO Jeffry Quinn.

By segment, sales in Solutia’s performance films, technical specialties and advanced interlayers segments increased year on year by 23%, 10% and 3%, respectively.

The 23% increase in performance films was largely the result of success in the architectural market, Solutia said, as December delivered the second-best monthly architectural results in 2010.

The company also cited strong demand for performance films from the electronics sector in Asia.

For the full year 2010, Solutia swung to a profit of $78m from a net loss of $113m in 2009.

($1 = €0.73)

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By: Ben DuBose
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