25 February 1999: Sales for Solutia Inc. fell 9% in the fourth quarter 1998 to US$ 667 million, while earnings were flat at US$ 55 million. Operating profit was down 3% for polymers and resins to US$ …
25 February 1999: Sales for Solutia Inc. fell 9% in the fourth quarter 1998 to US$ 667 million, while earnings were flat at US$ 55 million. Operating profit was down 3% for polymers and resins to US$ 64 million, and sales fell 5% to US$ 246 million. In fibres, sales were down 9% to US$ 214 million and earnings were down 29% to US$ 24 million. For chemicals, sales were down 13% to US$ 209 million and profits were down 10% to US$ 53 million. For the full year, total sales fell 4% to US$ 2.8 billion, but earnings rose 23% to US$ 249 million. For Geon Co., fourth-quarter 1998 sales fell 4% to US$ 301 million, but underlying earnings rose 69% to US$ 5.9 million. The compounding and speciality resins businesses led earnings growth, as did acquisitions. Performance polymers and services accounted for 66% of revenues, and their sales were up 17%. For the full year, sales rose 2% to US$ 1.3 billion, but net income was down 28% to US$ 2.7 million.