The US firm Solutia Inc., reported a 57% decline in first-quarter net income, citing the same constellation of problems, including high energy costs and a slowing economy, that have pummeled profits a…
The US firm Solutia Inc., reported a 57% decline in first-quarter net income, citing the same constellation of problems, including high energy costs and a slowing economy, that have pummeled profits at other chemical companies this year. The chemicals maker reported net income of US$ 22 million, or 21 cents a diluted share, including a one-time gain of US$ 17 million, or 16 cents a share, from an insurance settlement, and a loss of four cents a share from a temporary plant shutdown. In the year-earlier period Solutia earned US$51 million, or 46 cents a share. Sales fell 12% to US$ 747 million from US$ 846 million. Solutia said it expects second-quarter operating earnings to “modestly exceed” the first quarter if economic conditions don“t deteriorate further.