Solutia re-affirms guidance

Solutia Inc. announced 6 March 2009 that based on its performance through February, it is re-affirming its full-year 2009 adjusted EBITDA guidance from continuing operations of USD 325 million to USD …

Solutia Inc. announced 6 March 2009 that based on its performance through February, it is re-affirming its full-year 2009 adjusted EBITDA guidance from continuing operations of USD 325 million to USD 350 million and its full-year 2009 total cash from operations less capital expenditures guidance of USD 25 million to USD 75 million. “Overall, we are encouraged by the performance of our businesses so far in 2009. Revenue and adjusted EBITDA for the first two months met the company“s expectations, with February results showing sequential improvement over January, despite fewer shipping days. For continuing operations, our pricing philosophy and aggressive cost mitigation actions have allowed us to hold margins despite the slower demand environment. In addition, total cash from operations less capital expenditures (including both continuing operations and discontinued operations) for the first two months was modestly positive, and total current liquidity is on par with year-end at approximately USD 145 million”, said Jeffry N. Quinn, chairman, president and CEO of Solutia Inc.