Filtraglass
Falorni Tech Glass Melting Technology
Banner

Solutia third-quarter net income falls

American Chemical maker Solutia Inc. posted a 91% plunge in third-quarter net income on slumping sales and a year-earlier gain.
The firm reported net income of US$ 7 million, or seven cents a diluted…

American Chemical maker Solutia Inc. posted a 91% plunge in third-quarter net income on slumping sales and a year-earlier gain. The firm reported net income of US$ 7 million, or seven cents a diluted share, compared with US$ 78 million, or 74 cents a share, a year earlier. Excluding the US$ 53 million, or 50 cents a share, in gains, year-earlier earnings would have been US$ 25 million, or 24 cents a share. Revenue slipped 11% to US$ 690 million from US$ 774 million. Excluding the divestiture of the polymer modifiers business, sales would have dropped 8%. Solutia warned in October that it expected earnings of six to 10 cents a share. That followed July“s warning that the company did not think its third-quarter earnings would exceed 12 cents a share. At that time, the mean estimate of analysts surveyed by Thomson Financial/First Call was for earnings of 22 cents a share. Going forward, the company said in a prepared statement that it saw the potential for a modest per-share loss in the fourth quarter.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news