Solutia announces improved second quarter earnings outlook

Date: 18 June 2002
Source: Solutia

Date: 18 June 2002

Solutia Inc. announced today that earnings for the second quarter are now expected to be around 20 cents per share, approximately 10 cents per share higher than previous guidance, due to improving global business conditions.

Sequentially, sales volumes have shown steady improvement, as inventories remain low throughout the supply chain and consumer demand has strengthened in many of Solutia's businesses. Additionally, the cost savings from Solutia's $100 million cost reduction initiative and a strengthening euro are having a positive impact on Solutia's bottom line. This improved earnings outlook includes an approximate 5 cents per share loss due to a power outage from a lightning strike at the Chocolate Bayou facility in April, as well as higher than expected energy and raw material costs.

"I am encouraged by recent signs of improvement in the global economy, as evidenced by our second quarter earnings," said John Hunter, chairman and chief executive officer.

"We remain focused on the areas of our portfolio with the greatest impact on the bottom line. Our cost savings initiative allowed us to streamline the way we conduct business, and our dedication to the portfolio strategy has given us the opportunity to expand into areas where customers reward our creativity and superb level of service. Should the economic environment continue to recover, Solutia is well positioned to capitalize on the opportunities we have created," Hunter said.

600450 Solutia announces improved second quarter earnings outlook glassonweb.com

See more news about:

Others also read

Apogee Enterprises Inc. reported level sales but an increase in earnings for the third quarter of its fiscal 2003. Bloomington-based Apogee, which makes glass products and services, said the earnings increase was mainly the result of improvements in its architectural glass business.
William A. Wulfsohn, vice president and general manager of Nylon System for Honeywell International, has been named vice president of European coatings for PPG Industries (NYSE:PPG) and managing director of PPG Europe. "Bill will play a vital role in helping our European coatings businesses achieve their full potential," said Michael A.
Bystronic is to take over Armatec Vierhaus GmbH with effect from 1 January 2003. For Bystronic, a global supplier of system solutions for the manufacture of architectural and automotive glass, the takeover of Armatec, which specialises in laminated safety glass and handling systems, ideally complements the Bystronic portfolio.
The butterflies at Melbourne Zoo have gone upmarket with a new accommodation wing featuring Pilkington glass.
Owens-Brockway Glass Container Inc., an indirect wholly-owned subsidiary of Owens-Illinois, Inc., (NYSE: OI) announced today that is has closed on the sale of $175 million principal amount of its 8-3/4% Senior Secured Notes due November 15, 2012.
Southwall Technologies Inc. (NASDAQ: SWTX), a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, has named Michael E.

Add new comment