Solutia Inc. said its second-quarter profit more than tripled from last year s period, as sales rose more than 26 percent.
For the quarter ended June 30, the company reported net income of $41 million compared to net income of $10 million in last year s quarter, primarily due to increased sales volumes across all segments, partially offset by higher raw material costs and higher interest expense.
Solutia s net sales in the recent quarter were $518 million compared to $410 million in the quarter ended June 30, 2009.
During the recent quarter, Solutia bought Novomatrix a Singapore-based maker of window films for the automotive and architectural markets, for $73 million. Solutia also bought the Vista solar product business (now called Vistasolar) from German firm Etimex Holding for $294 million.
The company had said in April that it will stop making a key ingredient for a rubber compound used in making tires, called primary accelerators, in the second half of this year. Solutia said Monday that it took a $38 million charge in the second quarter for restructuring costs related to closing that business.
Solutia said it expects steady second-half sales volume with a normal fourth-quarter seasonal slowdown. The company said it expects average selling prices in the second half of the year to be consistent with the second quarter, and full-year revenue growth of from 10 percent to 15 percent versus last year.
St. Louis-based Solutia Inc. (NYSE: SOA), led by Chairman, President and Chief Executive Jeffry Quinn, develops specialty chemicals, fibers, fluids and other performance products.
For the quarter ended June 30, the company reported net income of $41 million compared to net income of $10 million in last year s quarter, primarily due to increased sales volumes across all segments, partially offset by higher raw material costs and higher interest expense.
Solutia s net sales in the recent quarter were $518 million compared to $410 million in the quarter ended June 30, 2009.
During the recent quarter, Solutia bought Novomatrix a Singapore-based maker of window films for the automotive and architectural markets, for $73 million. Solutia also bought the Vista solar product business (now called Vistasolar) from German firm Etimex Holding for $294 million.
The company had said in April that it will stop making a key ingredient for a rubber compound used in making tires, called primary accelerators, in the second half of this year. Solutia said Monday that it took a $38 million charge in the second quarter for restructuring costs related to closing that business.
Solutia said it expects steady second-half sales volume with a normal fourth-quarter seasonal slowdown. The company said it expects average selling prices in the second half of the year to be consistent with the second quarter, and full-year revenue growth of from 10 percent to 15 percent versus last year.
St. Louis-based Solutia Inc. (NYSE: SOA), led by Chairman, President and Chief Executive Jeffry Quinn, develops specialty chemicals, fibers, fluids and other performance products.
