Solutia posts a robust 48% increase in EBIDTA for Q3 2008

03-Nov-08

Solutia Inc., an American company into performance materials and specialty chemicals company reported a 29% increase in net sales and a 48% increase in Adjusted EBITDA (Earnings before interests, tax, depreciation and amortization) from continuing operations for Q3 of 2008, as compared to the same period in 2007. The company showed consolidated net income of US$24 mln from continuing operations for Q3 2008 compared to a net loss of US$134 mln for the same period in 2007. For this quarter, Solutia posted earnings from continuing operations of US$0.32/share. Consolidated EBITDA for the Q3 2008 increased to US$108 mln from US$65 mln in 2007. After taking into consideration adjustments, Adjusted EBITDA increased to US$111 mln from US$75 mln. Solutia's Saflex(R) segment reported Q3 2008 net sales of US$221 mln, up 28% from the same period of 2007. EBITDA increased 30% to US$35 mln as compared to the same quarter prior year period due to improved volumes in Europe and Asia in comparison to the prior year. The company's CPFilms' Q3 2008 net sales were US$63 mln, up 7% from the same period in 2007. EBITDA increased US$1 mln to US$15 mln compared to the same quarter previous year due to strong international volume growth. Solutia's Technical Specialties segment posted net sales for Q3 2008 of US$294 mln up by US$80 mln compared to 2007. EBITDA increased US$30 mln to US$74 mln during Q3 2008 compared same quarter previous year. Adjusted EBITDA for the segment increased US$28 mln, primarily due to stronger revenues and improved product mix versus the prior year.