Declining raw material and energy costs along with excellent progress on Solutia's $100 million cost savings program have brought some relief to earnings, but these benefits have been more than offset by ongoing weakness in demand throughout global marketplaces. In addition, a stronger U.S. dollar and unfavorable manufacturing volume variances continue to impact the profitability of our businesses.
"While we are operating in very uncertain times, we remain committed to prudently managing our costs and positioning our businesses to take advantage of a future global economic recovery. Solutia has tightly focused its growth and capital spending on those opportunities that can deliver the most immediate return to our shareholders," said John Hunter, chairman and chief executive officer....see more additional information on the surce link below.
Solutia reports third quarter earnings of 7 cents per share
Solutia Inc. reported third quarter 2001 net income of $7 million, or 7 cents per share, on net sales of $690 million. Net income for the third quarter of 2000, excluding net aftertax gains of $53 million, or 50 cents per share, was $25 million, or 24 cents per share on sales of $774 million.