Solutia Increases Full-Year Guidance

Date: 19 September 2009
Source: Solutia
Solutia Inc. (NYSE: SOA), a leading global specialty chemicals and materials company, has raised its full-year 2009 adjusted EBITDA guidance from continuing operations to a range of $340 million to $360 million, and its full-year 2009 cash from operations less capital expenditures guidance to approximately $125 million.

The previous guidance was an adjusted EBITDA range of $325 million to $350 million and cash from operations less capital expenditures of approximately $100 million.

 
Net sales were $281 million for two months ended August 31 or a monthly average of $141 million, compared to $410 million for the second quarter or a monthly average of $137 million. The sequential improvement in sales was primarily driven by higher volumes in the automotive markets despite the seasonal slowdown typically experienced in the third quarter versus the second quarter. Adjusted EBITDA was $72 million for two months ended August 31 or a monthly average of $36 million, compared to $96 million for the second quarter or a monthly average of $32 million. Adjusted EBITDA margin was 25.6 percent for two months ended August 31, compared to 23.4 percent for the second quarter. Cash from continuing operations less capital expenditures for the two months ended August 31 was $23 million.
 
"The combination of improving sales volumes, increased manufacturing utilization rates and our intense focus on reducing operating costs continues to drive our margin expansion," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc. "The momentum established with our operating performance following the sale of our nylon business in the second quarter has continued to build in the first two months of the third quarter and pushed the expectation of our EBITDA and cash flow guidance for the year above our previous estimates."
 

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