Solutia Inc. reported declining financial performance in the first quarter of 2001.
Net income for the period was $22 million, or 21 cents per share, on net sales of $747 million. The net income figure includes a $17 million gain, or 16 cents per share, from an insurance settlement related to an explosion and fire at a Wiesbaden, Germany facility in October of 2000 and a $4 million, or 4 cents per share, loss resulting from February’s temporary shutdown of the Chocolate Bayou intermediates facility due to power outage.