Solutia posts $11 million in first quarter earnings
Including net charges and gains, Solutia reported a net loss for the first quarter of 2002 of $153 million, or $1.46 per share, compared to net income of $22 million, or 21 cents per share, for the first quarter of 2001.
Solutia's results for the quarter versus the year-ago period were positively impacted by the effects of lower raw material and energy costs, principally propylene and natural gas, and from lower costs resulting from last year's $100 million cost reduction program.
Net sales for the first quarter of 2002 decreased 12% from the first quarter of 2001. Integrated Nylon's net sales for the first quarter of 2002 decreased 14% from 2001. Integrated Nylon's segment profitability increased $12 million over the prior year quarter.