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Nova's Income Rises on Improved Demand and Higher Margins
7:53 AM MST | November 12, 2010 | Lindsey Bewley
Nova Chemicals announced third-quarter net income of $54 million compared to a net loss of $19 million in the year-ago period. Sales were up 31%, to $1.38 billion, on higher margins and improved demand. Operating income in the company’s olefins/polyolefins segment was $139 million, up 24% from the third-quarter of 2009. Sales were up 40%, to $1.0 billion, on higher selling prices that increased more than feedstock costs, and improved demand, Nova says. Operating income for the company’s 50% share of the Ineos-Nova joint venture more than...
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