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Pricing Gains Boost Nova's Second-Quarter Profits
8:21 AM MDT | August 11, 2011 | Nancy Seewald
Nova Chemicals reported second-quarter income of $225 million, an almost five-fold increase from the same period last year, primarily due to higher margins. Sales rose 12%, to $1.4 billion. Profits in each reporting segment rose on higher selling prices, which offset rising raw material costs. Nova’s olefins/polyolefins segment reported operating profit of $367 million, up 45% from the year-ago quarter. Increased margins were offset somewhat by lower sales volumes, Nova says. Its performance styrenics unit posted operating profit from...
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