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TPC Group Earnings Fall 91% on Butadiene Weakness
11:58 AM MDT | August 3, 2012 | Robert Westervelt
TPC Group (TPCG) net Income slipped 91%, to $3 million, in the second quarter as sharp declines in butadiene prices and a large number of ethylene plant turnarounds hurt results. Reported earnings of 21 cts/share beat median analyst estimates of an 8-ct/share, loss as reported by Thomson Reuters (New York). Revenue fell 13%, to $690 million. Volume fell 13%, reflecting restricted crude C4 feedstock supply due to the abnormally high number of ethylene plant turnarounds as well as soft demand, TPCG says. “Excluding the butadiene price change impact, we...
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