IHS Chemical Week

Nova earnings fall 1.6%

11:54 AM MDT | May 7, 2013

Nova Chemicals reported first-quarter earnings of $185 million, down 1.6% year-over-year (YOY) from $188 million. Revenue totaled $1.25 billion, down 6.7% YOY. The quarter included a $22 million write-off of an unamortized discount related to early repayment of $100 million in 7.875% debentures due in 2025. Increased margins in the olefins/polyolefins business unit offset the write-off, said the company. Olefins/polyolefins posted operating profit of $336 million, up 10% YOY from $305 million. During the quarter, Nova says its Corunna olefins segment continued...

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