TPC Group earnings decline, fall short of estimates, as butadiene prices drop

TPC Group’s third-quarter net income fell 22% year-on-year (YOY), to $7.3 million, on revenues down 39%, to $511 million. The declines were due to a 28% drop in selling prices, particularly butadiene prices, and a 15% drop in volumes. The price of butadiene fell 49% and weak economic conditions contributed to the drop in demand, TPC says. Earnings totaled 46 cts/share, well short of analysts’ estimates of 58 cts/share, as reported by Thomson Reuters (New York).   "We continue to see a business environment characterized by general economic...

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