Nova Posts Lower Results on Depreciation Expense, Falling Prices

Nova Chemicals reported a second-quarter net income of $189 million, down 16% from the year-ago quarter, a figure that is primarily due to an increase in depreciation expense and a decline in the mark-to-market values of our open feedstock derivatives. Sales were up 2%, to $1.4 billion.   The company’s olefins and polyolefins business unit posted an operating income of $340 million, down 7% form the year-ago quarter, on an increase in depreciation expense and lower margins, which were partially offset by higher sales volumes. Meanwhile, Nova’s...

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