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Nova's Earnings Soar on Strong Olefins Results

7:09 AM MDT | May 8, 2012 | Lindsey Bewley

Nova Chemicals reported first-quarter net income of $191 million, up 17% from the year-ago quarter, on higher margins in the company’s olefins segments. Sales rose 3% from the year-ago period, to $1.34 billion.   Operating income in the company’s olefins/polyolefins business unit was up nearly 10% from the year-ago quarter, to $308 million, as higher selling prices and lower natural gas costs more than offset higher crude oil based feedstock costs. Sales rose 3%, to $1.27 billion. Polyolefins sales volumes increased 3%, to 805 million lbs.  ...

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