Solutia Net Income Falls 18%

Solutia’s first-quarter net income fell 18% year-on-year, to $53 million, on sales down 2%, to $498 million. Adjusted earnings per share (EPS) however, rose 10% to 55 cts/share, on lower interest expense and income tax expense. Adjusted EPS beat analysts’ consensus of 52 cts/share, as reported by Thomson Reuters (New York).   Technical specialties sales fell 5% year-on-year, to $210 million. Adjusting for the divestiture of certain rubber chemicals businesses, technical specialties sales fell 2%, however. Segment Ebitda rose 4%, to $84 million...

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