Solutia Inc. (SOA) Jumps 10% To 52 Week High
By Daniel James Hayden IV
January 28, 2010 8:06 PM
January 28, 2010 8:06 PM
Specialty chemicals company Solutia Inc. (NYSE: SOA) swung to a 4th quarter profit, beating analyst estimates and sending the share price up more than 10% during Thursday trading.
Solutia reported earnings of 43 cents per share, easily beating analyst estimates.
The results were due to a combination of higher sales volumes and lower costs as well as $470 million in prior-year impairment and restructuring charges.
The Company’s business units are Saflex, CPFilms and Technical Specialties, which manufacture and market a variety of chemical and engineered materials that are used in a range of consumer and industrial applications.
The shares hit a 52 week high of $14.20, before ending the day at $14.01.
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