Business
NOVA Chemicals: Record Olefins/Polyolefins Performance - Strong Outlook
NOVA Chemicals: Record Olefins/Polyolefins Performance - Strong Outlook.
About this update from Northisle Copper And Gold Inc.
[{"type":"text","content":"\n\n\n\nPITTSBURGH, October 24 /CNW/ - NOVA Chemicals Corporation\n(NYSE:NCX)(TSX:NCX):\n\n\nAll financial information is in U.S. dollars unless otherwise indicated.\n\n\nNOVA Chemicals Corporation (NOVA Chemicals) reported net income of $97\nmillion ($1.16 per share diluted) for the third quarter of 2007.\n\n\nNet income for the third quarter compares to net income of $80 million\n($0.96 per share diluted) for the second quarter of 2007 and a net loss of $24\nmillion ($0.29 loss per share) for the third quarter of 2006, which included\ncharges of $92 million ($1.12 per share diluted) related to restructuring and\ninsurance wind-up costs.\n\n\nThe Olefins/Polyolefins business unit reported record EBITDA of $280\nmillion in the third quarter, up from $228 million in the second quarter. The\nAlberta Advantage averaged a record 21 cents per pound in the third quarter,\nup from 13 cents per pound in the second quarter, and has expanded further in\nOctober.\n\n\n"We believe the very strong third quarter market conditions for our\nOlefins/Polyolefins business will continue into the fourth quarter and well\nbeyond," said Jeff Lipton, NOVA Chemicals' President and CEO. "We are\nexperiencing strong domestic and export demand and improving margins due to\nprice increases that exceed feedstock cost changes."\n\n\nDuring the third quarter, the expanded INEOS NOVA styrenics Joint Venture\nwas approved by the U.S. Federal Trade Commission (FTC) and commenced\noperations on Oct. 1, 2007. In addition, the INEOS NOVA Joint Venture agreed\nto acquire the exclusive production rights to Sterling Chemicals' Texas City,\nTexas styrene monomer asset. (See page 4 for details.)\n\n\n"The combination of the formation of the expanded Joint Venture and the\nagreement with Sterling creates a strong foundation for further cost\nreductions in our styrenics business. We also expect market conditions in\nEurope to recover from a weak summer holiday period," said Jeff Lipton.\n\n\n EBITDA from the Third Second\n Businesses Quarter Quarter\n ($U.S. millions) 2007 2007\n\n Olefins/Polyolefins $280 $228\n Performance Styrenics 3 (6)\n STYRENIX (21) 29\n ---------------- ----------------\n EBITDA from the\n Businesses $262 $251\n\n\nNOVA Chemicals will host a conference call today, Wednesday, October 24,\n2007 for investors and analysts...