St. Louis, MO, Oct. 24--Specialty chemical maker Solutia had lower third quarter earnings after $11 million in charges, even though sales rose 4%. The company, whose chemical-based products are found in carpets, glass and packaging, posted break even third quarter net income, compared with $7 million, or 7 cents a share, a year ago.
Excluding $3 million in charges related to settling a contract dispute with the Fluor Co. and $8 million for a non-cash pension settlement loss, Solutia posted adjusted earnings of $11 million, or 11 cents per share.
Analysts' forecasts ranged from 10 cents a share to 11 cents a share, with a mean forecast of 11 cents a share, according to research firm Thomson First Call.
Revenue rose to $718 million from $690 million.
