“Our solid third-quarter earnings keep us on track for a fourth consecutive year of double-digit earnings growth despite continued global economic uncertainty and volatile raw material and energy costs,” said Jim Rogers, chairman and CEO. “Cash generation was also strong in the quarter, and we expect to continue to generate strong free cash flow for years to come.”
Corporate Results - 3Q 2013 versus 3Q 2012
Sales revenue for third quarter 2013 was $2.3 billion, a 3 percent increase compared with third quarter 2012 due primarily to higher sales volume in the Additives & Functional Products and Advanced Materials segments, partially offset by lower sales revenue in the Adhesives & Plasticizers segment.
Operating earnings in third quarter 2013 were $479 million compared to $263 million in third quarter 2012.
Segment Results - 3Q 2013 versus 3Q 2012
Additives & Functional Products – Sales revenue increased primarily due to higher sales volume of solvents product lines attributed to strengthened coatings demand in the building and construction market supported by recent capacity additions at the Longview, Texas facility. Higher sales revenue was also the result of higher sales volume for cellulosic polymers and Crystex insoluble sulfur, both attributed to increased demand in the transportation market.
Third-quarter 2013 sales revenue included revenue from sales of certain products sold primarily into the tires market which were previously reported in the Adhesives & Plasticizers segment. Third-quarter 2012 operating earnings included $19 million of additional costs of acquired Solutia inventories.
Excluding these costs, operating earnings increased to $111 million in third quarter 2013 compared with $105 million in third quarter 2012. The increase was primarily due to higher sales volume partially offset by higher raw material and energy costs, particularly for propane.
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