Nova Chemicals sales up 15.38% in Q3 sales

Third Quarter 2013 Results

For the third quarter of 2013, it generated profit of $120 million compared to profit of $104 million for the third quarter of 2012. The quarter-over-quarter increase was primarily due to increased operating profit in the Polyethylene segment, offset by decreases in operating profit in the Joffre Olefins and Corunna Olefins segments.

For the nine months ended September 30, 2013, it generated profit of $506 million, compared to profit of $478 million for the nine months ended September 30, 2012. The year-over-year increase was primarily due to increased operating profit in the Corunna Olefins and Polyethylene segments, partially offset by lower operating profit in the Joffre Olefins segment.

The Olefins/Polyolefins business unit generated $245 million of operating profit in the third quarter of 2013, compared to operating profit of $222 million in the third quarter of 2012. The increase for the third quarter of 2013 was primarily due to higher margins and sales volumes in the Polyethylene segment, offset somewhat by lower margins in the Joffre Olefins and Corunna Olefins segments.

For the nine months ended September 30, 2013, the business unit generated operating profit of $909 million compared to operating profit of $865 million for the nine months ended September 30, 2012. The increase was primarily due to higher margins in the Corunna Olefins and Polyethylene segments, and increased sales volumes in the Polyethylene segment, partially offset by lower margins in the Joffre Olefins segment.

The Performance Styrenics segment generated operating profit from continuing operations of $2 million in the third quarter of both 2013and 2012. For the ninemonths ended September 30, 2013, the segment generated operating profit from continuing operations of $2 million compared to $7 million for the nine months ended September 30, 2012. The year-over-year decline was primarily due to higher operating costs that were somewhat offset by higher margins.

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Nova Chemicals