Profits way up for Nova Chemicals

Canadian chemicals maker Nova Chemicals Corp. said third-quarter profit and sales rose on higher margins in its business units that make materials used in consumer and industrial packaging.

Calgary-based Nova said profit more than doubled to $259 million, from $120 million in the third quarter of 2013. Sales edged up to $1.4 billion from $1.3 billion a year ago.

The Olefins/Polyolefins business unit generated $414 million of operating profit in the third quarter of 2014, compared to operating profit of $245 million in the third quarter of 2013 – an increase due primarily to higher margins in all Olefins/Polyolefins business unit segments, Nova said.

“The Performance Styrenics segment generated operating profit of $5 million during the third quarter of 2014, compared to operating profit of $2 million in the third quarter of 2013,” the company said. “The increase was primarily due to higher polymer sales prices and volumes, partially offset by higher feedstock costs.”

Also in the third quarter, Nova said it completed conversion of its chemical cracker facility in Corunna, Ont., to fuel it with natural gas liquids from the Marcellus Shale region.