Solutia Inc. announced this morning that it is re-affirming its full-year 2009 adjusted EBITDA guidance from continuing operations of $325 million to $350 million and its full-year 2009 total cash from operations less capital expenditures guidance of $25 million to $75 million. The company based its decision to re-affirm the guidance on its performance through February.
Jeffry N. Quinn, chairman, president and CEO of Solutia Inc., stated, “Overall, we are encouraged by the performance of our businesses so far in 2009. Revenue and adjusted EBITDA for the first two months met the company’s expectations, with February results showing sequential improvement over January, despite fewer shipping days. For continuing operations, our pricing philosophy and aggressive cost mitigation actions have allowed us to hold margins despite the slower demand environment. In addition, total cash from operations less capital expenditures (including both continuing operations and discontinued operations) for the first two months was modestly positive, and total current liquidity is on par with year-end at approximately $145 million.â€
He added, â€œWe continue to actively pursue strategic alternatives for the Nylon business with multiple parties and remain optimistic that we will be in a position to announce a disposition of the business by the end of the first quarter 2009.â€