TORONTO (Reuters) - Nova Chemicals Corp NCX.TO NCX.N reported a higher first-quarter profit on Thursday, largely due to strong polyethylene sales.
Nova, which produces a broad range of the plastics used for food wraps, CD cases, plastic bags, among other items, earned $50 million, or 60 cents a share, up from $44 million, or 53 cents a share, in the same period a year earlier.
Analysts were expecting an average of 72 cents a share according to Reuters Estimates.
Nova said its results were hampered by $36 million, or 43 cents per share, after-tax in non-operating corporate charges.
The charges included a $21 million after-tax non-cash expense related to lower mark-to-market feedstock derivative values, compared with a $17 million after-tax gain in the same quarter last year. Other charges included an $8 million after-tax expense related to retirement compensation, and a $7 million after-tax charge on the company’s 2007 earnings.
Revenue rose 27 percent to $1.9 billion from $1.5 million.
Nova, which is based in Canada but has its executive office in Pittsburgh, Pennsylvania, said its results were driven by record total polyethylene sales volumes and higher export sales.
Reporting by John McCrank; Editing by Scott Anderson