Nova Chemicals said 2013 fourth-quarter and full-year profits surged primarily because of higher margins in its polyethylene business that makes plastics used in consumer and industrial packaging.
Profit in the fourth quarter jumped to $152 million, from $53 million in the fourth quarter of 2012. Revenues were $1.4 billion, up from $1.1 billion in the 2012 fourth quarter.
For the full year 2013, profits rose by 24 percent, to $658 million from $531 million in 2012. Annual revenues were $5.3 billion, up from $5.1 billion in 2012.
Based in Calgary, Canada, Nova has its executive operations center in Moon and a plant in Monaca. Most of its operations are in Canada.
In December, Nova began using ethane from the Marcellus Shale to feed a plant in Corunna, Ontario.
Joyce Gannon: firstname.lastname@example.org or 412-263-1580.