TPC Group reported revenues of $401 million and net income of $4.1 million in the quarter ending March 31, the third quarter of its fiscal year, up from $163 million in revenue and a $5 million loss in the year-ago quarter.
In January, the Houston-based company changed its name from Texas Petrochemicals to TPC Group. It is a major supplier of polyisobutylenes used to formulate lubricants, as well as other C4 and C3 hydrocarbons. With estimated PIB capacity of 65,000 metric tons per year, TPC is the third-largest U.S. producer after Ineos and Lubrizol.
I am extremely pleased with and encouraged by our third quarter results, TPC President and CEO Charlie Shaver said. Demand continued to strengthen and supply remained tight for some of our products. We were able to realize margin expansion that positively impacted our bottom line as selling price improvements stayed ahead of raw material cost increases.
We executed well in completing a major plant turnaround at our Houston facility, and since that time our plants have been running well at high production rates.