Huntsman 3Q earnings beat Wall Street forecast
THE WOODLANDS, Texas (AP) — Huntsman returned to profit in its third quarter, buoyed by increased polyurethane prices.
The chemicals maker's adjusted results beat Wall Street's expectations, and its stock climbed to its highest point in more than a year.
Huntsman Corp. said Friday that it earned $116 million, or 48 cents per share. That compares with a loss of $34 million, or 14 cents per share, a year ago.
Excluding restructuring charges and other items, earnings were 70 cents per share.
Revenue for the three months ended Sept. 30 dropped 8 percent to $2.74 billion.
Analysts polled by FactSet forecast earnings of 50 cents per share on revenue of $2.91 billion.
While polyurethane prices climbed, the average selling price for the performance products unit dropped and its revenue fell. Prices declined mostly because of lower raw material costs and the stronger dollar.
In the advanced materials division, revenue dropped on lower average selling prices from more competition, a stronger dollar and lower raw material costs.
Revenue for the textile effects unit rose mostly on higher sales volume, particularly in key markets like Asia. That was offset by lower average selling prices.
Pigments division revenue declined as sales volumes dropped on weaker global demand.
Huntsman shares rose 47 cents, or 3.1 percent, to $16 in afternoon trading. Earlier in the session the stock reached $16.74, the highest point since August 2011.