Huntsman Corp. reports 3Q loss of $34M

Nov 2 2011 - 7:16am

SALT LAKE CITY -- Huntsman Corp. on Wednesday reported a loss of $34 million for the third quarter as it booked $155 million in restructuring charges related to its advanced materials and textile effects business.

But its adjusted results beat Wall Street estimates, and its shares climbed 9 percent in premarket trading.

The Salt Lake City chemical company said its net loss amounted to 14 cents per share for the three-month period ended Sept. 30. That compares with net income of $55 million, or 23 cents per share, for the same part of 2010.

Revenue increased 24 percent to $2.98 billion from $2.4 billion a year ago.

Excluding one-time items, Huntsman said it earned $108 million, or 45 cents per share.

The results beat Wall Street forecasts. Analysts, how typically exclude special items in their estimates, expected earnings of 42 cents per share on revenue of $2.86 billion, according to FactSet.

Shares rose $1.01, or 9.2 percent, to $12 in premarket trading.

Huntsman said that sales were led by a 39 percent increase in pigments, a 26 percent jump in polyurethanes, a 25 percent increase in performance products and a 10 percent increase in advanced materials. Sales fell 9 percent in its textile effects division.

From Around the Web

  +