MOSCOW (MRC) -- Huntsman Corp. on posted higher earnings in its third quarter, boosted by strong demand for products such as environmentally-friendly textile dyes and aerospace composites, said the Wall Street Journal.
The maker of insulation, pigments and coatings has recently posted stronger sales following more than a year of declines. Huntsman also has aimed to refocus on key markets and reduce costs to boost its performance.
Earlier this month, Huntsman closed on its USD1.1 billion acquisition of Rockwood Holdings Inc. ’s performance additives and titanium dioxide businesses. Chief Executive Peter R. Huntsman said that the acquisition is expected to add 70 cents to the company’s per-share earnings by mid-2016.
Overall, Huntsman reported a profit of USD188 million, or 76 cents a share, up from USD64 million, or 26 cents a share, a year earlier. Earnings in the quarter included a USD40 million income tax benefit, while prior-year earnings included an USD81 million income tax charge.
Excluding pension-related impacts, restructuring charges and other items, adjusted earnings improved to 60 cents from 54 cents a year earlier.
Revenue edged up 1.5% to USD2.88 billion. Analysts polled by Thomson Reuters expected per-share profit of 53 cents and revenue of USD2.91 billion.
Revenue in Huntsman’s textiles division jumped 12% in the quarter, while revenue in its polyurethanes division edged up 1%. Performance products revenue fell 2%.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over USD11 billion. Huntsman is a global manufacturer and marketer of differentiated chemicals. The company's operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
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