Tue May 1, 2012 8:13am EDT
http://www.reuters.com/article/2012/05/01/huntsman-idUSL4E8G158R20120501?feedType=RSS&feedName=cyclicalConsumerGoodsSector&rpc=43
* Adj EPS 74 cents vs Street forecast 40 cents
* Revenue rose 9 percent to $2.91 bln; beats Street view
* CEO "optimistic about earnings potential"
* Shares rise nearly 9 percent in premarket trading
By Ernest Scheyder
May 1 (Reuters) - Huntsman Corp's quarterly profit beat Wall Street's expectations as the company benefited from higher prices for chemicals used in insulation and paint, and its stock rose nearly 9 percent in premarket trading.
The results show that demand is beginning to pick up in key markets Huntsman serves, including clothing, housing, construction and auto production.
"Notwithstanding certain economic challenges in various parts of the world, I am most optimistic about our earnings potential," Chief Executive Officer Peter Huntsman said in a statement on Tuesday.
The company posted first-quarter net income of $163 million, or 68 cents per share, compared with $62 million, or 26 cents per share, a year earlier.
Excluding a loss from discontinued operations and other one-time items, the company earned 74 cents per share.
By that measure, analysts had expected earnings of 40 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 9 percent to $2.91 billion. Analysts, on average, had expected $2.81 billion.
POLYURETHANE STRENGTH
Revenue rose 17 percent to $1.22 billion in the company's biggest unit, polyurethanes, largely due to higher prices and demand for methylene diphenyl diisocyanate, also known as MDI.
MDI is commonly used in foam insulation.
Demand was also strong for titanium dioxide, a white paint pigment. Revenue in the company's pigments unit rose 16 percent to $424 million. DuPont rivals Huntsman in the titanium dioxide market.
Demand slipped slightly for Huntsman chemical dyes and specialty chemicals.
Huntsman shares rose 8.6 percent to $15.37 in premarket trading on Tuesday. As of Monday's $14.16 close, the stock had gained about 42 percent so far this year.
Former U.S. Republican presidential candidate Jon Huntsman Jr., son of the company's founder and brother of its chief executive, joined the board of directors in February.
Give your kids enough money to do something, but not enough to do nothing.
Recent HUN News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 08:07:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/13/2024 08:10:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 10:04:32 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 10:02:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/05/2024 09:01:02 PM
- Huntsman Announces Second Quarter 2024 Earnings • PR Newswire (US) • 08/05/2024 08:15:00 PM
- Huntsman Announces Third Quarter 2024 Common Dividend • PR Newswire (US) • 08/05/2024 10:00:00 AM
- Jan Buberl Appointed President of Performance Products Division • PR Newswire (US) • 08/01/2024 11:00:00 AM
- Huntsman to Discuss Second Quarter 2024 Results on August 6, 2024 • PR Newswire (US) • 07/10/2024 08:59:00 PM
- Huntsman Inaugurates New Innovation Center in Tienen, Belgium • PR Newswire (US) • 06/13/2024 06:10:00 PM
- Huntsman Publishes 2023 Sustainability Report • PR Newswire (US) • 05/21/2024 04:39:00 PM
- Huntsman Announces Second Quarter 2024 Common Dividend • PR Newswire (US) • 05/09/2024 08:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:59:27 PM
- Huntsman Announces First Quarter 2024 Earnings • PR Newswire (US) • 05/02/2024 08:14:00 PM
- Huntsman Scholarship Program Awards 19 Spring ISD Students • PR Newswire (US) • 04/25/2024 05:30:00 PM
- Huntsman To Donate $500,000 Over Next Five Years to Montgomery County Food Bank to Help Feed Additional 5,000 Households Per Month • PR Newswire (US) • 04/03/2024 03:30:00 PM
- Huntsman to Discuss First Quarter 2024 Results on May 3, 2024 • PR Newswire (US) • 04/01/2024 11:38:00 PM
- Huntsman Announces Fourth Quarter 2023 Earnings • PR Newswire (US) • 02/21/2024 09:45:00 PM
- Huntsman Announces 5% Increase in First Quarter 2024 Common Dividend and 2024 Annual Meeting of Stockholders • PR Newswire (US) • 02/21/2024 09:44:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 09:30:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:35:23 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:34:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:33:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:33:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/20/2024 09:32:11 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM