Huntsman 3Q loss widens

Huntsman posts larger 3rd-quarter loss on lower sale prices and volumes

• On 11:02 am EST, Wednesday November 4, 2009

THE WOODLANDS, Texas (AP) -- Huntsman Corp. said Wednesday its third-quarter loss widened on lower sale prices and volumes.

The chemicals maker posted a loss of $68 million, or 29 cents per share, compared with a loss of $20 million, or 9 cents per share, in the same quarter last year.

Excluding one-time items including losses on the extinguishment of debt and restructuring charges, the company posted an adjusted loss of $55 million, or 24 cents per share, after an adjusted loss of $2 million, or 1 cent per share, a year earlier.

Analysts surveyed by Thomson Reuters expected a loss of 8 cents per share excluding one-time items.

Revenue fell 23 percent to $2.11 billion from $2.73 billion, mainly as a result of lower average selling prices in all units and lower sales volumes at the company's advanced materials, textile effects and performance products segments.

The company said it's optimistic that the economic recovery will continue. While it expects its fourth-quarter results to be better than those of a year ago, it also expects the results to be seasonally lower than those of the third quarter.

Huntsman shares fell 3 cents to $8.16 in morning trading.