Huntsman 3Q profit falls, but meets estimates
Huntsman 3Q profit falls, but adjusted results match Street estimates, revenue beats
NEWS: Huntsman's third-quarter net income declined 45 percent as revenue improved on better performances from its textile effects, performance products and polyurethanes divisions.
Its adjusted profit met analysts' estimates and revenue topped Wall Street's view.
DETAILS: Revenue increased for the polyurethanes, textile effects and performance products units partly on higher sales volumes. Average selling prices rose for the textile effects and performance products segments.
Advanced materials revenue fell mostly because of lower sales volumes. Revenue for the pigments division dropped primarily because of lower average selling prices, which was somewhat offset by increased sales volumes.
NUMBERS: For the three months ended Sept. 30, the chemical maker earned $64 million, or 26 cents per share. That compares with $116 million, or 48 cents per share, a year earlier.
Removing acquisition expenses, pension-related costs and other items, earnings were 54 cents per share. This met Wall Street's view.
Revenue rose 4 percent to $2.84 billion from $2.74 billion. Analysts surveyed by FactSet expected revenue of $2.83 billion.
STOCK: Shares of Huntsman Corp. closed at $21.71 on Monday. The stock is up 37 percent for the year to date.
