Huntsman Posts Better-Than-Expected Q2 Profit
Chemicals maker Huntsman posted a higher-than-expected quarterly profit on Thursday as sales jumped across its units, pushing shares up 4.7% in premarket trading. For the period that ended June 30, the company posted net income of $114 million, or 47 cents per share, compared with $406 million, or $1.51 per share, in the year-ago period.
The year-ago results include a settlement with two banks over a botched sale of Huntsman to a private equity firm. Excluding one-time items, the company posted a profit of 31 cents per share.
Analysts expected earnings of 8 cents per share, according to Thomson Reuters I/B/E/S. Revenue rose 27% to $2.34 billion. Analysts expected revenue of $2.19 billion.
Huntsman, based in The Woodlands, Texas, said sales in its polyurethane business rose 34% and pricing increased 11%. Polyurethane is used to construct a wide range of products, including foam insulation and Spandex. Its shares rose 48 cents, or 4.7%, to $10.75 in premarket trading. The stock has traded between $6.10 and $14.25 in the past 52 weeks.
