Huntsman Results Beat on Demand for Polyurethane Foam
Chemical maker Huntsman's net profit rose 9% in the second quarter, driven by strong demand for polyurethanes used in foam insulation.
Net income rose to $124 million, or 52 cents per share, from $114 million, or 47 cents per share, a year earlier, the company said on Wednesday.
Excluding restructuring charges and other one-time items, Huntsman earned 58 cents per share.
By that measure, analysts on average expected 54 cents per share, according to Thomson Reuters I/B/E/S.
Revenue dipped 0.7% to $2.91 billion. Analysts expected $3.02 billion.
Sales and earnings in the company's polyurethane unit jumped sharply, helped by sales of foam for cushions to automakers like BMW.
Chief Executive Officer Peter Huntsman said the company had yet to see all the benefits from its ongoing restructuring program.
