04 August 2011 13:48 [Source: ICIS news]
HOUSTON (ICIS)--Huntsman reported second-quarter net income at $114m (€80m), unchanged from the same period last year, despite sales rising 25% year on year to $2.93bn, the US-based chemicals major said on Thursday.
Huntsman’s gross profit for the three months ended 30 June rose 30% year on year to $501m, while its operating income rose 73% year on year to $220m.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the second quarter of 2011 were $318m, up 24% from $257m in the same period in 2010, the company said.
The improvement in Huntsman’s underlying second-quarter performance was driven by its polyurethanes and pigments businesses, which both more than doubled their segment EBITDA to $142m and $112m, respectively.
After excluding gains from discontinued operations and other adjustments, 2011 second-quarter adjusted net income was $117m, up 56% compared with $75m in the same period last year.
"Given the sluggish global economic recovery, I am very pleased with the improving results of this past quarter,” said CEO Peter Huntsman.
“Despite inflation in raw material and other manufacturing costs our adjusted EBITDA improved 24% compared to the prior year," he added.
In addition to polyurethanes and pigments, Huntsman’s business segments include advanced materials, performance products and textile effects.
($1 = €0.70)
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