US Huntsman reports Q2 net income flat at $114m, sales rise 25%

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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By: Stefan Baumgarten
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