02 November 2011 10:29 [Source: ICIS news]
(recast with word "adjusted" in headline)
LONDON (ICIS)--Huntsman’s third-quarter adjusted net income in 2011 rose to $108m (€79m), from $83m in the same period last year, due to an increase in sales, the US-based chemicals major said on Wednesday.
Revenues for the three months ending on 30 September 2011 grew 24% year on year to $2.98bn, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 26% to $345m, Huntsman added.
"Our third quarter was the strongest in our company's history. Our revenues, adjusted EBITDA and adjusted net income are all stronger than a year ago as we appear to be heading towards a record year,” said Peter Huntsman, president and CEO.
“This past quarter we announced large restructuring plans to mitigate the impact of the strong Swiss franc and to address the challenging business conditions of the global textile industry. We expect to record cash restructuring charges of approximately $135m and expect annual benefits of approximately $90m between our Textile Effects business and our Swiss-based Advanced Materials divisions,” he added.
Huntsman said the company expects to see the impact of these changes beginning in the first quarter of 2012.
“As the economy gradually improves in the coming year, we fully expect stronger earnings from our business as many of our larger product lines are still quite some distance from their peak earnings potential,” he added.
($1 = €0.73)
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