US Huntsman Q1 net income more than doubles on higher sales

01 May 2012 11:47  [Source: ICIS news]

LONDON (ICIS)--Huntsman’s first-quarter net income more than doubled year on year to $163m (€124m) from $62m on the back of higher sales, the US-based chemicals major said on Tuesday.

Revenues for the three months ended 31 March 2012 grew 8.73% year on year to $2.91bn, while adjusted earnings before interest, tax depreciation and amortisation (EBITDA) rose to $397m from $304m in the same period in 2011, Huntsman added.

CEO Peter Huntsman said: “Our first quarter 2012 earnings represented a record performance. Improvements in our [methyl diphenyl diisocyanate] MDI selling prices and attractive margins in our [propylene oxide methyl tertiary butyl ether] POMTBE business were notable”.

“There are still considerable financial benefits forthcoming from our restructuring efforts. Notwithstanding certain economic challenges in various parts of the world, I am most optimistic about our earnings potential,” he added.

($1 = €0.76)

By: Leigh Stringer
+44 208 652 3214

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