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

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index