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Huntsman 2Q Profit Slides

Fri, 08/06/2010 - 8:11am

NEW YORK (AP) — Chemical marker Huntsman Corp. said Thursday its second-quarter earnings tumbled in comparison to a year-ago period boosted by a settlement, but its adjusted results came in well above Wall Street's expectations.

Shares rose 34 cents, or 3.3 percent, to $10.62 in afternoon trading.

The company earned $114 million, or 47 cents per share, compared with $406 million, or $1.51 per share, a year earlier.

Adjusted net income, which excludes some one-time gains and losses, was $75 million or 31 cents per share, compared with an adjusted net loss of $66 million, or 28 cents per share for the same period in 2009. The year ago period included a settlement with two banks over the failed sale of Huntsman to a private equity firm.

On that basis, analysts surveyed by Thomson Reuters expected earnings of 8 cents per share on revenue $2.19 billion.

Revenue rose 27 percent to $2.34 billion from $1.85 billion a year ago. The company increased prices during the quarter to offset higher raw materials costs.

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