Huntsman 4Q Profit Triples, Assisted by Unit Sale
THE WOODLANDS, Texas (AP) — Chemicals maker Huntsman Corp. on Thursday said that its fourth-quarter profit more than tripled, boosted by hefty one-time gains and higher sales in several units.
The Woodlands, Texas-based company earned $105 million, or 44 cents per share, in the three months ended Dec. 31. That compared with $30 million, or 12 cents per share, in the corresponding quarter last year.
The results for both periods included several one-time gains and losses, including an $11 million restructuring gain and a $31 million gain on the sale of a business in the recent quarter.
Excluding those items, Huntsman said its adjusted profit was $68 million, or 28 cents per share.
Revenue rose 9 percent to $2.63 billion from $2.41 billion.
The adjusted profit came in a penny ahead of Wall Street projections. Analysts, on average, expected a profit of 27 cents per share on $2.67 billion in sales, according to FactSet.
Sales at the company's polyurethanes business, its largest unit, rose 10 percent to $1.04 billion. Sales of pigments jumped 21 percent to $399 million. Huntsman said the gains in both segments were largely a result of higher average selling prices stemming from increases in raw material costs.
For the full year 2011, the company earned $247 million, or $1.02 per share, compared with from $27 million, or 11 cents per share, in 2010. Revenue increased 21 percent to $11.22 billion from $9.25 billion.
In morning trading, Huntsman shares added 3 cents to $13.01. The stock has changed hands between $8.13 and $21.52 in the past 52 weeks.