Reuters: Global Markets: Huntsman profit beats on higher polyurethane prices

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Huntsman profit beats on higher polyurethane prices Nov 2nd 2012, 14:05 Tweet Share this Email Print Related News Exxon quarterly profit falls, output tumbles Thu, Nov 1 2012 Tax gains lift Merck profits, but sales disappoint Fri, Oct 26 2012 UPDATE 5-Potash profit off 22 pct on standoff with China, India Thu, Oct 25 2012 Mylan profit jumps on higher generic sales in North America Thu, Oct 25 2012 Facebook mobile revenue grows faster than expected Tue, Oct 23 2012 Analysis & Opinion Procter & Gamble earnings give CEO McDonald some relief Asian shares, euro higher on U.S. earnings, Spanish hopes Related Topics Hot Stocks » Asian Markets » A woman cycles past the logo of U.S. chemical company Huntsman in front of a plant in Basel September 30, 2011. Credit: Reuters/Arnd Wiegmann Fri Nov 2, 2012 10:05am EDT (Reuters) - Chemical maker Huntsman Corp (HUN.N) posted a higher-than-expected quarterly profit, as it successfully raised prices on polyurethane used in foam insulation, sending shares up more than 6 percent. Over the past two quarters, the company's polyurethane business has helped offset weak sales in its pigments division, which makes the paint pigment titanium dioxide (Ti02). DuPont (DD.N), a key Huntsman rival and the world's largest Ti02 maker, said last month that its pigment business has been a drag on the company, forcing it to slash jobs and cut its full-year profit forecast. Revenue in Huntsman's polyurethane business, its biggest, rose 3 percent in the third quarter, while revenue from pigments fell 30 percent. Total revenue fell 8 percent to $2.74 billion. Huntsman successfully raised polyurethane prices around the world, and saw demand especially strong in Europe and Asia among customers that make adhesives and composite wood products. The company reported a profit of $116 million, or 48 cents per share, in the third quarter, compared with a net loss of $34 million, or 14 cents per share, a year earlier. Excluding one-time items, Huntsman earned 70 cents per share. Analysts on average expected a profit 51 cents per share, on revenue of $2.9 billion, according to Thomson Reuters I/B/E/S. Huntsman shares rose 7.5 percent to $16.69 in Friday morning trading. The stock has gained more than 65 percent so far this year. (Reporting by Divya Lad in Bangalore and Ernest Scheyder in New York; Editing by Roshni Menon) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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