MOSCOW (MRC) -- Huntsman Corp. announced a sharp increase in second quarter net income attributable to the company to USD87 million from USD29 million in the prior year, said the company on its site.
On a per share basis, earnings were USD0.36, up from USD0.12 last year. Adjusted net income was USD126 million or USD0.53 per share.
On average, 11 analysts polled by Thomson Reuters expected the company to earn USD0.53 per share. Analysts estimates usually exclude special items.
Revenue for the quarter was slightly down at USD2.544 billion, compared to USD2.740 billion a year ago. Wall Street was looking for revenue of USD2.59 billion. The company attributed the improved results to MDI margin growth, better sequential TiO2 prices.
As MRC informed earlier, Huntsman plans to reduce its titanium dioxide (TiO2) capacity by approximately 100,000 tons, representing 13% of Huntsman's European TiO2 capacity. The plan will generate approximately USD35 million of annual savings.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over USD11 billion. Huntsman is a global manufacturer and marketer of differentiated chemicals. The company's operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
MRC