MOSCOW (MRC) -- Huntsman Corp. (HUN) released earnings for first quarter that fell from last year, said the company.
The company's earnings totaled USD119 million, or USD0.51 per share. This compares with USD274 million, or USD1.11 per share, in last year's first quarter.
Excluding items, Huntsman Corp. reported adjusted earnings of USD108 million or USD0.46 per share for the period. Analysts had expected the company to earn USD0.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 11.7% to USD2.03 billion from USD2.30 billion last year.
Huntsman Corp. earnings at a glance:
-Earnings (Q1): USD108 Mln. vs. USD237 Mln. last year. -EPS (Q1): USD0.46 vs. USD0.96 last year. -Analysts Estimate: USD0.40 -Revenue (Q1): USD2.03 Bln vs. USD2.30 Bln last year.
Peter R. Huntsman, Chairman, President and CEO, commented: "While global economic conditions remained challenging in the first quarter of this year, we are pleased with the relative resilience of our core downstream portfolio. The month of March ended slightly better than we projected, and while we remain cautious of certain regions of the world, notably Europe, we see momentum returning to Asia, especially in China. In 2019, we are on course to achieve our second best year ever. We remain focused on delivering consistent strong free cash flow and executing our downstream strategy through strategic investments, new products and continued globalization of recent bolt-on acquisitions. Our balance sheet is strong, our dividend yield is attractive, and we continue our balanced approach to capital allocation, including share repurchases."
MRC