Huntsman Corporation reports second year of record earnings

Published: Tuesday, Feb. 12 2013 2:18 p.m. MST

SALT LAKE CITY — The Huntsman Corporation achieved record earnings in 2012 for the second year in a row, according to an earnings report released Tuesday by the company.

Net income for the Salt Lake-based corporation increased to $363 million for the year, up from $247 million in 2012. Over the same period, the company's adjusted earnings before interest, taxes and depreciation increased 15 percent to nearly $1.4 billion.

"I am very enthusiastic about the direction in which the company is headed," Peter Huntsman, president and CEO of Huntsman Corporation, said. "The important thing for us is that we have the sales representatives and we have the business infrastructure to take advantage of where growth is taking place around the world."

Kimo Esplin, chief financial officer for Huntsman Corporation, attributed the company's success to continued diversification on a global scale and a reliance on enviornmentally-safe and fuel-efficient materials.

He said the company has come a long way since its days of making sandwich wraps for McDonald's restaurants. Huntsman products are now found in everything from German luxury cars to airplane manufacturing, and roughly 60 percent come from outside North American, Esplin said. 

"The Boeing 787 jetliner contains more than 11 tons of Huntsman material for every one of those planes that are flying," he said. "We are very optimistic about not only growth but margin expansion."

The company also reports seeing greater-than-GDP growth in effectively all of the markets where Huntsman Corporation has a presence. Peter Huntsman said the company was affected by the global recession in 2008 and saw earnings cut in half. But by cutting costs and diversifying, he said the corporation was able to weather the storm and is now in a position of strength moving into 2013 and beyond.

"I think that we’re seeing the dividends of that three and four years later as we look to the strength of our markets all over the world now," he said.

E-mail: benwood@desnews.com

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