Huntsman Corp. reports losses in first quarter

Published: Wednesday, May 1 2013 12:50 p.m. MDT

A U.S. flag flies outside the Huntsman Corp. corporate headquarters Tuesday, June 26, 2007, in Salt Lake City, Utah.

Douglas C. Pizac, ASSOCIATED PRESS

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SALT LAKE CITY — The Huntsman Corp. reported lower revenues in the first quarter of this year than the same three-month period a year ago.

The company released its quarterly earning results, stating revenues of $2.7 billion for the period, down from $2.9 billion in the first quarter of 2012.

Net loss attributable to Huntsman Corp. was $24 million compared with net income of $163 million in the prior year period. The company also reported a $40 million loss in the final quarter of 2012.

According to Kurt Ogden, vice president of investor relations, the company estimated that first-quarter earnings were impacted by approximately $55 million as a result of planned maintenance at their facility in Port Neches, Texas, along with $81 million in one-time charges taken during the period.

Adjusted earnings were $220 million compared with $407 million in the prior year period — adjusted to exclude amortization of pension and post-retirement actuarial losses of $19 million and $10 million, respectively. Adjusted diluted income per share was 19 cents compared with 77 cents in the prior year period.

Despite the lower quarterly numbers, some markets are growing, including Asia and North America, Ogden noted. However, some European markets are less robust.

Founded in 1970 by Jon M. Huntsman Sr. as Huntsman Container Corp., the company is a manufacturer and marketer of 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.

Huntsman Corp. has approximately 12,000 employees worldwide, with about 75 administrative employees located at Research Park in Salt Lake City. Last year, the company reported revenues of more than $11 billion.

“During the first quarter this year, we saw a meaningful improvement in our … polyurethane margins,” said Peter Huntsman, president and chief executive officer. “We expect this trend to continue as industry fundamentals improve.”

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