Huntsman Corp., the chemical maker whose takeover by a unit of Apollo Management LP faces collapse, said adjusted second-quarter earnings rose 10 percent from the previous period because of price gains and improved sales volumes.
Adjusted earnings before interest, taxes, depreciation and amortization will be higher in the second half than in the first six months, Huntsman said Wednesday in a statement. Huntsman, which is run from The Woodlands, Texas, and Salt Lake City, said it overcame energy, raw-material and other costs that rose $75 million from the first quarter.
Apollo's Hexion Specialty Chemicals unit sued Huntsman on June 18 to cancel their proposed $6.54 billion merger, saying Huntsman's deteriorating financial condition would render the combined company insolvent. Huntsman responded by suing New York-based Apollo and partners Leon Black and Joshua Harris in Texas for $3 billion, accusing them of fraud.
Adjusted earnings were $188.3 million in the first quarter, Huntsman said in May. A 10 percent increase implies about $207 million of adjusted earnings in the second quarter. Spokesman Russ Stolle declined to say what items were excluded from adjusted earnings in the quarter or to provide net income. The company said it will release complete earnings for the period on July 30.