Huntsman Swings to Second-Quarter Loss on Higher Costs
Chemicals company Huntsman said Tuesday it swung to a loss in the second quarter due to a loss from discontinued operations and higher feedstock and energy costs.
For the June quarter, the company posted a loss of $83.9 million, or 36 cents per share, compared with a prior-year profit of $262.9 million, or $1.13 per share.
Excluding charges and discontinued operations, earnings fell 5.1% to $76.1 million, or 33 cents per share, from $80.2 million, or $1.13 per share.
Revenue improved 5.4% to $2.52 billion from $2.39 billion.
On average, analysts surveyed by Thomson Financial forecast a quarterly profit of 33 cents per share on revenue of $2.79 billion.
Huntsman , who agreed last month to be acquired for about $6.51 billion by an affiliate of private equity firm Apollo Management, said results also reflect continued softness in most construction-related end markets in North America.
Revenue increased in its polyurethanes segment -- the company's largest business -- due to higher average selling prices and higher sales volumes, the company said.