Huntsman near triples its third quarter profit

HUNTSMAN yesterday reported third quarter profit almost three times as high as last year, helped by a tax benefit and increased revenues.

Peter Huntsman, president and chief of the chemical products manufacturer, said: “We continue to see growing demand for key products such as MDI polyurethanes, amines, maleic, aerospace composites and environmentally friendly textile dyes and chemicals. Third quarter Ebitda from these products increased more than $30m compared to the prior year.”

Third-quarter profit was $188m (£116.6m), up from $64m for the same quarter last year. Earnings included a $40m income tax benefit, while last year’s earnings included an $81m income tax charge.

Revenues for the quarter grew one per cent to $2.88bn from $2.84bn a year earlier, but were down on analysts’ expectations of $2,91bn for the quarter.

The results follow Huntsman’s completion of a $1.1bn acquisition of Rockwood Holdings’ performance additives and specialty titanium dioxide businesses. Huntsman said the acquisition is expected to add 70 cents to the company’s per-share earnings by mid-2016.