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UPDATE 1-Huntsman profit tops estimates as demand for chemicals rises
April 29, 2014 / 11:05 AM / 4 years ago

UPDATE 1-Huntsman profit tops estimates as demand for chemicals rises

April 29 (Reuters) - Huntsman Corp reported a bigger-than-expected quarterly profit, helped by robust demand for its chemicals used in foam insulation, agriculture, energy and additives.

Revenue from the polyurethane business, which makes chemicals used to insulate refrigerators and other appliances, rose 2 percent to $1.2 billion in the first quarter. The business contributed about 44 percent of Huntsman’s total revenue of $2.75 billion.

Performance products revenue rose 6 percent to $765 million. The business contributed more than a quarter of total sales.

The unit makes chemicals used in detergents, personal care products, agriculture, lubricants and fuel additives.

Huntsman reported a net income of $54 million, or 22 cents per share, in the quarter ended March 31, compared with a loss of $24 million, or 10 cents per share, a year earlier. [

On an adjusted basis, the Salt Lake City, Utah-based company’s profit was 43 cents per share, compared with the average analyst estimate of 40 cents per share, according to Thomson Reuters I/B/E/S.

Huntsman shares closed up marginally at $24.65 on the New York Stock Exchange on Monday. (Reporting By Tanvi Mehta and Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila)

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