* EPS 68 cents vs. year-ago 26 cents
* Revenue rose 9 percent to $2.91 bln; beats Wall Street
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* CEO says “optimistic about our earnings potential”
May 1 (Reuters) – Huntsman Corp’s quarterly profit
nearly tripled on higher prices for chemicals used in insulation
and paint.
The results show demand is begin to return, however
slightly, in key markets Huntsman serves, including clothing,
housing, construction and auto production.
“Notwithstanding certain economic challenges in various
parts of the world, I am most optimistic about our earnings
potential,” Chief Executive Officer Peter Huntsman said in a
statement on Tuesday.
For the first quarter, the company posted net income of $163
million, or 68 cents per share, up from $62 million, or 26 cents
per share, a year earlier.
Excluding a loss from discontinued operations and other
one-time items, the company earned 74 cents per share.
Revenue rose 9 percent to $2.91 billion. Analysts on average
expected $2.81 billion, according to Thomson Reuters I/B/E/S.
Huntsman shares, which have gained about 42 percent so far
this year, closed at $14.16 on Monday on the New York Stock
Exchange.
Former U.S. Republican presidential candidate Jon Huntsman
Jr., son of the company’s founder and brother of the CEO, joined
the board in February.
