UPDATE: Huntsman Posts Better-Than-Expected Q3 Profit

Huntsman

reported upbeat earnings for the third quarter. The Salt Lake City, Utah-based company posted quarterly net income of $188 million, or $0.76 per share, compared to $64 million, or $0.26 per share, in the year-ago period. Its earnings, excluding special items, came in at $0.60 per share. Its revenue rose to $2.88 billion from $2.84 billion in the period. However, analysts were expecting earnings of $0.54 per share on revenue of $2.91 billion. Adjusted EBITDA fell to $356 million from $376 million. As of September 30, 2014, the company had $1,365 million of combined cash and unused borrowing capacity, versus $1,048 million at December 31, 2013. Peter R. Huntsman, our President and CEO, 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 $30 million compared to the prior year. The strength in our earnings is underpinned by broad earnings growth from multiple products across our divisions.” Huntsman shares gained 1.96% to $24.95 in pre-market trading.