UPDATE: Huntsman Misses Q4 Expectations

reported weaker-than-expected results for the fourth quarter. The Salt Lake City, Utah reported a quarterly loss of $38 million, or $0.16 per share, versus a year-ago profit of $41 million, or $0.17 per share. Excluding certain items, the company's earnings slipped to $0.33 per share from $0.48 per share. Its revenue gained 9.1% to $2.95 billion. However, analysts were expecting earnings of $0.37 per share on revenue of $2.97 billion. Huntsman's gross margin narrowed to 15.2% from 16.5%, while operating expenses rose 12%. Revenue at the company's textiles division dropped around 3%, while the polyurethanes division's revenue fell around 2%. Performance products revenue dropped around 4%. Adjusted EBITDA slipped to $292 million from $313 million. As of December 31, 2014, the company had $1,601 million of combined cash and unused borrowing capacity, versus $1,048 million at December 31, 2013. Peter R. Huntsman, our President and CEO, said, "Notwithstanding near term headwinds and shocks to the business landscape such as meaningful movements in foreign currency rates and lower priced oil, I believe we are well positioned to deliver increased earnings, an improvement in free cash flow and increased shareholder value over the next several years." Huntsman shares fell 0.37% to close at $24.31 yesterday.