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Utah's Huntsman Corp. posts big jump in Q1 net income

Published May 2, 2012 7:12 pm

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Huntsman Corp., the worldwide chemicals conglomerate based in Salt Lake City and The Woodlands, Texas, said its revenue increased 9 percent during the first quarter of its 2012 fiscal year, compared with the same period in 2011.

The company said its revenue for the quarter ended March 31 reached $2.9 billion, compared with $2.7 billion. Net income was $163 million, up from $62 million in last year's first quarter.

In a statement, President and CEO Peter Huntsman said the first quarter was a record-breaking one for Huntsman Corp. in terms of financial performance. "There are still considerable financial benefits forthcoming from our restructuring efforts," he said. "Notwithstanding certain economic challenges in various parts of the world, I am most optimistic about our earnings potential."