Utah's Huntsman Corp. reports mostly improved results
Huntsman Corp., the worldwide chemicals company based in Salt Lake City and The Woodlands, Texas, has reported net income of $47 million for the second quarter of its 2013 fiscal year compared with net income of $124 million in the same quarter a year ago.
Peter R. Huntsman, the company's president and chief executive, said he was pleased with the results, pointing out that with the exceptions of pigments, all of the company's divisions improved year over year.
"Our pigments division last year was operating at an historically high rate and this year it has come back down to earth," he said.
Huntsman's second-quarter results also included a $25 million charge against earnings that resulted when one of the company's suppliers was unable to provide needed raw materials for one of Huntsman's European facilities that produces MDI, a chemical that primarily is used to manufacture polyurethane foam.
"That was a development that was beyond our control," Huntsman said.
For its second quarter that ended June 30, 2013, Huntsman reported revenue of $2.8 billion compared with revenue of $2.9 billion reported in the second quarter of fiscal year 2012.