Home / Knowledge / News / Textiles / Q2 net income skyrockets 153% at Huntsman Corp
Q2 net income skyrockets 153% at Huntsman Corp
Aug '14
Huntsman Corporation said it saw meaningful improvements across its business, while releasing financial results for the second quarter ending June 30, 2014, as net income skyrocketed more than 150%, from a year earlier.

Net income surged 153% to $119 million in the first half of 2014 from $47 million in the prior year period, mainly from increased demand for its key products such as MDI and amines and higher selling prices for many of its products.

However, revenues in the second quarter of 2014 increased slowly by 5.58% to $2,988 million from $2,830 million in the corresponding quarter of 2013.

NYSE-listed Huntsman reported adjusted EBITDA of $363 million in the second quarter of 2014, compared to $304 million in the prior year period, an improvement of 19%.

Correspondingly, adjusted diluted income per share too went up to $0.59 versus $0.39 in the second quarter of 2013.

Meanwhile, the Textile Effects division also posted a hike in sales, primarily due to higher average selling prices, partially offset by lower sales volumes.

Huntsman said, average selling prices at the Textile Effects division increased, primarily in response to higher raw material costs, while sales volumes declined due to the de-selection of lower value business.

It added, “The increase in adjusted EBITDA was also due to higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of its restructuring efforts.”

CEO Peter Huntsman said, “We saw strong earnings in the second quarter as a result of increased demand for key products such as MDI and amines and higher selling prices for many of our products.

“We also benefited from restructuring efforts in our Advanced Materials and Textile Effects businesses. These results are well in line with our earlier forecast of substantial earnings growth in the next two to three years.”

With 5 distinct business divisions, Huntsman Corporation is a global manufacturer and marketer of differentiated chemicals serving a broad range of end markets. It operates more than 75 manufacturing and R&D facilities in 30 countries and employs around 12,000 associates.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 24th Oct 2016

Indian govt plans roadshows to promote textile exports

The Indian government has planned to conduct roadshows to boost the...

Textiles | On 24th Oct 2016

TPP may hit roadblock

The 12-member Trans-Pacific Partnership (TPP) that was signed earlier ...

Textiles | On 24th Oct 2016

Baba Ramdev’s Patanjali to enter textile manufacturing

Patanjali Ayurved, an enterprise initiated by yoga guru Baba Ramdev,...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Rahuul Jashnani

‘Online economy has changed the whole dynamics of buying habits.’

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search