Home / Knowledge / News / Textiles / Q2 net income skyrockets 153% at Huntsman Corp
Q2 net income skyrockets 153% at Huntsman Corp
28
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 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robert Brunner
Devereux

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search