Huntsman Q4 Profit Surges, Expects Higher Earnings In FY17

(RTTNews) - Huntsman Corp. (HUN) Wednesday announced a surge in fourth quarter net income attributed to the company to $128 million from $4 million last year. On an adjusted basis, earnings were $72 million. On a per share basis, earnings were $0.53, from $0.02 a year ago. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.25 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $2.395 billion from $2.332 billion a year ago. Analysts were looking for $2.25 billion.

Peter R. Huntsman, president and CEO said, "As TiO2 prices have rebounded, our Pigments and Additives division saw earnings double from 2015 and we expect earnings to improve meaningfully in 2017, due largely to price increases in TiO2 and the cumulative benefits of restructuring."