THE WOODLANDS, Texas (AP) — Huntsman Corp. reported a $24 million first-quarter loss Tuesday, hurt by lower demand for some of its products and hefty pension-related costs.
The chemical maker's loss amounted to 10 cents per share and compares with a profit of $163 million, or 68 cents per share, in the same quarter of 2012. Excluding pension and other losses, the company said it posted an adjusted profit of 19 cents per share.
Revenue fell 7 percent to $2.7 billion from $2.91 billion.
The results beat Wall Street predictions. Analysts, on average, expected a profit of 16 cents per share on $2.69 billion in revenue, according to FactSet.
Polyurethane revenue fell 3 percent to $1.18 billion, while sales of performance materials dropped 11 percent to $722 million, both largely as a result of lower sales volumes.
Pigment sales tumbled 22 percent to $330 million as sales volume were flat, but sale prices fell.
Huntsman shares rose 27 cents to $18.95 in midday trading.