The Woodlands, Texas - Huntsman Corp. has posted a 24-percent improvement in sales in the third quarter to $2976 million. Earnings (EBITDA) were up by 26 percent to $345 million compared to the same period in 2010.
Income in Q3 was £108 million, up from $83 million in 2010.
"Our third quarter was the strongest in our company's history. Our revenues, adjusted EBITDA and adjusted net income are all stronger than a year ago as we appear to be heading towards a record year," said ceo Peter Huntsman in a 2 Nov results report.
In the polyurethanes business, Huntsman reported a 26-percent increase in the third quarter to $1209 million. Huntsman attributed the jump in sales to higher average selling prices and higher MDI sales volumes.
Huntsman said MDI sales volumes increased due to improved demand in the insulation, furniture and automotive sectors but were offset by lower PO/MTBE (propylene oxide/methyl tert-butyl ether) sales volumes.
Earnings (EBITDA) for the sector were up by 41 percent to $140 million, which the company said was due to "higher contribution margins, partially offset by higher manufacturing and selling, general and administrative costs."
Peter Huntsman said that although the company was satisfied by the strong quarter, it was also aware of "sluggish global business conditions," but he added that he expected an even stronger performance as the economy returns to "more stable growth."
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