The Woodlands, Texas - Second quarter revenues at Huntsman were up 25 percent year-on-year at $2943 million, and earnings (EBITDA) were $318 million, an increase of 24 percent compared to the same period in 2010.
Net income for the quarter was $114 million, equal to net income for the company in 2010.
In its polyurethanes division, earnings (EBITDA) in the second quarter 2011 were $143 million. In a 4 Aug conference call, ceo Peter Huntsman said this was a substantial increase from the prior year and prior quarter, which saw earnings of $70 million and $114 million respectively.
Peter Huntsman added that during the second quarter, the company successfully increased its average selling price for MDI and related systems. Average MDI prices increased 20 percent and 9 percent compared to the prior year and prior quarter, respectively.
He added that Huntsman was seeing growth in MDI sales volume, most notably in the second quarter and that demand was particularly strong in the insulation, automotive and composite wood sectors.
"The supply-demand balance for the MDI industry has improved. We estimate that the MDI industry operated in the low 90 percent as a percent of nameplate capacity in the second quarter," Huntsman said in the conference call.