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Huntsman Reports Net Loss for First Quarter

May 11, 2010
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Huntsman reported a smaller net loss for the first quarter and the chemicals maker said it is seeing signs of an economic recovery, according to the Associated Press. Huntsman said its net loss for the quarter totaled $172 million, or 73 cents per share, compared with a net loss of $290 million, or $1.24 per share, in the year-ago period. The most recent quarter include a $155 million charge for the early elimination of debt. The adjusted net loss for the quarter narrowed to $16 million, or 7 cents per share, from $267 million, or $1.14 per share, in the year-ago period. Revenue rose 25 percent to $2.09 billion in the quarter from $1.68 billion in the year-ago period. The adjusted loss was in line with expectations of analysts surveyed by Thomson Reuters. The company said revenue rose due mainly due to higher sales volumes in all divisions except for polyurethanes, which was hurt by a planned maintenance outage at a plant. Revenue also benefited from higher selling prices in all products except for advanced materials.
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