WASHINGTON (dpa-AFX) - Huntsman Corp.(HUN), a manufacturer and marketer of differentiated and specialty chemicals, announced that its net loss narrowed in the first quarter compared with the previous year, amid weak revenues.
Following the news, shares were down around 2 percent in the extended trading on Thursday.
Peter Huntsman, Chairman, President, and CEO, said, 'The cautious customer order patterns are muting the seasonal volume improvement our markets typically experience during the second quarter. ... We are on-track to complete our review of strategic options for our European maleic anhydride business by this summer, which we will communicate once completed.'
For the first quarter, net loss narrowed to $5 million from $37 million last year.
Loss per share was $0.03 versus loss of $0.22 in the prior year.
On the adjusted basis, net loss widened to $19 million from $11 million in the previous year.
Adjusted loss per share was $0.11 versus loss of $0.06 in the previous year's quarter.
Analysts, on average, had expected the company to report a loss of $0.1 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA declined to $72 million from $81 million in the previous quarter.
Operating income was $42 million compared with a loss of $38 million last year.
Revenue declined to $1.41 billion from $1.47 billion last year.
On Thursday, Huntsman stock had closed regular trading at $13.37, 0.45% higher on the New York Stock Exchange. In the after market hours, the stock traded 1.94% lesser before ending the trade at $13.11.
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