Huntsman Q3 Results Fall, Yet Beat Estimates

(RTTNews) - Huntsman Corp. (HUN) Tuesday announced a sharp fall in third-quarter net income attributable to the company, compared to the prior year. On an adjusted basis, earnings per share beat analysts estimates. Revenues were slightly down from the previous year.

Further, the company announced a reduction of $150 million in capital expenditure for 2016 and 2017 and plans to buyback $100 million shares.

For the third-quarter, the company reported a net income attributable of $55 million, down from $188 million in the prior year. On a per share basis, earnings plunged to $0.22 from $0.76 per share. Adjusted earnings for the quarter were $0.47 per share. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.41 per share. Analysts figures usually exclude special items.

Revenue for the third-quarter was $2.64 billion, down from $2.88 billion a year ago. Wall Street expected $2.62 billion.