THE WOODLANDS, Texas—Huntsman Corp. reported a net income of $54 million and revenues of about $2.76 billion for the first quarter 2014.
The firm's net income increased $78 million compared to a net loss of $24 million in 2013.
“Our first quarter results demonstrated broad earnings strength as all of our businesses exceeded the previous year with the exception of PO/MTBE,” said President and CEO Peter Huntsman. “The benefits of our previous year's restructuring efforts are visible in both our advanced materials and textile effects results. We continue to see strong results in our performance products and MDI polyurethanes.”
Huntsman said its polyurethanes division's increased revenue was because of higher sales volumes partially offset by lower average selling prices. Sales volumes increased 6 percent as a result of improved demand in all regions across most major markets, the firm said.