Specialty chemicals company
) has completed the planned maintenance of its olefins and
ethylene oxide plants in Port Neches, Tex. The plants are
currently operating at normal rates.
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The Utah-based company noted that outage related to the the
maintenance took longer than originally expected due to start up
issues and unfavorable weather conditions. Huntsman envisions the
impact of the prolonged start up on its earnings before interest,
taxes, depreciation, and amortization (EBITDA) for first-quarter
2013 will be roughly $55 million. This is $10 million more than
its prior guidance of roughly $45 million.
The Port Neches operation, which Huntsman bought from Texaco
Chemical during the 1990s, is a major production facility.
Huntsman has a capacity to produce 400 million pounds of ethylene
and 300 million pounds of propylene at Port Neches.
Huntsman, which has annual sales of more than $11 billion, makes
and markets differentiated chemicals. Its makes products for an
array of industries including chemicals, plastics, automotive,
aviation, textiles, paints and coatings, construction,
technology, agriculture, health care, appliances and packaging.
Huntsman, in Feb 2013, announced its fourth-quarter 2012 results.
It swung to a loss in the quarter on a reported basis, hit by $78
million of loss on early redemption of debt and $40 million of
restructuring charges. Adjusted earnings of 24 cents a share
matched the Zacks Consensus Estimate while falling behind the
year-ago earnings of 28 cents per share.
Revenues edged down 0.5% year over year to $2,619 million in the
fourth quarter, but surpassed the Zacks Consensus Estimate of
$2,492 million. Higher sales across Huntsman's polyurethanes and
textile effects businesses were masked by declines across
performance products, advanced materials and pigments franchises.
Huntsman currently carries a short-term (1 to 3 months) Zacks
Rank #3 (Hold).
Other companies in the chemical industry with favorable Zacks
Akzo Nobel NV
). All three retain a Zacks Rank #2 (Buy).