Earnings • Despite fourth-quarter charge, dividend rises.
This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Huntsman Corp., the worldwide chemicals conglomerate run out of Salt Lake City and The Woodlands, Texas, reported that 2012 net income increased to $363 million from $247 million in the previous year.
Earnings per share rose to $1.51, up from $1.02 in 2011.
And those results led Huntsman's board of directors to increase the dividend for the fourth quarter to 12.5 cents per share from the 10 cents paid in the previous quarter.
"We just had our best year ever and our second best fourth quarter ever," said President and CEO Peter Huntsman.
Although Huntsman reported a loss of $40 million for its fourth quarter, or 17 cents per share, Chief Financial Officer Kimo Esplin said it was tied to an accounting adjustment in which the company redeemed $400 million in senior notes that was recognized as a loss through early extinguishment of $77 million in debt.
Huntsman's CEO anticipates the company will see another year of record performance in 2013.
"I'm very enthusiastic about the direction in which the company is headed," Huntsman said. "We have put programs in place across our divisions that will enhance our future competitiveness and increase shareholder value."
The first quarter dividend will be paid March 29 to stockholders of record as of March 15.
Shares an hour before the close Tuesday were down $1.27, at $17.80, 6.7 percent.