US-based Huntsman Chemical on Thursday reported fourth-quarter profits of $105 million -- up from $30 million a year ago -- as higher selling prices in the polyurethanes, performance products and pigments divisions offset decreases in sale volumes.
The higher income came on revenue of $2.63 billion, up 9% from the same time period in 2010.
Adjusted earnings before interests, taxes, depreciation and amortization were $243 million, up from $219 million from a year ago.
For the year ending December 31, Huntsman, which is headquartered in The Woodlands, Texas, reported net income of $247 million on revenues of $11.2 billion. Adjusted EBITDA for 2011 was a record-high $1.2 billion, up 39% from $875 million in 2010, the company said.
"Our adjusted EBITDA of $1.2 billion represents the best year we have accomplished with our current business portfolio," Huntsman President and CEO Peter Huntsman said in a written statement. "This took place despite earnings pressure from foreign currency movements within the year and lower demand trends and aggressive customer destocking within the fourth quarter."
For the fourth quarter, Huntsman's revenues were bolstered by higher prices in polyurethanes (up 10% to $1.04 billion), performance products (up 8% to $755 million) and pigments divisions (up 17% to $399 million).
Lower sales volumes on decreased demand contributed to the company posting losses in the advanced materials and textile effects divisions, the company said.
"Looking forward, we anticipate that the corporation will see an improving global economy from this point forward," Huntsman said. "Most of our businesses have strong upside potential as we see a continued recovery in the world's economy.
"In 2012, we expect margin pressure on our Pigments business to be offset by improved earnings in our other divisions."
