Chemical product company, Huntsman Corporation(HUN) reported a net loss for the quarter, but beat estimates on Tuesday. The company also declared a 25% increase in dividends.
The Salt Lake City, UT based company reported a net loss related to restructuring costs of -$40 million, or 17 cents per share, compared to last years net income of $105 million, or 44 cents per share. Excluding special items, earnings came in at 24 cents per share, down from 28 cents per share last year, but beating analysts estimate of 23 cents per share.
Revenue for the quarter came in at $2.62 billion, down from $2.63 billion last year. Analysts expected revenue of $2.49 billion.
Sales in the company’s polyurethane business increased by 13% in the fourth quarter. Global demand for the products allowed the company to increase their prices. This business is the company’s largest business, bringing in almost half of the Q4 revenue.
Additionally, the company announced that they have increased dividends by 25% to 12.5 cents quarterly, from the previously dividend of 10 cents per share. This dividend will be payable on March 29 to shareholders of record on March 15.
Huntsman shares were mostly flat during premarket trading Tuesday. The stock has increased 42% in the past year.
The Bottom Line
With the increased dividend, shares of Huntsman Corporation(HUN) will have a 2.62% yield, based on Monday’s closing price of $19.07.
Huntsman Corporation(HUN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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