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Huntsman Q1 Down 33% YoY

Published: 08 May 2009
 by Staff
THE WOODLANDS, TX – Huntsman Corp. reported first-quarter revenues fell 33% from last year to $1.7 billion. 

Net loss for the quarter was $290 million, compared to a profit of $7 million last year.

The Advanced Materials segment reported first-quarter sales dropped 32.2% from last year to $257 million, including an 8% reduction in the average selling price for products. Sales volumes decreased due to lower demand in all regions.

Earlier this year, the company announced that it would reduce costs across all divisions. A work force reduction of 1,250 positions (10%) and an additional reduction of 490 full-time contractors are expected to result in an annualized savings of $150 million.

President and CEO Peter R. Huntsman commented that the company saw positive order patterns in the first quarter and exited the quarter in a position of higher demand.

Huntsman’s Advanced Materials segment supplies solder mask and primary imaging materials to the PCB industry.

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