Huntsman reported earnings of 47 cents a share for the third quarter, above analysts' estimates of 39 cents a share for the quarter. Revenue fell 8.2% year over year to $2.64 billion for the quarter, compared to analysts' estimates of $2.62 billion.
"We are aggressively focused on those elements within our business that we can control and are fully committed to an improvement in our free cash flow generation," President and CEO Peter R. Huntsman said in a statement.
"We reduced our planned capital expenditures by a combined total of $150 million over the next two years and are determined to deliver more than $100 million of future synergy and restructuring savings," he added.
The company also announced that its board of director authorized a $150 million share repurchase plan. Huntsman expects to enter into a $100 million accelerated share repurchase transaction in the next several months.
TheStreet Ratings team rates HUNTSMAN CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate HUNTSMAN CORP (HUN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: HUN