Huntsman Loss Widens on Higher Tax Rate

The adjusted net loss for the third quarter of 2009 was $55 million (24 cts/share), impacted by an "unusually high" adjusted effective tax rate of more than 300% due to tax valuation allowances which more than offset adjusted positive pretax earnings of $27 million compared to an adjusted net loss of $2 million (1 ct/share) in the year-ago quarter, Huntsman says. Adjusted earnings per share would have been 30 cts/share higher, or 6 cts/share, using a normalized tax rate of approximately 35%, Huntsman says. Revenues of $2.1 billion were down 23% compared with the year-ago quarter. Adjusted Ebitda was $200 million compared to $194 million in the year-ago quarter....

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