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Late-Reporting Basic Firms Post Mixed Results

12:53 PM MDT | July 26, 2007 | Nancy Seewald and Kerri Walsh

Basic and diversified chemicals companies posted mixed first-quarter results. Weak U.S. housing and automotive markets hurt some producers, while strong overall growth lifted profits at Celanese and Airgas. Huntsman says that unplanned outages at three plants dragged down profits as net income fell 27%, to $55.9 million (24 cts/share), on sales down 1%, to $2.65 billion. “We remain optimistic about general global economic conditions in 2007,” says president and CEO Peter Huntsman. Second-quarter adjusted Ebitda is expected to “modestly...

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