Huntsman (NYSE: HUN) reported Q3 EPS of $0.41, $0.03 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $1.69 billion versus the consensus estimate of $1.8 billion.

Third Quarter Highlights

• Third quarter 2019 net income of $41 million compared to a net loss of $8 million in the prior year period; third quarter 2019 diluted earnings per share of $0.13 compared to a loss per share of $0.05 in the prior year period.
• Third quarter 2019 adjusted net income of $95 million compared to $170 million in the prior year period; third quarter 2019 adjusted diluted earnings per share of $0.41 compared to $0.71 in the prior year period.
• Third quarter 2019 adjusted EBITDA of $215 million compared to $308 million in the prior year period.
• Third quarter 2019 net cash provided by operating activities from continuing operations of $257 million. Free cash flow from continuing operations of $197 million for the quarter.
• Balance sheet remains strong with total Company net leverage of 1.6x.
• Third quarter 2019 share repurchases of approximately 4.1 million shares for approximately $81 million.
• Previously announced divestiture of the Chemical Intermediates and Surfactants businesses for $2.1 billion remains on track and is expected to close in early 2020. The businesses to be divested are now reported as discontinued operations on the income statement and held for sale on the balance sheet.

Peter R. Huntsman, Chairman, President and CEO, commented:

"In spite of an increasingly challenging global economic environment, I have never been more pleased about our mix of businesses and the strength of our balance sheet. We continue our strategy to move and shift our asset portfolio to more downstream, stable and resilient businesses, as well as to manage effectively our working capital and balance sheet. We are on track to close the divestiture of our Chemical Intermediates and Surfactants businesses in early 2020, yielding approximately $1.6 billion of net proceeds upon completion. This, coupled with our ongoing strong free cash flow and investment grade balance sheet will provide us with abundant resource and flexibility in our ongoing balanced approach to capital allocation which includes organic and inorganic expansion, opportunistic share repurchases and a competitive dividend. We are very well positioned for the future."

For earnings history and earnings-related data on Huntsman (HUN) click here.