Huntsman Corporation (NYSE:HUN) reported net income for the fourth quarter of $ 287.00 million or $ 1.00 per share, compared to income $ 137.00 million or $ 0.53 per share for the year-ago quarter.
The The Woodlands, Texas based company recorded fourth quarter adjusted net income of $ 186.00 million or $ 0.76 per share.
The revenue for fourth quarter rose 16% to $ 2.20 billion from $ 1.90 billion in the same quarter last year.
Analysts polled by Thomson Reuters expected HUN to report income of $ 0.66 per share on revenue of $ 2.10 billion for the fourth quarter.
Peter R. Huntsman, President and CEO, commented: 2017 was a transformational year marked with significant milestones for our Company. We successfully separated our Pigments and Additives business, now called Venator, by IPO and completed a first follow-on offering in December. Combined with our cash flow and the $1.7 billion in net proceeds from Venator, we were able to pay down approximately $2.1 billion in debt during the year.
The company noted that board approved a 30% increase of the quarterly dividend from $0.125 to $0.1625 per share, effective immediately, and share repurchases up to $450 million.
For the twelve months period, HUN disclosed net income of $ 604.00 million or $ 2.61 per share from the revenue of $ 8.36 billion.
At the same time, Huntsman recorded twelve months adjusted earnings of $ 604.00 million or $ 2.48 per share.