10 Firms Battered by Poor Earnings, Dismal Outlook

6. Huntsman Corporation (NYSE:HUN)

Huntsman Corp. dropped its share prices by 9.35 percent on Friday to finish at $12.12 apiece following a mixed earnings performance in the first quarter of the year, coupled with a soft outlook guidance for the rest of the year.

In a statement, Huntsman Corporation (NYSE:HUN) said that its net loss attributable to the company narrowed by 86 percent to $5 million from $37 million in the same period last year.

Revenues, on the other hand, declined by 4 percent to $1.41 billion from $1.47 billion year-on-year.

“Since our last earnings call, short-term business conditions continue to change markedly. Low visibility and customer uncertainty regarding demand trends over the coming months are pressuring order patterns in many of our key markets, including construction, transportation, and other industrial-related markets. The cautious customer order patterns are muting the seasonal volume improvement our markets typically experience during the second quarter,” said Huntsman Corporation (NYSE:HUN) Chairman, President, and CEO Peter Huntsman.

“While we are hopeful that demand conditions improve, we are not waiting for that to happen and remain aggressive on costs, which include announced workforce reductions as well as asset optimization in both Europe and North America,” he added.