Huntsman Beats Citigroup's 4Q Estimates $0.24 v. $0.15

Citigroup has published a research report on Huntsman Corporation HUN after the company reported a tremendous 4Q EPS beat. In the report, Citigroup writes "HUN reported an adjusted 4Q EPS of $0.24 above our estimate of $0.15 and consensus at $0.20. HUN realized a tax benefit during the quarter (compared to our 28% rate) that boosted EPS by $0.10 vs. our model. Results excluded ~$0.12/share primarily related to losses on unallocated foreign currency and early extinguishment of debt. Sales volumes increased 17% as average selling prices increased 8%. Adjusted EBITDA of $219mm was slightly above our $211mm estimate, with most of the upside driven by Polyurethanes and Pigments." Citigroup maintains its Neutral rating and $18 price target. Hunstman closed yesterday at $18.83.