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Huntsman (HUN) Wraps Up Divestment of DIY Consumer Adhesives
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Huntsman Corporation (HUN - Free Report) recently announced the completion of the India-based Do-It-Yourself consumer adhesives business to Pidilite Industries Ltd for pre-tax proceeds of around $257 million. Notably, this business is within the company’s Advanced Materials unit.
Per Huntsman, taxes applicable on the transaction are projected to be under 10%. Further, the company stated that it may receive up to nearly $28 million of additional cash within 18 months per the arrangement. This will be applicable if the business achieves top-line numbers that are in line with 2019 levels, for a total value of up to $285 million excluding working capital and other adjustments.
Huntsman's shares are up 4.1% in the past year against the industry’s 1.7% decline.
Huntsman logged profits of $57 million or 22 cents per share in third-quarter 2020, up from a profit of $41 million or 13 cents in the year-ago quarter. Adjusted earnings per share were 32 cents in the quarter that beat the Zacks Consensus Estimate of 25 cents.
Revenues declined around 10% year over year to $1,510 million. Nevertheless, it surpassed the Zacks Consensus Estimate of $1,466.9 million.
Huntsman is witnessing positive momentum entering the fourth quarter. The company is on track to integrate two downstream acquisitions completed earlier this year and deliver more than $100 million of targeted annualized savings from its cost-optimization initiative by the end of 2021. It is also focused on growing its differentiated businesses and boosting shareholder’s value.
Zacks Rank & Other Key Picks
Huntsman currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Agnico Eagle Mines Limited (AEM - Free Report) , Northern Dynasty Minerals, Ltd. (NAK - Free Report) and B2Gold Corp (BTG - Free Report) . While Agnico Eagle sports a Zacks Rank #1 (Strong Buy), Northern Dynasty Minerals and B2Gold carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Agnico Eagle has an expected earnings growth rate of 103.1% for 2020. Its shares have returned 45.5% in the past year.
Northern Dynasty Minerals has an expected earnings growth rate of 42.9% for 2020. The company’s shares have surged 33.9% in the past year.
B2Gold has an expected earnings growth rate of 257.1% for 2020. The company’s shares have skyrocketed 104.1% in the past year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Huntsman (HUN) Wraps Up Divestment of DIY Consumer Adhesives
Huntsman Corporation (HUN - Free Report) recently announced the completion of the India-based Do-It-Yourself consumer adhesives business to Pidilite Industries Ltd for pre-tax proceeds of around $257 million. Notably, this business is within the company’s Advanced Materials unit.
Per Huntsman, taxes applicable on the transaction are projected to be under 10%. Further, the company stated that it may receive up to nearly $28 million of additional cash within 18 months per the arrangement. This will be applicable if the business achieves top-line numbers that are in line with 2019 levels, for a total value of up to $285 million excluding working capital and other adjustments.
Huntsman's shares are up 4.1% in the past year against the industry’s 1.7% decline.
Huntsman logged profits of $57 million or 22 cents per share in third-quarter 2020, up from a profit of $41 million or 13 cents in the year-ago quarter. Adjusted earnings per share were 32 cents in the quarter that beat the Zacks Consensus Estimate of 25 cents.
Revenues declined around 10% year over year to $1,510 million. Nevertheless, it surpassed the Zacks Consensus Estimate of $1,466.9 million.
Huntsman is witnessing positive momentum entering the fourth quarter. The company is on track to integrate two downstream acquisitions completed earlier this year and deliver more than $100 million of targeted annualized savings from its cost-optimization initiative by the end of 2021. It is also focused on growing its differentiated businesses and boosting shareholder’s value.
Zacks Rank & Other Key Picks
Huntsman currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Agnico Eagle Mines Limited (AEM - Free Report) , Northern Dynasty Minerals, Ltd. (NAK - Free Report) and B2Gold Corp (BTG - Free Report) . While Agnico Eagle sports a Zacks Rank #1 (Strong Buy), Northern Dynasty Minerals and B2Gold carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Agnico Eagle has an expected earnings growth rate of 103.1% for 2020. Its shares have returned 45.5% in the past year.
Northern Dynasty Minerals has an expected earnings growth rate of 42.9% for 2020. The company’s shares have surged 33.9% in the past year.
B2Gold has an expected earnings growth rate of 257.1% for 2020. The company’s shares have skyrocketed 104.1% in the past year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>