Q3 operating per share loss of $0.24 vs. $0.01 loss missed our
breakeven estimate, as sales fell 23%. But HUN had modest pretax
income which was more than offset by taxes resulting in a net
loss. EBITDA more than doubled from Q2 on 13% higher demand and
lower costs. On Q3's shortfall, we increase our per share loss
estimate for '09 to $0.95 from $0.70, but we forecast EPS of
$0.50 for '10 helped by full impact of cost reductions. HUN's
liquidity has greatly improved in our view with $1.6B in cash. As
a result, we think the $0.40 annual dividend is secure.
, 
, 
, Copyright ©2009. All rights reserved.