Higher prices for chemicals used to make insulation and paint helped Huntsman Corp post better-than-expected quarterly results, pushing its stock up 9 percent in premarket trading.

Dyeing factory / Photo: Corbis

While the results beat expectations, Huntsman's 20 percent price increase dented volume by 5 percent, mimicking a problem faced during the quarter by other large chemical makers amid tough economic times.

"As satisfied as we feel about our strong quarter, we are still mindful of the sluggish global business conditions," Chief Executive Peter Huntsman said in a statement.

For the quarter, Huntsman posted a net loss of $34 million, or 14 cents a share, compared with a profit of $55 million, or 23 cents a share, last year.

Excluding $155 million of restructuring charges and other one-time items, the company posted a profit of 45 cents a share.

Analysts had expected earnings of 43 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 24 percent to $2.98 billion, above analysts' expectations of $2.87 billion.

In September, the company said it will close some Swiss production facilities in its textile dye units. Roughly 500 employees will lose their jobs.

The shutdown was designed to mitigate adverse foreign currency conversion charges from the Swiss franc, which has risen against the U.S. dollar in the past year.

Huntsman's third-quarter earnings were harmed by $17 million due to the strong Swiss franc.

Sales of Huntsman's polyurethanes, used to make insulation, jumped 26 percent to $1.21 billion. And sales of pigments, including the popular titanium dioxide white pigment, rose 39 percent.

Volume fell in all but one of Huntsman's units, hinting that not all customers are willing to pay higher prices. Volume was flat in the performance products unit.

Shares jumped 9 percent to $12 in premarket trading on Wednesday. As of Tuesday's close, the stock has slipped 30 percent year to date.

The company's shares fell 31 percent after its last quarterly earnings announcement in August.

Chief Executive Peter Huntsman said at that time he was very "surprised" by the drop and promptly bought 100,000 shares, saying the stock was vastly undervalued, bringing his stake to roughly 0.8 percent of Huntsman's float.

Jon Huntsman, former U.S. envoy to China and son of Huntsman Corp's founder, is a Republican presidential candidate. He is also a former Huntsman Corp executive.