Reports Strong MDI Polyurethanes Earnings
First Quarter 2013 Highlights
• Adjusted EBITDA was $220 million compared to $407 million in the prior year period (adjusted to exclude amortization of pension and postretirement actuarial losses of $19 million and $10 million, respectively).
• Adjusted diluted income per share was $0.19 compared to $0.77 in the prior year period (adjusted to exclude amortization of pension and postretirement actuarial losses of $0.05 and $0.04, respectively).
• Net loss attributable to Huntsman Corporation was $24 million compared to net income of $163 million in the prior year period.
• We estimate first quarter 2013 EBITDA was impacted by approximately $55 million as a result of our planned maintenance at our Port Neches, TX facility during the period.
The Woodlands, TX – Huntsman Corporation (NYSE: HUN) today reported first quarter 2013 results with revenues of $2,702 million and adjusted EBITDA of $220 million.
Peter R. Huntsman, our President and CEO, commented:
“During the first quarter this year we saw a meaningful improvement in our MDI polyurethane margins. We expect this trend to continue as industry fundamentals improve.
I am encouraged by general demand trends across our businesses in North America and Asia and am optimistic about future prospects of our business in the key markets we serve. With the successful restart of our Port Neches facility and in excess of $165 million of annual cash improvements in the next several quarters, we continue to forecast that our non-TiO2 divisions will collectively do better this year than last."
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