Adjusted EBITDA Improves 38% Compared to Prior Quarter
Second Quarter 2013 Highlights
• Adjusted EBITDA was $304 million, a decrease of $72 million compared to $376 million in the prior year period primarily as a result of the $103 million decrease in our TiO2 Pigments division. Adjusted EBITDA increased $84 million compared to $220 million in the prior quarter.
• Adjusted diluted income per share was $0.39 compared to $0.61 in the prior year period and $0.19 in the prior quarter.
• Net income attributable to Huntsman Corporation was $47 million compared to net income of $124 million in the prior year period and net loss of $24 million in the prior quarter.
• On July 8, 2013 we announced an agreement to acquire the business of Oxid, a privately-held manufacturer and marketer of specialty urethane polyols. This transaction is expected to close during the third quarter of 2013.
The Woodlands, TX – Huntsman Corporation (NYSE: HUN) today reported second quarter 2013 results with revenues of $2,830 million and adjusted EBITDA of $304 million.
Peter R. Huntsman, our President and CEO, commented:
“I am pleased with the quality of our second quarter results. Excluding the approximate $25 million negative impact from the force majeure at our European MDI facility, and with the exception of our TiO2 Pigments division, all of our divisions improved year over year and compared to the prior quarter's performance. We are starting to see the benefits of our restructuring efforts within our Textile Effects and Advanced Materials divisions. I am also impressed with the strong earnings from our Performance Products division following the planned maintenance closure earlier in the year.
While many areas of the global economy continue to moderate or languish, between new products, our focus on growing sectors a
nd our further cost reduction efforts, we believe that we will see an improving second half of the year.”
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