FOR IMMEDIATE RELEASE
February 18, 2015
The Woodlands, Texas
Fourth Quarter 2014 Highlights
• Adjusted EBITDA was $292 million compared to $313 million in the prior year period. Pro forma for the Rockwood acquisition our adjusted EBITDA was $300 million compared to $341 in the prior year period. The decrease was primarily attributable to lower earnings in our Pigments and Additives division.
• Adjusted diluted income per share was $0.33 compared to $0.48 in the prior year period.
• Net loss attributable to Huntsman Corporation was $38 million compared to net income of $41 million in the prior year period.
• Approximate negative foreign currency adjusted EBITDA impact of $11 million compared to the prior year period, primarily from a stronger U.S. dollar against major European currencies.
Full Year 2014 Highlights
• Adjusted EBITDA was $1,340 million compared to $1,213 million in the prior year. Pro forma for the Rockwood acquisition our adjusted EBITDA was $1,495 million compared to $1,323 in the prior year period.
• Adjusted diluted income per share was $1.94 compared to $1.61 in the prior year, an increase of 20%.
• Net income attributable to Huntsman Corporation was $323 million compared to $128 million in the prior year.
THE WOODLANDS, Texas - Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2014 results with revenues of $2,951 million and adjusted EBITDA of $292 million.
Peter R. Huntsman, our President and CEO, commented:
“2014 was a remarkable year for us; our differentiated businesses that include our MDI urethanes, Performance Products, Advanced Materials and Textile Effects collectively increased
their adjusted EBITDA by more than $200 million. I am encouraged by the attractive growth profile of these businesses and expect them to perform even better in 2015.
We have a number of initiatives underway that will improve the competitiveness and strength of our entire company. We are investing in growth projects that we expect will add more than $200 million of annual EBITDA over the next few years. We are aggressively taking action to deliver $130 million of synergies as we integrate the businesses we purchased from Rockwood this past October. In addition, we recently took action to rationalize our European titanium dioxide capacity with expected EBITDA benefits of approximately $35 million.
Notwithstanding near term headwinds and shocks to the business landscape such as meaningful movements in foreign currency rates and lower priced oil, I believe we are well positioned to deliver increased earnings, an improvement in free cash flow and increased shareholder value over the next several years.”
Click here to see the full press release on Huntsman's full year and fourth quarter 2014 results.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion including the acquisition of Rockwood’s performance additives and titanium dioxide businesses. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions. For more information about Hunt
sman, please visit the company's website at www.huntsman.com.
Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.