Huntsman Releases First Quarter 2015 Results; Reports Strong Earnings in Differentiated Businesses
FOR IMMEDIATE RELEASE
April 30, 2015
The Woodlands, Texas
First quarter 2015 Highlights
• Adjusted EBITDA was $285 million compared to $329 million in the prior year period. The decrease was primarily attributable to an estimated adjusted EBITDA impact of approximately $60 million from a planned maintenance outage at our Port Neches, Texas facility, partially offset by earnings from the performance additives and titanium dioxide businesses that we acquired from Rockwood.
• Adjusted diluted income per share was $0.40 compared to $0.43 in the prior year period.
• Net income attributable to Huntsman Corporation was $5 million compared to net income of $54 million in the prior year period.
• The stronger U.S. dollar reduced adjusted EBITDA by an estimated $17 million compared to the prior year period.
THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported first quarter 2015 results with revenues of $2,589 million and adjusted EBITDA of $285 million.
Peter R. Huntsman, our President and CEO, commented:
“I am pleased with the strong first quarter earnings demonstrated by our differentiated businesses which include MDI urethanes, Performance Products, Advanced Materials and Textile Effects. EBITDA from these businesses improved approximately $30 million compared to the prior year. We continue to see strength in the markets we are serving and are encouraged by future growth prospects.
Business conditions remain challenging in the titanium dioxide market; however I am encouraged that our earnings improved approximately $10 million compared to the fourth quarter. We have
taken aggressive self- help measures to deliver $175 million of expected incremental synergies and restructuring savings by the middle of 2016. I see a clear path forward to an improvement in earnings within our Pigments and Additives business.
During the first quarter we completed planned maintenance at our PO/MTBE facility in Port Neches, Texas. We experienced some delays in the restart of the facility during April. We are currently operating at normal rates and estimate the EBITDA impact from the delayed startup to be approximately $35 million in the second quarter.”
Click here to read the full news release on Huntsman's first quarter 2015 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 Huntsman, 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.