Fourth Quarter Adjusted EBITDA Improved 28% Compared To Prior Year
FOR IMMEDIATE RELEASE
Feb. 11, 2014
Fourth Quarter 2013 Highlights
• Record Adjusted EBITDA of $313 million, an improvement of 28% compared to the prior year period.
• Adjusted diluted income per share was $0.48 compared to $0.28 in the prior year period.
• Net income attributable to Huntsman Corporation was $41 million compared to net loss of $40 million in the prior year period.
Full Year 2013 Highlights
• Adjusted EBITDA was $1,213 million compared to $1,439 million in the prior year period. The decrease was primarily attributable to lower earnings in our Pigments division and lower PO/MTBE earnings which benefitted from industry supply outages in 2012.
• Adjusted diluted income per share was $1.61 compared to $2.40 in the prior year period.
• Net income attributable to Huntsman Corporation was $128 million compared to net income of $363 million in the prior year period.
THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2013 results with revenues of $2,705 million and adjusted EBITDA of $313 million.
Peter R. Huntsman, our President and CEO, commented:
“Our Adjusted EBITDA of $313 million was a fourth quarter record. With the notable exception of PO/MTBE, we saw broad improvements in earnings across our businesses in the fourth quarter compared to the prior year. Aggressive self-help measures that have re-focused our efforts on key markets and lowered our costs are yielding benefits to the bottom line. These restructuring efforts are expected to contribute an additional approximate $60 million of future EBITDA.
“We expect to close on the acquisitio
n of Rockwood Holdings’ Performance Additives and Titanium Dioxide businesses during the first half of 2014 and remain confident in our ability to deliver synergies of $130 million. Antitrust review in the U.S. is complete and we are making positive strides as it relates to the European Union review.
“We are investing for long term growth and are progressing well with the previously disclosed projects that will further increase our future EBITDA by nearly $200 million. We are enthused by the positive developments taking place within our business and look forward to delivering further value.”
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Kurt Ogden, (801) 584-5959
Gary Chapman, (281) 719-4324