For Immediate Release
October 27, 2014
The Woodlands, Texas
Third Quarter 2014 Highlights
• Adjusted EBITDA was $356 million compared to $376 million in the prior year period. Third quarter 2014 EBITDA was impacted by approximately $30 million resulting from an unplanned manufacturing disruption of PO/MTBE.
• Adjusted diluted income per share was $0.60 compared to $0.54 in the prior year period.
• Net income attributable to Huntsman Corporation was $188 million compared to $64 million in the prior year period. Third quarter 2014 was impacted by $94 million of tax benefit resulting from foreign tax credit elections.
THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported third quarter 2014 results with revenues of $2,884 million and adjusted EBITDA of $356 million.
Peter R. Huntsman, our President and CEO, commented:
“We continue to see growing demand for key products such as MDI polyurethanes, amines, maleic, aerospace composites and environmentally friendly textile dyes and chemicals. Third quarter EBITDA from these products increased more than $30 million compared to the prior year. The strength in our earnings is underpinned by broad earnings growth from multiple products across our divisions.
Recently, we successfully completed the acquisition of Rockwood’s performance additives and specialty titanium dioxide businesses. We have plans to deliver $130 million of annual synergies by the middle of 2016 at which point we believe this acquisition will yield approximately $0.70 of earnings per share to shareholders.”
Click here to see the full press release on Huntsman's third quarter 2014 results.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of approximately $13 billion including the acquisition of Rockwood’s performance additives and TiO2 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 15,000 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.