Huntsman Releases Second Quarter 2015 Results; Adjusted Earnings Per Share Improves More Than 50% Compared to the First Quarter
FOR IMMEDIATE RELEASE
July 29, 2015
The Woodlands, Texas
Second Quarter 2015 Highlights
- Adjusted EBITDA was $385 million compared to $363 million in the prior year period and $285 million in the prior quarter.
- Adjusted diluted income per share was $0.63 compared to $0.59 in the prior year period and $0.40 in the prior quarter.
- Net income attributable to Huntsman Corporation was $29 million compared to net income of $119 million in the prior year period and $5 million in the prior quarter.
- The stronger U.S. dollar reduced adjusted EBITDA by an estimated $49 million compared to the prior year period.
- Extended planned maintenance at our Port Neches, TX facility reduced adjusted EBITDA in the second quarter 2015 by approximately $35 million.
THE WOODLANDS, Texas – Huntsman Corporation (NYSE: HUN) today reported second quarter 2015 results with revenues of $2,740 million and adjusted EBITDA of $385 million.
Peter R. Huntsman, our President and CEO, commented:
“Our Performance Products and Advanced Materials businesses continue to demonstrate remarkable earnings. Combined, these businesses represent approximately 50% of our adjusted EBITDA; they have EBITDA margins of approximately 20% and low earnings volatility. Their EBITDA grew approximately 20% compared to the prior year and we have growth projects in place for these businesses that are expected to deliver an additional $100 million over the next couple of years.
Notwithstanding EBITDA headwinds in the second quarter 2015 such as $49 million from foreign currency and $35 million from the extended maintenance outage at our Port Neches, TX facility, our earnings a
re growing. We are delivering on our announced restructuring savings and growth projects. Our aggressive efforts to deliver $200 million of synergy and restructuring savings within our Pigments and Additives division by the middle of 2016 are progressing on-time and according to plan.”
Click here to read the full news release on Huntsman's second 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 th
is 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.