|Huntsman Reports First Quarter Results; Reports Strong Adjusted EBITDA Improvement Compared to Prior Quarter|
THE WOODLANDS, Texas, April 28, 2016 /PRNewswire/ —
First Quarter 2016 Highlights
The decrease in revenues in our Polyurethanes division for the three months ended March 31, 2016 compared to the same period in 2015 was primarily due to lower average selling prices. MDI average selling prices decreased in response to lower raw material costs and the foreign currency exchange impact of a stronger U.S. dollar primarily against the euro. MTBE average selling prices decreased in-line with lower pricing for high octane gasoline. PO/MTBE sales volumes increased due to the impact of the prior year planned maintenance outage. MDI sales volumes increased due to higher demand in the Americas and European regions. The increase in adjusted EBITDA was primarily due to the impact of the prior year planned PO/MTBE maintenance outage, estimated at $60 million, and higher MDI volumes, partially offset by lower MTBE margins and the foreign currency exchange impact of a stronger U.S. dollar primarily against the euro.
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