The Urethane Blog

April 28th, 2016

Huntsman Earnings

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

  • Adjusted EBITDA was $274 million compared to $285 million in the prior year period and $240 million in the prior quarter.
  • Adjusted diluted income per share was $0.37 compared to $0.40 in the prior year period and $0.51 in the prior quarter.
  • Net income attributable to Huntsman Corporation was $56 million compared to $5 million in the prior year period and $4 million in the prior quarter.
  • The stronger U.S. dollar reduced adjusted EBITDA by an estimated $19 million compared to the prior year period; a negative impact of approximately $0.05 loss per diluted share.
  • First quarter 2016 free cash flow generation improved $34 million compared to the prior year period.
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Polyurethanes

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.

 

http://ir.huntsman.com/phoenix.zhtml?c=186725&p=irol-newsArticle&ID=2162489