Huntsman Q2 Results
Huntsman Releases Second Quarter 2015 Results; Adjusted Earnings Per Share Improves More Than 50% Compared To The First Quarter
THE WOODLANDS, Texas, July 29, 2015 /PRNewswire/ —
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 (HUN) 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 decrease in revenues in our Polyurethanes division for the three months ended June 30, 2015 compared to the same period in 2014 was primarily due to a planned maintenance outage at our PO/MTBE facility in Port Neches, Texas that extended into the second quarter of 2015 and lower average selling prices. PO/MTBE sales volumes decreased due to the planned maintenance outage. MDI sales volumes increased due to improved demand in the European region primarily due to improved demand within the insulation, composite wood products and automotive markets. PO/MTBE average selling prices decreased in-line with lower pricing for high octane gasoline. MDI average selling prices decreased in response to lower raw material costs and the foreign currency exchange impact of a stronger U.S. dollar against major European currencies. The decrease in adjusted EBITDA was primarily due to lower PO/MTBE earnings, partially offset by higher MDI contribution margins. We estimate the reduction to adjusted EBITDA from the planned PO/MTBE maintenance outage was approximately $30 million within this division in the second quarter 2015.
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