Huntsman Quarterly Results
HUNTSMAN REPORTS THIRD QUARTER 2015 ADJUSTED EBITDA OF
$311 MILLION AND ANNOUNCES MAJOR REDUCTION IN PLANNED CAPITAL EXPENDITURES
• Announces $150 million reduction in planned capital expenditures for 2016 and 2017 combined.
• Announces intention to enter into a $100 million accelerated share repurchase transaction as part of the board authorized $150 million share repurchase program.
• Pigments and Additives synergy and restructuring savings remain on track, planned separation well advanced.
• Adjusted EBITDA was $311 million compared to $356 million in the prior year period and $385 million in the prior quarter.
• Adjusted diluted income per share was $0.47 compared to $0.60 in the prior year period and $0.63 in the prior quarter.
• Net income attributable to Huntsman Corporation was $55 million compared to net income of $188 million in the prior year period and $29 million in the prior quarter.
• The stronger U.S. dollar reduced adjusted EBITDA by an estimated $43 million compared to the prior year period.
Segment Analysis for 3Q15 Compared to 3Q14
The decrease in revenues in our Polyurethanes division for the three months ended September 30, 2015 compared to the same period in 2014 was primarily due to lower average selling prices partially offset by higher sales volumes. MDI average selling prices decreased in response to lower raw material costs and the currency exchange impact of a stronger U.S. dollar against major European currencies. PO/MTBE average selling prices decreased in-line with lower pricing for high octane gasoline. PO/MTBE sales volumes increased primarily as a result of not experiencing an unplanned manufacturing disruption at our Port Neches, Texas facility as we did in the third quarter 2014. MDI sales volumes decreased due to lower demand in the Asian and Americas regions partially offset by growth in the European region. The decrease in adjusted EBITDA was primarily due to the foreign currency exchange impact of a stronger U.S. dollar against major European currencies and lower MDI sales volumes partially offset by higher MDI contribution margins.
http://ir.huntsman.com/phoenix.zhtml?c=186725&p=irol-news&nyo=0« Previous Post Next Post »