Peter R. Huntsman, our President and CEO, commented:
"I am pleased with our second quarter results. We experienced a solid second quarter, particularly in the quality of our earnings. Net income, adjusted EBITDA, and adjusted diluted income all increased compared to the prior year.
“More than 40% of our adjusted EBITDA was derived from our Polyurethanes business, which experienced double digit growth globally for our MDI products. Margins in that business improved as well.
“We have yet to realize the majority of benefits from our restructuring efforts. We expect the annual EBITDA benefit above our current run rate will exceed $150 million when completed by the end of 2013.
“We will continue to make every effort possible to drive shareholder value."
Segment Analysis for 2Q12 Compared to 2Q11
The increase in revenues in our Polyurethanes division for the three months ended June 30, 2012 compared to the same period in 2011 was due to higher sales volumes partially offset by lower average selling prices. MDI sales volumes increased as a result of improved demand in all regions and across most major markets. PO/MTBE sales volumes increased due to strong demand.
PO/MTBE average selling prices decreased primarily in response to lower raw material costs, partially offset by an increase in MDI average selling prices. The increase in adjusted EBITDA was primarily due to higher contribution margins and higher sales volumes.
The decrease in revenues in our Performance Products division for the three months ended June 30, 2012 compared to the same period in 2011 was due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily in response to lower raw material costs and the strength of the U.S. dollar against major international currencies.
Sales volumes decreased primarily due to lower demand across most markets and a greater shift to tolling arrangements. The decrease in adjusted EBITDA was primarily due to lower contribution margins, most notably in amines, lower sales volumes and the approximate $5 million impact from an unplanned outage at our ethylene oxide facility.
The decrease in revenues in our Advanced Materials division for the three months ended June 30, 2012 compared to the same period in 2011 was primarily due to lower average selling prices partially offset by higher sales volumes. Average selling prices decreased primarily in response to lower raw material costs, competitive market pressure and the strength of the U.S. dollar against major international currencies.
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