Home / Knowledge / News / Textiles / Earnings improve at Huntsman in Q3
Earnings improve at Huntsman in Q3
30
Oct '13
Huntsman Corporation reported third quarter 2013 results with revenues of $2,842 million and adjusted EBITDA of $376 million.

Third Quarter 2013 Highlights

- Adjusted EBITDA was $376 million and includes record collective earnings for our non-Pigments divisions. This compares to $411 million in the prior year period and $304 million in the prior quarter.

- Adjusted diluted income per share was $0.54 compared to $0.73 in the prior year period and $0.39 in the prior quarter.

- Net income attributable to Huntsman Corporation was $64 million compared to net income of $116 million in the prior year period and net income of $47 million in the prior quarter.

- On October 1, 2013 we announced plans to restructure our Performance Products surfactants business in Europe. We expect to complete this restructuring by the end of 2014 and estimate the annual adjusted EBITDA benefit to be approximately $20 million.

- On September 17, 2013 we announced an agreement with Rockwood Holdings, Inc. to acquire their Performance Additives and Titanium Dioxide businesses for $1.1 billion in cash and the assumption of unfunded pension liabilities estimated at $225 million. The transaction remains subject to regulatory approvals and customary closing conditions and is expected to close in the first half of 2014.

- On August 29, 2013 we announced the completion of the acquisition of Oxid, a privately-held manufacturer and marketer of specialty urethane polyols. We expect this business to contribute approximately $15 to $20 million of annual adjusted EBITDA.

Peter R. Huntsman, our President and CEO, commented:

"Our third quarter results were very strong, excluding results from our Pigments business our earnings improved compared to the previous year and quarter. Earnings within our Pigments business have been improving throughout the year and we are encouraged by industry trends. Earnings improved across all of our businesses compared to last quarter."

"During the quarter, we announced an agreement with Rockwood Holdings to acquire their Performance Additives and Titanium Dioxide businesses. We expect to pursue a public offering of our new combined Pigments business to allow greater investor focus and appreciation for our differentiated businesses.

"With improving market conditions and pro forma synergies in excess of $130 million we believe this acquisition will add significant shareholder value. We also closed on an acquisition within our Polyurethanes division which strengthens our downstream and specialty capabilities. Both of these transactions are immediately accretive to our earnings."

"We recently announced additional restructuring, specifically within our Performance Products business. The future EBITDA benefit of our companywide restructuring efforts is expected to be approximately $140 million; in addition to the approximate $100 million we have already achieved. I am encouraged by our third quarter results and am optimistic about our future prospects."

Click here to read full result.

Huntsman

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search