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Huntsman Q1 adjusted EBITDA escalates 50% to $329mn
May '14
Huntsman Corporation reported first quarter 2014 results with revenues of $2,755 million and adjusted EBITDA of $329 million. Huntsman demonstrates broad earnings strength across division as adjusted EBITDA improves 50% compared to prior year.
First Quarter 2014 Highlights
-Adjusted EBITDA was $329 million compared to $220 million in the prior year period, an improvement of 50%.
-Adjusted diluted income per share was $0.43 compared to $0.19 in the prior year period.
-Net income attributable to Huntsman Corporation was $54 million compared to net loss of $24 million in the prior year period.
Peter R. Huntsman, President and CEO, commented, “Our first quarter results demonstrated broad earnings strength as all of our businesses exceeded the previous year with the exception of PO/MTBE.  The benefits of our previous year's restructuring efforts are visible in both our Advanced Materials and Textile Effects results.  We continue to see strong results in our Performance Products and MDI polyurethanes, which make up the core of our earnings.
We remain actively engaged with the European Union in their antitrust review of our proposed acquisition of Rockwood Holding's Performance Additives and Titanium Dioxide businesses.
This past month, at our Investor Day we presented a plan to achieve $2 billion of Adjusted EBITDA within the next 2-3 years.  With these strong first quarter results, we're well on our way to achieving this target.”
Segment Analysis for 1Q14 Compared to 1Q13
Advanced Materials
The decrease in revenues in our Advanced Materials division for the three months ended March 31, 2014 compared to the same period in 2013 was primarily due to lower sales volumes, partially offset by higher average selling prices and favorable sales mix.  Sales volumes decreased in our base resins business primarily due to our restructuring efforts.  During the fourth quarter 2013 we closed two of our base resins production units as we focus on higher value component and formulations sales such as aerospace, transportation and industrial markets.  
Average selling prices increased in all regions primarily due to increased prices for certain products as well as an increased focus on higher value component and formulations sales.  The increase in adjusted EBITDA was primarily due to higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.
Performance Products
The increase in revenues in our Performance Products division for the three months ended March 31, 2014 compared to the same period in2013 was due to higher sales volumes and higher selling prices partially offset by the mix effect of more toll business.  
Click here to view results.


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