Home / Knowledge / News / Textiles / Disruption of PO/MTBE hits Huntsman Corp Q3 EBITDA
Disruption of PO/MTBE hits Huntsman Corp Q3 EBITDA
31
Oct '14
An unplanned manufacturing disruption of PO/MTBE, led to US based Huntsman Corporation reporting a lower adjusted EBITDA, from a year ago quarter, in the third quarter of 2014.

Huntsman said adjusted EBITDA amounted to $356 million in the three months to September 2014, down from $376 million in the prior year period.

However, adjusted diluted income per share in the third quarter of 2014 rose to $0.60 from $0.54 in the third quarter of 2013.

Third quarter of 2014, net income attributable to Huntsman Corp touched $188 million compared to $64 million in the same quarter of 2013.

“Third quarter 2014 was impacted by $94 million of tax benefit resulting from foreign tax credit elections,” Huntsman explained.

Revenue in the third quarter of 2014 too grew slowly to $2.88 billion in the reporting quarter from $2.84 billion in the year earlier quarter.

Higher average selling prices, partially offset by lower sales volumes, helped the Textile Effects division notch up higher revenues for the three months to September 2014.

“Average selling prices increased primarily in response to higher raw material costs and improved sales mix, while sales volumes fell from de-selection of lower value business,” Huntsman noted.

The Textile Effects segment also posted a hike in adjusted EBITDA, due to higher contribution margins, as a result of restructuring efforts.

As of September 30, 2014, Huntsman had $1,365 million of combined cash and unused borrowing capacity compared to $1,048 million at December 31, 2013.

On October 1, 2014, it successfully completed the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood for $1.04 billion in cash and assumed certain unfunded European pension liabilities.

In August 2014, Huntsman increased its existing revolving credit facility by $200 million to $600 million and in October 2014, it was increased by an additional $25 million.

Total capital expenditures for the three months ended September 30, 2014 were $137 million and it expects to spend approximately $550 million on capital expenditures in 2014.

CEO Peter Huntsman said, “We continue to see growing demand for key products such as MDI polyurethanes, amines, maleic, aerospace composites and environmentally friendly textile dyes and chemicals.”

“Third quarter EBITDA from these products increased more than $30 million compared to the prior year and the strength in our earnings is underpinned by broad earnings growth from multiple products across our divisions,” he added. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 26th Jun 2017

GSTN registration reopens

E-commerce operators and TDS (tax deducted at source) deductors can...

Textiles | On 26th Jun 2017

Expedite release of ROSL pending claims: TEA to Centre

The Tiruppur Exporters' Association (TEA) has again urged Union...

Textiles | On 26th Jun 2017

'Export promotion schemes to continue under GST regime'

The export promotion schemes will continue under GST regime, said...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Amrit Sethia
SOIE

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search