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

Surat textile traders urge PM to analyse impact of GST

Textiles | On 28th May 2018

Surat textile traders urge PM to analyse impact of GST

Textile traders from the man-made fabric hub of Surat have urged...

Karnataka garment workers seek minimum wage hike

Apparel/Garments | On 28th May 2018

Karnataka garment workers seek minimum wage hike

Garment workers in Karnataka are demanding that the newly formed HD...

Amazon debuts on Fortune 500 top 10 list

Apparel/Garments | On 28th May 2018

Amazon debuts on Fortune 500 top 10 list

American e-marketplace Amazon has cracked Fortune 500’s top 10 list...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search