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

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

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

Mark Paterson
Technical Absorbents Ltd

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

Aditi Somani
Aditi Somani

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


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