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Specialty chemicals producer Huntsman books Q4 loss
03
Mar '15
Specialty chemicals producer, Huntsman Corporation slipped in to a net loss in the fourth quarter ended December 31, 2014 as against positive net income in the same quarter of 2013.

In the fourth quarter of 2014, Huntsman said it posted a net loss of $38 million compared to net income of $41 million in the prior year period.

According to a press release, adjusted EBITDA in the reporting quarter totaled $292 million down from $313 million in the corresponding period of 2013.

“Pro forma for the Rockwood acquisition, our adjusted EBITDA was $300 million compared to $341 in the fourth quarter from the year earlier quarter,” it said.

“The decrease was primarily attributable to lower earnings in our Pigments and Additives division,” the specialty chemicals producer added.

As a consequence, adjusted diluted income per share was $0.33 in the quarter under review compared to $0.48 in the fourth quarter from 2013.

Huntsman suffered approximate negative foreign currency adjusted EBITDA impact of $11 million compared to the prior year period, from a stronger US dollar against major European currencies.

For the full year of 2014, adjusted EBITDA was $1,340 million compared to $1,213 million in 2013. Pro forma for the Rockwood acquisition, its adjusted EBITDA was $1,495 million from $1,323 in 2013.

Adjusted diluted income per share rose higher at $1.94 as against $1.61 in the prior year, an increase of 20 per cent.

Net income attributable to Huntsman Corporation was $323 million in the reporting year compared to $128 million in 2013.

CEO Peter Huntsman said, “2014 was a remarkable year for us; our differentiated businesses collectively increased their adjusted EBITDA by more than $200 million.”

“I am encouraged by the attractive growth profile of these businesses and expect them to perform even better in 2015,” he added.

According to the CEO, they are investing in growth projects that are expected to add more than $200 million of annual EBITDA over the next few years.

It is aggressively taking action to deliver $130 million of synergies as it integrates the businesses, it purchased from Rockwood this past October.

In addition, Huntsman recently took action to rationalise its European titanium dioxide capacity with expected EBITDA benefits of approximately $35 million.

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals and operates more than 100 manufacturing and R&D facilities in more than 30 countries. (AR)

Fibre2fashion News Desk - India

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