Huntsman CEO expects adjusted EBITDA to increase 10% for Q2

21 Jul '08

2 min read

Huntsman Corporation announced that it expects its Adjusted EBITDA for the three month period ended June 30, 2008, to increase by approximately 10% as compared to Adjusted EBITDA for the three month period ended March 31, 2008.

Peter Huntsman, President and CEO, stated, "Despite absorbing an additional $75 million in higher raw material, energy and other direct costs in the second quarter as compared to the first quarter, as well as the continued decline in the value of the US dollar, we are successfully implementing increases in our selling prices and sales volumes have improved.

Our results in the month of June were stronger than those recorded in May, which were stronger than those recorded in April.

We expect this trend to continue into the second half of 2008 and would expect Adjusted EBITDA in the second half of the year to be stronger than in the first half."

We estimate Net Debt, including amounts outstanding under our accounts receivable securitization program, was approximately $4.3 billion as of June 30, 2008.

This compares to approximately $4.1 billion at June 30, 2007. Estimated total cash and unused borrowing capacity at June 30, 2008 was in excess of $550 million.

Mr. Huntsman added, “Obviously, we are pleased with these results and outlook and have been eager to make these available in light of Apollo and Hexion's false and misleading allegations about our performance and financial condition.“

Huntsman Corporation

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