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Huntsman Corp Q1 revenue up 28%
06
May '11
Huntsman Corporation announced first quarter result of 2011.

First Quarter 2011 Highlights

• Revenues for the first quarter of 2011 were $2,679 million, an increase of 28% compared to $2,094 million for the same period in 2010 and an increase of 11% compared to $2,412 million for the fourth quarter of 2010.
• Adjusted EBITDA for the first quarter of 2011 was $302 million compared to $123 million for the same period in 2010 and $219 million for the fourth quarter of 2010.
• Adjusted net income for the first quarter of 2011 was $114 million or $0.47 per diluted share. This compares to adjusted net loss of $16 million or $0.07 loss per diluted share for the same period in 2010 and adjusted net income of $58 million or $0.24 per diluted share for the fourth quarter of 2010.
• Net income attributable to Huntsman Corporation for the first quarter of 2011 was $62 million or $0.26 per diluted share. This compares to net loss attributable to Huntsman Corporation of $172 million or $0.73 loss per diluted share for the same period in 2010 and net income attributable to Huntsman Corporation of $30 million or $0.12 per diluted share for the fourth quarter of 2010.

Recent Highlights

• On April 2, 2011, we completed the acquisition of the Indian chemicals business of Laffans Petrochemicals Ltd. The business manufactures amines and surfactants for use in the fast growing Asia Pacific region.
• On March 7, 2011, we completed a successful amendment to our credit agreement. Among other things, we extended the maturity date of $650 million of our Term Loan B by three years from April 2014 to April 2017 and increased the applicable margin on borrowing.
• On February 16, 2011, we announced our intent to increase the capacity of our Jurong Island, Singapore polyetheramine facility. We plan to invest approximately $70 million to increase the annual production capacity from 16,000 tons to approximately 56,000 tons. Over the next decade we expect demand for our amines to grow at least 10% per year in the Asia Pacific region.
• On January 18, 2011 we completed the early redemption of $100 million of our 7 3/8% senior subordinated notes due 2015 with available cash.

Peter R. Huntsman, our President and CEO, commented:

"I am pleased with the strong earnings of our business in the first quarter; underlying demand for our largest businesses continues to improve with the global economic recovery. We are raising prices and recapturing margin despite the headwind of increased raw material and energy costs."

Three Months Ended March 31, 2011 Compared to Three Months Ended March 31, 2010

Revenues for the three months ended March 31, 2011 increased to $2,679 million from $2,094 million for the same period in 2010. For the three months ended March 31, 2011, Adjusted EBITDA was $302 million compared to $123 million for the same period in 2010.


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