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

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Myanmar's garment units risk closure due to virus impact

Myanmar's garment factories are facing the risk of shutdown as the...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

GMAC urges EU to restore full EBA rights for Cambodia

Expressing disappointment over the recent European Union (EU)...

Pic: Shutterstock

Apparel/Garments | On 24th Feb 2020

Uzbekistan 3rd biggest garment exporter to Kazakhstan

Uzbekistan exported 10,000 tonnes of apparel to Kazakhstan in 2019,...

Interviews View All

Sanjay Desai & Ashish Mulani, True Colors

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Puneet Jain & Yatin Jain,

Puneet Jain & Yatin Jain

Odhni is an indutva or ethnicwear brand started in 1999 by the Jain...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

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


February 2020

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


Advanced Search