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Huntsman Announces Q3 2015 Results with Adjusted EBITDA of USD 311 Million

Published on 2015-11-02. Author : SpecialChem

THE WOODLANDS, TEXAS – Huntsman Corporation reported third quarter 2015 results with revenues of $2,638 million and adjusted EBITDA of $311 million.

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

Huntsman
Fig. 1: Huntsman Corporation

“We are aggressively focused on those elements within our business that we can control and are fully committed to an improvement in our free cash flow generation. We reduced our planned capital expenditures by a combined total of $150 million over the next two years and are determined to deliver more than $100 million of future synergy and restructuring savings. We expect our 2016 free cash flow to improve by at least $350 million.

“As an expression of confidence in the company’s future and our ability to deliver further shareholder value the board authorized $150 million of share repurchases. We intend to enter into a $100 million accelerated share repurchase transaction which will be completed within the next several months.

“Our board of directors has made it clear that we intend to exit the TiO2 business. We have narrowed our options to just two – one comprises a TiO2 spin to our shareholders and the other option constitutes a more strategic move. More information will be forthcoming in the near future.”

Third Quarter 2015 Highlights

• Announces $150 million reduction in planned capital expenditures for 2016 and 2017 combined.

• Announces intention to enter into a $100 million accelerated share repurchase transaction as part of the board authorized $150 million share repurchase program.

• Pigments and Additives synergy and restructuring savings remain on track, planned separation well advanced.

• Adjusted EBITDA was $311 million compared to $356 million in the prior year period and $385 million in the prior quarter.

• Adjusted diluted income per share was $0.47 compared to $0.60 in the prior year period and $0.63 in the prior quarter.

• Net income attributable to Huntsman Corporation was $55 million compared to net income of $188 million in the prior year period and $29 million in the prior quarter.

• The stronger U.S. dollar reduced adjusted EBITDA by an estimated $43 million compared to the prior year period.

About Huntsman

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2014 revenues of approximately $13 billion including the acquisition of Rockwood’s performance additives and titanium dioxide businesses. Its chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. It operates more than 100 manufacturing and R&D facilities in more than 30 countries and employ approximately 16,000 associates within our 5 distinct business divisions.

Source: Huntsman
 

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