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Huntsman Reports Fourth Quarter Results

Published on 2011-02-22. Author : SpecialChem

Revenues for the three months ended December 31, 2010 increased to $2,412 million from $2,064 million for the same period in 2009. For the three months ended December 31, 2010, Adjusted EBITDA was $219 million compared to $174 million for the same period in 2009.

Polyurethanes

The increase in revenues in our Polyurethanes division for the three months ended December 31, 2010 compared to the same period in 2009 was primarily due to higher sales prices and higher sales volumes. Average selling Average selling prices for MDI and PO/MTBE increased in response to higher raw material costs. MDI sales volumes increased as a result of improved demand in all regions and across all major sectors with the exception of appliances, while PO/MTBE sales volumes were essentially the same. The decrease in Adjusted EBITDA was primarily due to lower PO/MTBE contribution margins partially offset by increased MDI earnings.

Performance Products

The increase in revenues in our Performance Products division for the three months ended December 31, 2010 compared to the same period in 2009 was due to higher average selling prices and higher sales volumes. Average selling prices increased across all product groups primarily in response to stronger market conditions and higher raw material costs, partially offset by the strength of the U.S. dollar against major European currencies. Sales volumes increased primarily due to higher demand and additional sales of certain products previously produced under tolling arrangements. The increase in Adjusted EBITDA was primarily due to higher contribution margins and higher sales volumes partially offset by higher manufacturing and selling, general and administrative costs.

Advanced Materials

The increase in revenues in our Advanced Materials division for the three months ended December 31, 2010 compared to the same period in 2009 was due to higher average selling prices and higher sales volumes. Average selling prices increased in our specialty components and base resins business primarily in response to higher raw material costs partially offset by lower average selling prices in our formulations business primarily as a result of competitive market pressure in our wind business and overall product mix. Sales volumes increased in the Americas and Asia- Pacific regions while volumes were essentially the same in Europe. The decrease in Adjusted EBITDA was primarily due to higher manufacturing and selling, general and administrative costs partially offset by higher contribution margins and higher sales volumes.

Fourth Quarter 2010 Highlights

  • Revenues for the fourth quarter of 2010 were $2,412 million, an increase of 17% compared to $2,064 million for the same period in 2009 and a slight increase compared to $2,401 million for the third quarter of 2010.
  • Adjusted EBITDA for the fourth quarter of 2010 was $219 million compared to $174 million for the same period in 2009 and $273 million for the third quarter of 2010.
  • Adjusted net income for the fourth quarter of 2010 was $58 million or $0.24 per diluted share. This compares to adjusted net income of $78 million or $0.30 per diluted share for the same period in 2009 and adjusted net income of $83 million or $0.34 per diluted share for the third quarter of 2010.
  • Net income attributable to Huntsman Corporation for the fourth quarter of 2010 was $30 million or $0.12 per diluted share. This compares to net income attributable to Huntsman Corporation of $66 million or $0.26 per diluted share for the same period in 2009 and $55 million or $0.23 per diluted share for the third quarter of 2010.

Full Year 2010 Highlights

  • Revenues for 2010 were $9,250 million compared to $7,665 million for 2009.
  • Adjusted EBITDA for 2010 was $872 million compared to $529 million for 2009.
  • Adjusted net income for 2010 was $200 million or $0.83 per diluted share compared to adjusted net loss of $303 million or $1.30 loss per diluted shared for 2009.
  • Net income attributable to Huntsman Corporation for 2010 was $27 million or $0.11 per diluted share compared to $114 million or $0.48 per diluted shared for 2009.

About Huntsman

Huntsman is a global manufacturer and marketer of differentiated chemicals. Our operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.

Source: Huntsman


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