Home > Chemical News

Chemical News

Huntsman Releases Second Quarter 2010 Results

https://www.chemnet.com   Aug 09,2010
IMPROVED DEMAND LEADS TO SECOND QUARTER EARNINGS OF: $116 MILLION IN NET INCOME AND $257 MILLION IN ADJUSTED EBITDA
Second Quarter 2010 Highlights


Revenues for the second quarter of 2010 were $2,343 million, an increase of 27% compared to $1,846 million for the same period in 2009 and an increase of 12% compared to $2,094 million for the first quarter of 2010.


Adjusted EBITDA for the second quarter of 2010 was $257 million compared to $93 million for the same period in 2009 and $123 million for the first quarter of 2010.


Net income attributable to Huntsman Corporation for the second quarter of 2010 was $114 million or $0.47 per diluted share. This compares to net income attributable to Huntsman Corporation of $406 million or $1.51 per diluted share for the same period in 2009 (including $531 million of net income or $2.27 per diluted share related to our terminated merger and related litigation) and $172 million loss or $0.73 loss per diluted share for the first quarter of 2010.


Adjusted net income for the second quarter of 2010 was $75 million or $0.31 per diluted share. This compares to an adjusted net loss of $66 million or $0.28 loss per diluted share for the same period in 2009 and adjusted net loss of $16 million or $0.07 loss per diluted share for the first quarter of 2010.


Adjusted net income and adjusted EBITDA for the second quarter 2010 includes a non-recurring $15 million pre-tax benefit to appropriately reflect our investment in the Sasol-Huntsman maleic anhydride joint venture. Adjusted net income also includes a $15 million pre-tax one time reduction to interest expense related to a cross currency swap. The combined effect of these non-recurring items was approximately $0.09 per diluted share.


Polyurethanes


The increase in revenues in our Polyurethanes division for the three months ended June 30, 2010


compared to the same period in 2009 was primarily due to higher average selling prices and highersales volumes. 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 markets with the exception of appliances, while PO/MTBE sales volumes increased generally due to improved demand. The decrease in Adjusted EBITDA was primarily due to lower PO/MTBE margins partially offset by higher MDI margins.


 Print  |    add to Favorites  |    Close