Huntsman Releases First Quarter 2012 Results and Reports Record Earnings: $397 Million Adjusted EBITDA, $0.74 Adjusted EPS
THE WOODLANDS, Texas, May 1, 2012 /PRNewswire/ --
First Quarter 2012 Highlights
- Revenues improved 9% compared to the prior year period.
- Net income attributable to Huntsman Corporation increased to $163 million compared to $62 million in the prior year period.
- Adjusted EBITDA improved 31% to $397 million compared to the prior year period.
- Adjusted diluted income per share improved 64% to $0.74 compared to the prior year period.
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Three months ended |
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March 31, |
December 31, |
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In millions, except per share amounts, unaudited |
2012 |
2011 |
2011 |
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Revenues |
$ 2,913 |
$ 2,679 |
$ 2,632 |
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Net income attributable to Huntsman Corporation |
$ 163 |
$ 62 |
$ 105 |
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Adjusted net income(1) |
$ 177 |
$ 110 |
$ 68 |
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Diluted income per share |
$ 0.68 |
$ 0.26 |
$ 0.44 |
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Adjusted diluted income per share(1) |
$ 0.74 |
$ 0.45 |
$ 0.28 |
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EBITDA(1) |
$ 390 |
$ 239 |
$ 273 |
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Adjusted EBITDA(1) |
$ 397 |
$ 304 |
$ 243 |
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See end of press release for footnote explanations |
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Huntsman Corporation (HUN) today reported first quarter 2012 results with revenues of $2,913 million and adjusted EBITDA of $397 million.
Peter R. Huntsman, our President and CEO, commented:
"Our first quarter 2012 earnings represented a record performance. Improvements in our MDI selling prices and attractive margins in our PO/MTBE business were notable.
There are still considerable financial benefits forthcoming from our restructuring efforts. Notwithstanding certain economic challenges in various parts of the world, I am most optimistic about our earnings potential."
Segment Analysis for 1Q12 Compared to 1Q11
Polyurethanes
The increase in revenues in our Polyurethanes division for the three months ended March 31, 2012 compared to the same period in 2011 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased primarily in response to improved demand, while PO/MTBE average selling prices increased primarily in response to improved demand and industry supply constraints. MDI sales volumes increased as a result of improved demand in all regions and across all major markets with the exception of appliances. PO/MTBE sales volumes increased due to strong demand. The increase in adjusted EBITDA was primarily due to higher contribution margins and higher sales volumes.
http://finance.yahoo.com/news/huntsman-releases-first-quarter-2012-100000660.html
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