THE WOODLANDS, TX - Huntsman Corp., The Woodlands, TX, has reported second-quarter earnings of $116 million in net income and $257 million in adjusted EBITDA.
Revenues for the second quarter of 2010 were $2,343 million, an increase of 27 percent compared to $1,846 million for the same period in 2009 and an increase of 12 percent 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 Corp. for the second quarter of 2010 was $114 million, or $0.47 per diluted share. This compares to net income attributable to Huntsman Corp. 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 the company’s 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.
Peter R. Huntsman, President and CEO, commented, “The second quarter of 2010 was a strong quarter for us. The combination of a number of conditions resulted in adjusted earnings we haven’t seen since 2007. We saw strong underlying demand for our products as volumes grew across all of our businesses compared to the prior year as well as the prior quarter. We increased selling prices to offset recent pressure in raw material costs. In addition, the benefits of our successful cost-saving efforts implemented in 2009 are evident in the bottom line.”
Huntsman continued, “The third quarter is traditionally slower than the second within the chemical industry; notwithstanding this, we believe there is still significant long-term upside to our business earnings. North American and European economies, which represent approximately two thirds of our volume, still show relatively modest growth. We continue to have idle capacity in many of our products that will be more fully utilized as demand improves. We are excited about the future of the company and will continue our efforts to improve earnings in every division of the company.”
Huntsman Announces Improved Second-Quarter Results
August 15, 2010