THE WOODLANDS, TX - Huntsman Corp. reported third-quarter 2011 results with revenues of $2,976 million and adjusted EBITDA of $345 million.
Peter R. Huntsman, President and CEO of the company, commented "Our third quarter was the strongest in our company's history. Our revenues, adjusted EBITDA and adjusted net income are all stronger than a year ago as we appear to be heading towards a record year. This past quarter we announced large restructuring plans to mitigate the impact of the strong Swiss franc and to address the challenging business conditions of the global textile industry. We expect to record cash restructuring charges of approximately $135 million and expect annual benefits of approximately $90 million between our Textile Effects business and our Swiss-based Advanced Materials divisions. We expect to see the impact of these changes beginning in the first quarter of 2012. As satisfied as we feel about our strong quarter, we are still mindful of the sluggish global business conditions. As the economy gradually improves in the coming year, we fully expect stronger earnings from our business as many of our larger product lines are still quite some distance from their peak earnings potential. In short, I am quite pleased with our third-quarter results, but expect stronger performance as the global economy returns to more stable growth."
The company reported that revenues improved 24 percent compared to the prior-year period. Adjusted EBITDA improved 26 percent to $345 million compared to the prior-year period. Adjusted diluted income per share improved 32 percent to $0.45 compared to the prior-year period.