Huntsman First Quarter Revenue Falls
Huntsman Corp. recently released its first quarter 2013 results. Adjusted EBITDA was $220 million compared to $407 million in the prior year period (adjusted to exclude amortization of pension and postretirement actuarial losses of $19 million and $10 million, respectively).
Revenue for the three months ended March 31 was $2,702 million, vs. $2,913 million in the same period last year. Net loss attributable to Huntsman Corp. was $24 million, compared to net income of $163 million in the prior year period.
“During the first quarter this year we saw a meaningful improvement in our MDI polyurethane margins,” said Peter R. Huntsman, president and CEO. “We expect this trend to continue as industry fundamentals improve. I am encouraged by general demand trends across our businesses in North America and Asia, and am optimistic about future prospects of our business in the key markets we serve. With the successful restart of our Port Neches facility and in excess of $165 million of annual cash improvements in the next several quarters, we continue to forecast that our non-TiO2divisions will collectively do better this year than last.”
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