HUNTSMAN CORPORATION THE WOODLANDS, Texas, July 27, 2016 /PRNewswire/ --
Second Quarter 2016 Highlights
-- Net income was $94 million compared to $39 million in the prior year
period and $62 million in the prior quarter.
-- Adjusted EBITDA was $325 million compared to $385 million in the prior
year period and $274 million in the prior quarter.
-- Diluted income per share was $0.36 compared to $0.12 in the prior year
period and $0.24 in the prior quarter.
-- Adjusted diluted income per share was $0.53 compared to $0.63 in the
prior year period and $0.37 in the prior quarter.
-- Net cash provided by operating activities was $355 million. Free cash
flow generation was $282 million; we subsequently made a $100 million
early repayment of debt in July 2016.
Three months ended Six months ended
June 30, March 31, June 30,
-------- --------
In millions,
except per share
amounts 2016 2015 2016 2016 2015
----------------- ---- ---- ---- ---- ----
Revenues $2,544 $2,740 $2,355 $4,899 $5,329
Net income $94 $39 $62 $156 $54
Adjusted net
income(1) $126 $155 $88 $214 $253
Diluted income per
share $0.36 $0.12 $0.24 $0.60 $0.14
Adjusted diluted
income per
share(1) $0.53 $0.63 $0.37 $0.90 $1.02
Adjusted EBITDA(1) $325 $385 $274 $599 $670
See end of press release for footnote explanations
Huntsman Corporation (NYSE: HUN) today reported second quarter 2016 results with revenues of $2,544 million, net income of $94 million and adjusted EBITDA of $325 million.
Peter R. Huntsman, our President and CEO, commented:
"Our management team is focused on three primary strategic financial objectives. 1) Generating more than $350 million of free cash flow in 2016. 2) Growing margins and earnings in our downstream differentiated businesses. 3) Separating our TiO2 business through either a strategic combination or a spin-off.
"Our second quarter results demonstrate our commitment to these objectives. I am delighted we generated $282 million of free cash flow during the quarter, in part due to our increased focus on inventory management and are on plan to exceed our $350 million target. This enabled us to make a $100 million early repayment of debt in July. Our MDI margins are expanding, our Performance Products margins are healthy and our Advanced Materials business is maintaining strong margins. We are actively working toward a separation of our TiO2 business with a target of year-end or first quarter 2017. TiO2 selling prices are rising and other business conditions are improving for our Pigments and Additives business. In time, it should be well positioned for our planned separation. We will provide more information regarding the separation on our second quarter earnings conference call.
"I am encouraged by our second quarter results. We are well on track to successfully accomplish our objectives."
Segment Analysis for 2Q16 Compared to 2Q15
Polyurethanes
The decrease in revenues in our Polyurethanes division for the three months ended June 30, 2016 compared to the same period in 2015 was primarily due to lower average selling prices partially offset by higher sales volumes. MDI average selling prices decreased in response to lower raw material costs. MTBE average selling prices decreased primarily as a result of lower pricing for high octane gasoline. MDI sales volumes increased due to higher demand in the Americas and European regions. PO/MTBE sales volumes increased due to the impact of the prior year planned maintenance outage. The increase in adjusted EBITDA was primarily due to the impact of the prior year planned PO/MTBE maintenance outage, estimated at $30 million, as well as higher MDI margins and sales volumes, partially offset by lower MTBE margins.
Performance Products
The decrease in revenues in our Performance Products division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily in response to lower raw material costs and competitive market conditions. Sales volumes decreased primarily due to softer demand in China and oilfield applications as well as competitive market conditions. The decrease in adjusted EBITDA was primarily due to lower margins in our amines, maleic anhydride and upstream intermediates businesses.
Advanced Materials
The decrease in revenues in our Advanced Materials division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to soft demand for low value business in our coatings and construction market, partially offset by growth in our aerospace market across all regions. Average selling prices decreased in our Asia Pacific region primarily as a result of competitive pressure in our electrical and wind markets, partially offset by higher average selling prices in our European and Americas regions. Adjusted EBITDA was unchanged as higher contribution margins from lower raw material costs were offset by lower sales volumes.
Textile Effects
The decrease in revenues in our Textile Effects division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower average selling prices partially offset by higher sales volumes. Average selling prices decreased primarily due to lower raw material costs. Sales volumes increased in key target countries such as Bangladesh and India. The increase in adjusted EBITDA was primarily due to higher contribution margins from lower raw material costs.
Pigments and Additives
The decrease in revenues in our Pigments and Additives division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower average selling prices, partially offset by higher sales volumes. Average selling prices decreased primarily as a result of competitive pressure however they increased compared to the prior quarter. Sales volumes increased primarily due to increased end use demand. The decrease in adjusted EBITDA was primarily due to lower contribution margins for titanium dioxide.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other decreased by $14 million to a loss of $45 million for the three months ended June 30, 2016 compared to a loss of $31 million for the same period in 2015. The decrease in adjusted EBITDA was primarily the result of a decrease in LIFO inventory valuation income and a decrease in income from benzene sales.
Liquidity, Capital Resources and Outstanding Debt
As of June 30, 2016, we had $1,213 million of combined cash and unused borrowing capacity compared to $1,023 million on December 31, 2015.
On April 1, 2016, we entered into a new $550 million 2016 term loan B due 2023. Proceeds from the new term loan were used to repay in full our term loan B due 2017 and remaining term loan C due 2016. We also extended the maturity of our revolving credit facility to 2021 and increased the amount to $650 million.
On July 22, 2016, we made a $100 million early repayment of debt on our term loan B due 2019. We expect to record less than $1 million in early extinguishment of debt costs in the third quarter 2016.
Total capital expenditures for the three months and six months ended June 30, 2016 were $90 million and $189 million, respectively. As part of our completed ethylene oxide expansion in Port Neches, Texas, we received $26 million of capital reimbursement during the second quarter of 2016 from our customer with whom we have a multi-year offtake agreement. We expect to spend approximately $450 million annually on capital expenditures in 2016 and 2017.
We expect our 2016 depreciation and amortization to be approximately $430 million.
Income Taxes
During the three months ended June 30, 2016, we recorded an income tax expense of $32 million. During the same period we paid $16 million in cash for income taxes.
We expect our 2016 adjusted effective tax rate to be approximately 25 - 30%. Our MTBE earnings are taxed at the U.S. statutory rate of 35%, variability in our MTBE earnings will have a meaningful impact on where our adjusted tax rate will be within that range. We expect our long term adjusted effective tax rate to be approximately 30%.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2016 financial results on Wednesday, July 27, 2016 at 11:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants (888) 713 - 4218
International participants (617) 213 - 4870
Passcode 478 152 79#
In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to: https://www.theconferencingservice.com/prereg/key.process?key=PMUG7QP3W
Webcast Information
The conference call will be available via webcast and can be accessed from the company's website at ir.huntsman.com.
Replay Information
The conference call will be available for replay beginning July 27, 2016 and ending August 3, 2016.
Call-in numbers for the replay:
U.S. participants (888) 286 - 8010
International participants (617) 801 - 6888
Replay code 27138577
Upcoming Conferences
During the third quarter a member of management will present at the Jefferies Industrials Conference, August 10, 2016. A webcast of the presentation, if applicable, along with accompanying materials will be available at ir.huntsman.com.
Table 1 -- Results of Operations
--------------------------------
Three months ended Six months ended
June 30, June 30,
-------- --------
In
millions,
except
per share
amounts 2016 2015 2016 2015
---------- ---- ---- ---- ----
Revenues $2,544 $2,740 $4,899 $5,329
Cost of
goods
sold 2,087 2,191 4,026 4,330
----- ----- ----- -----
Gross
profit 457 549 873 999
Operating
expenses 252 289 517 569
Restructuring,
impairment
and plant
closing
costs 29 114 42 207
--- --- --- ---
Operating
income 176 146 314 223
Interest
expense (50) (53) (100) (109)
Equity in
income of
investment
in
unconsolidated
affiliates 2 3 3 5
Loss on
early
extinguishment
of debt (2) (20) (2) (23)
Other
income
(loss) 1 (1) 2 (2)
--- ---
Income
before
income
taxes 127 75 217 94
Income tax
expense (32) (34) (59) (36)
--- ---
Income
from
continuing
operations 95 41 158 58
Loss from
discontinued
operations,
net of
tax(2) (1) (2) (2) (4)
Net income 94 39 156 54
Net income
attributable
to
noncontrolling
interests,
net of
tax (7) (10) (13) (20)
Net income
attributable
to
Huntsman
Corporation $87 $29 $143 $34
=== === ==== ===
Adjusted
EBITDA(1) $325 $385 $599 $670
Adjusted
net
income(1) $126 $155 $214 $253
Basic
income
per share $0.37 $0.12 $0.61 $0.14
Diluted
income
per share $0.36 $0.12 $0.60 $0.14
Adjusted
diluted
income
per
share(1) $0.53 $0.63 $0.90 $1.02
Common
share
information:
Basic
shares
outstanding 236 244 236 244
Diluted
shares 240 248 238 247
Diluted
shares
for
adjusted
diluted
income
per share 240 248 238 247
See end of press release for footnote explanations
Table 2 -- Results of Operations by Segment
-------------------------------------------
Three months ended Six months ended
June 30, Better / June 30, Better /
-------- --------
In millions 2016 2015 (Worse) 2016 2015 (Worse)
----------- ---- ---- ------ ---- ---- ------
Segment Revenues:
Polyurethanes $976 $995 (2)% $1,812 $1,885 (4)%
Performance Products 566 675 (16)% 1,102 1,331 (17)%
Advanced Materials 261 282 (7)% 527 572 (8)%
Textile Effects 198 216 (8)% 383 422 (9)%
Pigments & Additives 576 592 (3)% 1,116 1,164 (4)%
Corporate and eliminations (33) (20) n/m (41) (45) n/m
--- --- --- ---
Total $2,544 $2,740 (7)% $4,899 $5,329 (8)%
====== ====== ====== ======
Segment Adjusted EBITDA(1):
Polyurethanes $171 $159 8% $302 $264 14%
Performance Products 86 141 (39)% 178 262 (32)%
Advanced Materials 58 58 0% 118 116 2%
Textile Effects 24 23 4% 42 40 5%
Pigments & Additives 31 35 (11)% 46 56 (18)%
Corporate, LIFO and other (45) (31) (45)% (87) (68) (28)%
Total $325 $385 (16)% $599 $670 (11)%
==== ==== ==== ====
n/m = not meaningful
See end of press release for
footnote explanations
Table 3 -- Factors Impacting Sales Revenue
------------------------------------------
Three months ended
June 30, 2016 vs. 2015
----------------------
Average Selling Price(a)
-----------------------
Local Exchange Sales Mix Sales
Currency Rate & Other Volume(b) Total
-------- ---- ------- -------- -----
Polyurethanes (19)% 0% (7)% 24% (2)%
Polyurethanes, adj (19)% 0% (7)% 15% (11)% (c)
Performance Products (9)% 0% (3)% (4)% (16)%
Advanced Materials (1)% (1)% 4% (9)% (7)%
Textile Effects (7)% (2)% 0% 1% (8)%
Pigments & Additives (8)% 1% 1% 3% (3)%
Total Company (12)% 0% (5)% 10% (7)%
Total Company, adj (12)% 0% (5)% 6% (11)% (c)
Six months ended
June 30, 2016 vs. 2015
----------------------
Average Selling Price(a)
-----------------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(b) Total
--------- -------- ---- ------- -------- -----
Polyurethanes (19)% (1)% (3)% 19% (4)%
Polyurethanes, adj (19)% (1)% (3)% 9% (14)% (c)
Performance Products (11)% (1)% (6)% 1% (17)%
Advanced Materials (2)% (3)% 3% (6)% (8)%
Textile Effects (4)% (4)% (1)% 0% (9)%
Pigments & Additives (9)% (1)% 1% 5% (4)%
Total Company (13)% (1)% (3)% 9% (8)%
Total Company, adj (13)% (1)% (3)% 6% (11)% (c)
(a) Excludes sales from tolling arrangements, by-products and raw
materials.
(b) Excludes sales from by-products and raw materials.
(c) Excludes volume impact from the planned maintenance at our PO/
MTBE facility that occurred in 1H15.
Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
-----------------------------------------------------------
Income Tax Diluted Income
EBITDA (Expense) Benefit Net Income Per Share
------ ----------------- ---------- ---------
Three months ended Three months ended Three months ended Three months ended
June 30, June 30, June 30, June 30,
-------- -------- -------- --------
In millions, except per share amounts 2016 2015 2016 2015 2016 2015 2016 2015
------------------------------------- ---- ---- ---- ---- ---- ---- ---- ----
Net income $94 $39 $94 $39 $0.39 $0.16
Net income attributable to noncontrolling
interests (7) (10) (7) (10) (0.03) (0.04)
Net income attributable to Huntsman
Corporation 87 29 87 29 0.36 0.12
---- ----
Interest expense 50 53
Income tax expense from continuing
operations 32 34 (32) (34)
Income tax expense from discontinued
operations(2) - 1
Depreciation and amortization 109 99
Acquisition and integration expenses,
purchase accounting adjustments 4 12 - (3) 4 9 0.02 0.04
Loss from discontinued operations, net of
tax(2) 1 1 N/A N/A 1 2 - 0.01
Loss on disposition of businesses/assets - 1 - - - 1 - -
Loss on early extinguishment of debt 2 20 (1) (7) 1 13 - 0.05
Certain legal settlements and related
expenses - 1 - (1) - - - -
Plant incident remediation credits, net (7) - 1 - (6) - (0.03) -
Amortization of pension and postretirement
actuarial losses 17 19 (3) (5) 14 14 0.06 0.06
Restructuring, impairment, plant closing
and transition costs 30 115 (5) (28) 25 87 0.10 0.35
Adjusted(1) $325 $385 $(40) $(78) $126 $155 $0.53 $0.63
==== ==== ==== ==== ==== ==== ----- -----
Adjusted income tax expense(4) $40 $78
Net income attributable to noncontrolling
interests, net of tax 7 10
Adjusted pre-tax income(1) $173 $243
==== ====
Adjusted effective tax rate 23% 32%
Income Tax Diluted Income
EBITDA Expense Net Income Per Share
------ ------- ---------- ---------
Three months ended Three months ended Three months ended Three months ended
March 31, March 31, March 31, March 31,
In millions, except per share amounts 2016 2016 2016 2016
------------------------------------- ---- ---- ---- ----
Net income $62 $62 $0.26
Net income attributable to noncontrolling
interests (6) (6) (0.03)
Net income attributable to Huntsman
Corporation 56 56 0.24
----
Interest expense 50
Income tax expense from continuing
operations 27 (27)
Income tax benefit from discontinued
operations(2) (1)
Depreciation and amortization 100
Acquisition and integration expenses,
purchase accounting adjustments 9 (3) 6 0.03
Loss from discontinued operations, net of
tax(2) 2 N/A 1 -
Certain legal settlements and related
expenses 1 - 1 -
Plant incident remediation costs, net 1 - 1 -
Amortization of pension and postretirement
actuarial losses 16 (3) 13 0.05
Restructuring, impairment, plant closing
and transition costs 13 (3) 10 0.04
Adjusted(1) $274 $(36) $88 $0.37
==== ==== === -----
Adjusted income tax expense(4) $36
Net income attributable to noncontrolling
interests, net of tax 6
Adjusted pre-tax income(1) $130
====
Adjusted effective tax rate 28%
Income Tax Diluted Income
EBITDA (Expense) Benefit Net Income Per Share
------ ----------------- ---------- ---------
Six months ended Six months ended Six months ended Six months ended
June 30, June 30, June 30, June 30,
-------- -------- -------- --------
In millions, except per share amounts 2016 2015 2016 2015 2016 2015 2016 2015
------------------------------------- ---- ---- ---- ---- ---- ---- ---- ----
Net income $156 $54 $156 $54 $0.65 $0.22
Net income attributable to noncontrolling
interests (13) (20) (13) (20) (0.05) (0.08)
Net income attributable to Huntsman
Corporation 143 34 143 34 0.60 0.14
---- ----
Interest expense 100 109
Income tax expense from continuing
operations 59 36 (59) (36)
Income tax (benefit) expense from
discontinued operations(2) (1) 2
Depreciation and amortization 209 194
Acquisition and integration expenses,
purchase accounting adjustments 13 21 (3) (5) 10 16 0.04 0.06
Loss from discontinued operations, net of
tax(2) 3 2 N/A N/A 2 4 0.01 0.02
Loss on disposition of businesses/assets - 1 - - - 1 - -
Loss on early extinguishment of debt 2 23 (1) (8) 1 15 - 0.06
Certain legal settlements and related
expenses 1 2 - (1) 1 1 - -
Plant incident remediation credits, net (6) - 1 - (5) - (0.02) -
Amortization of pension and postretirement
actuarial losses 33 37 (6) (10) 27 27 0.11 0.11
Restructuring, impairment, plant closing
and transition costs 43 209 (8) (54) 35 155 0.15 0.63
Adjusted(1) $599 $670 $(76) $(114) $214 $253 $0.90 $1.02
==== ==== ==== ===== ==== ==== ----- -----
Adjusted income tax expense(4) $76 $114
Net income attributable to noncontrolling
interests, net of tax 13 20
Adjusted pre-tax income(1) $303 $387
==== ====
Adjusted effective tax rate 25% 29%
See end of press release for footnote explanations
Table 5 -- Selected Balance Sheet Items
---------------------------------------
June 30, March 31, December 31,
In
millions 2016 2016 2015
--------- ---- ---- ----
Cash $383 $218 $269
Accounts
and notes
receivable,
net 1,546 1,572 1,449
Inventories 1,522 1,689 1,692
Other
current
assets 340 351 424
Property,
plant and
equipment,
net 4,377 4,437 4,446
Other
assets 1,559 1,573 1,540
Total
assets $9,727 $9,840 $9,820
====== ====== ======
Accounts
payable $991 $1,027 $1,061
Other
current
liabilities 602 652 686
Current
portion
of debt 96 103 170
Long-term
debt 4,653 4,724 4,625
Other
liabilities 1,677 1,649 1,649
Total
equity 1,708 1,685 1,629
Total
liabilities
and
equity $9,727 $9,840 $9,820
====== ====== ======
Table 6 -- Outstanding Debt
---------------------------
June 30, March 31, December 31,
In millions 2016 2016 2015
----------- ---- ---- ----
Debt:
Senior credit
facilities $2,435 $2,441 $2,454
Accounts
receivable
programs 216 263 215
Senior notes 1,862 1,872 1,850
Variable interest
entities 142 140 151
Other debt 94 111 125
Total debt -
excluding
affiliates 4,749 4,827 4,795
----- ----- -----
Total cash 383 218 269
--- --- ---
Net debt-
excluding
affiliates $4,366 $4,609 $4,526
====== ====== ======
Table 7 -- Summarized Statement of Cash Flows
---------------------------------------------
Three months ended Six months ended
June 30, June 30,
--------
In
millions 2016 2016 2015
--------- ---- ---- ----
Total cash
at
beginning
of
period(a) $218 $269 $870
Net cash
provided
by
operating
activities 355 443 181
Net cash
used in
investing
activities (73) (174) (233)
Net cash
used in
financing
activities (115) (153) (202)
Effect of
exchange
rate
changes
on cash (2) - (7)
Change in
restricted
cash - (2) (1)
-
Total cash
at end of
period(a) $383 $383 $608
==== ==== ====
Supplemental
cash flow
information:
Cash paid
for
interest $(68) $(103) $(115)
Cash paid
for
income
taxes (16) (21) (30)
Cash paid
for
capital
expenditures (90) (189) (296)
Depreciation
and
amortization 109 209 194
Changes in
primary
working
capital:
Accounts
and notes
receivable $15 $(90) $(142)
Inventories 155 177 7
Accounts
payable (25) (56) 12
Total cash
provided
by (used
in)
primary
working
capital $145 $31 $(123)
==== === =====
Three months ended Six months ended
June 30, June 30,
--------
2016 2016 2015
---- ---- ----
Free cash
flow(3):
Net cash
provided
by
operating
activities $355 $443 $181
Capital
expenditures (90) (189) (296)
All other
investing
activities 17 15 63
Excluding
merger
and
acquisition
activities(b) - - (3)
Total free
cash flow $282 $269 $(55)
==== ==== ====
Adjusted
EBITDA $325 $599 $670
Capital
expenditures (90) (189) (296)
Interest (68) (103) (115)
Income
taxes (16) (21) (30)
Primary
working
capital
change 145 31 (123)
Restructuring (36) (56) (46)
Pensions (18) (38) (55)
Maintenance
& other 40 46 (60)
Total free
cash
flow(3) $282 $269 $(55)
==== ==== ====
(a) Includes restricted cash.
(b) Represents "Acquisition of Business, net
of cash acquired" and "Cash received from
purchase price adjustment for business
acquired"
Footnotes
---------
(1) We use adjusted EBITDA to measure the
operating performance of our business. We
provide adjusted net income because we feel
it provides meaningful insight for the
investment community into the performance of
our business. We believe that net income
(loss) is the performance measure calculated
and presented in accordance with generally
accepted accounting principles in the U.S.
("GAAP") that is most directly comparable to
adjusted EBITDA and adjusted net income.
Additional information with respect to our
use of each of these financial measures
follows:
Adjusted EBITDA, adjusted net income (loss)
and adjusted diluted income (loss) per share,
as used herein, are not necessarily
comparable to other similarly titled measures
of other companies.
Adjusted EBITDA is computed by eliminating the
following from net income (loss): (a) net
income attributable to noncontrolling
interest, net of tax; (b) interest; (c)
income taxes; (d) depreciation and
amortization; (e) acquisition and integration
expenses, purchase accounting adjustments;
(f) EBITDA from discontinued operations; (g)
loss (gain) on disposition of businesses/
assets; (h) loss on early extinguishment of
debt; (i) certain legal settlements and
related expenses; (j) plant incident
remediation costs (credits), net; (k)
amortization of pension and postretirement
actuarial losses (gains); and (l)
restructuring, impairment, plant closing and
transition costs (credits). The
reconciliation of adjusted EBITDA to net
income (loss) is set forth in Table 4 above.
Adjusted net income (loss) and adjusted
diluted income (loss) per share are computed
by eliminating the after tax impact of the
following items from net income (loss): (a)
net income attributable to noncontrolling
interest; (b) acquisition and integration
expenses, purchase accounting adjustments;
(c) impact of certain foreign tax credit
elections; (d) loss (income) from
discontinued operations; (e) discount
amortization on settlement financing
associated with the terminated merger; (f)
loss (gain) on disposition of businesses/
assets; (g) loss on early extinguishment of
debt; (h) certain legal settlements and
related expenses; (i) plant incident
remediation costs (credits), net; (j)
amortization of pension and postretirement
actuarial losses (gains); and (k)
restructuring, impairment, plant closing and
transition costs (credits). The income tax
impacts, if any, of each adjusting item
represent a ratable allocation of the total
difference between the unadjusted tax expense
and the total adjusted tax expense, computed
without consideration of any adjusting items
using a with and without approach. We do not
adjust for changes in tax valuation
allowances because we do not believe it
provides more meaningful information than is
provided under GAAP. The reconciliation of
adjusted net income (loss) to net income
(loss) is set forth in Table 4 above.
(2) During the first quarter 2010 we closed our
Australian styrenics operations; results from
associated business are treated as
discontinued operations.
(3) Management internally uses a free cash flow
measure: (a) to evaluate the Company's
liquidity, (b) to evaluate strategic
investments, (c) to plan stock buyback and
dividend levels and (d) to evaluate the
Company's ability to incur and service debt.
Free cash flow is not a defined term under
U.S. GAAP, and it should not be inferred that
the entire free cash flow amount is available
for discretionary expenditures. The Company
defines free cash flow as cash flow provided
by operating activities less cash flow used
in investing activities, excluding merger and
acquisition activities. Free cash flow is
typically derived directly from the Company's
condensed consolidated statement of cash
flows; however, it may be adjusted for items
that affect comparability between periods.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of approximately $10 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 100 manufacturing and R&D facilities in approximately 30 countries and employ approximately 15,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Social Media:
Twitter: twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
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SOURCE Huntsman Corporation
