HUNTSMAN CORPORATION 
By THE WOODLANDS, Texas, Oct. 29, 2013 /PRNewswire/ --
Third Quarter 2013 Highlights
-- Adjusted EBITDA was $376 million and includes record collective earnings
for our non-Pigments divisions. This compares to $411 million in the
prior year period and $304 million in the prior quarter.
-- Adjusted diluted income per share was $0.54 compared to $0.73 in the
prior year period and $0.39 in the prior quarter.
-- Net income attributable to Huntsman Corporation was $64 million compared
to net income of $116 million in the prior year period and net income of
$47 million in the prior quarter.
-- On October 1, 2013 we announced plans to restructure our Performance
Products surfactants business in Europe. We expect to complete this
restructuring by the end of 2014 and estimate the annual adjusted EBITDA
benefit to be approximately $20 million.
-- On September 17, 2013 we announced an agreement with Rockwood Holdings,
Inc. to acquire their Performance Additives and Titanium Dioxide
businesses for $1.1 billion in cash and the assumption of unfunded
pension liabilities estimated at $225 million. The transaction remains
subject to regulatory approvals and customary closing conditions and is
expected to close in the first half of 2014.
-- On August 29, 2013 we announced the completion of the acquisition of
Oxid, a privately-held manufacturer and marketer of specialty urethane
polyols. We expect this business to contribute approximately $15 to $20
million of annual adjusted EBITDA.
Three months ended Nine months
ended
------------------
September 30, June 30, September 30,
------------- -------------
In
millions,
except
per
share
amounts,
unaudited 2013 2012 2013 2013 2012
--------- ---- ---- ---- ---- ----
Revenues $2,842 $2,741 $2,830 $8,374 $8,568
Net
income
attributable
to
Huntsman
Corporation $64 $116 $47 $87 $403
Adjusted
net
income(1) $132 $176 $94 $272 $509
Diluted
income
per
share $0.26 $0.48 $0.19 $0.36 $1.68
Adjusted
diluted
income
per
share(1) $0.54 $0.73 $0.39 $1.12 $2.12
EBITDA(1) $303 $341 $249 $664 $1,083
Adjusted
EBITDA(1) $376 $411 $304 $900 $1,194
See end of
press
release
for
footnote
explanations
Huntsman Corporation (NYSE: HUN) today reported third quarter 2013 results with revenues of $2,842 million and adjusted EBITDA of $376 million.
Peter R. Huntsman, our President and CEO, commented:
"Our third quarter results were very strong, excluding results from our Pigments business our earnings improved compared to the previous year and quarter. Earnings within our Pigments business have been improving throughout the year and we are encouraged by industry trends. Earnings improved across all of our businesses compared to last quarter.
"During the quarter, we announced an agreement with Rockwood Holdings to acquire their Performance Additives and Titanium Dioxide businesses. We expect to pursue a public offering of our new combined Pigments business to allow greater investor focus and appreciation for our differentiated businesses. With improving market conditions and pro forma synergies in excess of $130 million we believe this acquisition will add significant shareholder value. We also closed on an acquisition within our Polyurethanes division which strengthens our downstream and specialty capabilities. Both of these transactions are immediately accretive to our earnings.
"We recently announced additional restructuring, specifically within our Performance Products business. The future EBITDA benefit of our companywide restructuring efforts is expected to be approximately $140 million; in addition to the approximate $100 million we have already achieved. I am encouraged by our third quarter results and am optimistic about our future prospects."
Segment Analysis for 3Q13 Compared to 3Q12
Polyurethanes
The increase in revenues in our Polyurethanes division for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to higher sales volumes partially offset by lower average selling prices and unfavorable change in sales mix. MDI sales volumes increased as a result of improved demand in all regions and across most major markets. PO/MTBE sales volumes increased due to strong demand. PO/MTBE average selling prices decreased primarily due to less favorable market conditions partially offset by an increase in MDI average selling prices in the Americas and the strength of the euro against the U.S. dollar. The decrease in adjusted EBITDA was primarily due to lower PO/MTBE earnings (third quarter 2012 benefited approximately $30 million from industry supply outages) and the impact of the extended force majeure at our MDI facility in Rotterdam, The Netherlands (approximate $10 million impact on the third quarter 2013).
Performance Products
The increase in revenues in our Performance Products division for the three months ended September 30, 2013 compared to the same period in 2012 was due to higher average selling prices and higher sales volumes. Average selling prices increased primarily in response to higher raw material costs and the strength of the euro against the U.S. dollar. Sales volumes increased primarily due to higher sales of maleic anhydride and amines, partially offset by lower surfactant sales. The increase in adjusted EBITDA was primarily due to higher sales volumes and higher margins.
Advanced Materials
The decrease in revenues in our Advanced Materials division for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased in all regions primarily as a result of weak demand and increased competition in base resins and a focus on higher value component and formulations sales such as aerospace and transportation and industrial markets. Average selling prices increased in all regions primarily in response to higher raw materials costs and improved sales mix. The increase in adjusted EBITDA was primarily due to higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.
Textile Effects
The increase in revenues in our Textile Effects division for the three months ended September 30, 2013 compared to the same period in 2012 was due to higher sales volumes and higher average selling prices partially offset by the strength of the U.S. dollar primarily against the Indian rupee. Sales volumes increased primarily due to increased market share in key countries. Average selling prices increased primarily in response to higher raw material costs. The increase in adjusted EBITDA was primarily due to higher sales volumes, higher contribution margins and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.
Pigments
The decrease in revenues in our Pigments division for the three months ended September 30, 2013 compared to the same period in 2012 was primarily due to lower average selling prices partially offset by higher sales volumes. Average selling prices decreased in all regions of the world primarily as a result of high industry inventory levels partially offset by the strength of the euro against the U.S. dollar. Sales volumes increased primarily due to higher end-use demand. The decrease in adjusted EBITDA was primarily due to lower contribution margins partially offset by higher sales volumes and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other decreased by $6 million to a loss of $44 million for the three months ended September 30, 2013 compared to a loss of $38 million for the same period in 2012. The decrease in adjusted EBITDA was primarily the result of a decrease in unallocated foreign currency gain (nil in 2013 compared to $4 million gain in 2012).
Liquidity, Capital Resources and Outstanding Debt
As of September 30, 2013 we had $1,005 million of combined cash and unused borrowing capacity compared to $887 million at December 31, 2012.
On August 22, 2013, we entered into an amendment of our senior credit facilities that provided for additional term loans of $100 million. The net proceeds were be used for general corporate purposes.
On October 15, 2013, we entered into an amendment to our senior credit facilities that provides for a new seven year term loan of $1.2 billion as well as an increase in our existing revolving credit facility by $200 million to $600 million. We have secured commitments from a group of financial institutions to provide this term loan and expanded revolving credit facility. This new financing is expected be funded when we complete the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc.
Total capital expenditures for the quarter ended September 30, 2013 were $114 million and for the nine months ended September 30, 2013 were $295 million. We expect to spend approximately $450 million on capital expenditures in 2013.
Income Taxes
During the three months ended September 30, 2013 we recorded income tax expense of $81 million and paid $14 million in cash for income taxes. Our adjusted effective income tax rate for the three months and year to date ended September 30, 2013 were approximately 39% and 36% respectively. During the third quarter of 2013 we experienced higher earnings in the U.S. and lower earnings in Europe where we have tax valuation allowances. We expect our full year 2013 adjusted effective tax rate to be approximately 36% primarily due to the effect of tax valuation allowances and our regional mix of income. We expect our long term effective income tax rate to be approximately 30 - 35%.
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2013 financial results on Tuesday, October 29, 2013 at 10:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants (888) 679 - 8018
International participants (617) 213 - 4845
Passcode 57714845
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=PR8XJDDTW
Webcast Information
The conference call will be available via webcast and can be accessed from the investor relations portion of the company's website at huntsman.com.
Replay Information
The conference call will be available for replay beginning October 29, 2013 and ending November 5, 2013.
Call-in numbers for the replay:
U.S. participants (888) 286 - 8010
International participants (617) 801 - 6888
Replay code 71074124
Table 1 -- Results of Operations
--------------------------------
Three months Nine months
ended ended
September 30, September 30,
------------- -------------
In millions,
except per
share
amounts,
unaudited 2013 2012 2013 2012
------------ ---- ---- ---- ----
Revenues $2,842 $2,741 $8,374 $8,568
Cost of goods
sold 2,335 2,204 7,067 6,954
----- ----- ----- -----
Gross profit 507 537 1,307 1,614
Operating
expenses 272 255 808 792
Restructuring,
impairment
and plant
closing
costs 37 47 110 52
--- --- --- ---
Operating
income 198 235 389 770
Interest
expense, net (48) (56) (146) (172)
Equity in
income of
investment
in
unconsolidated
affiliates 3 2 6 5
Loss on early
extinguishment
of debt - (1) (35) (2)
Other income - 1 2 2
--- --- ---
Income before
income taxes 153 181 216 603
Income tax
expense (81) (61) (105) (186)
--- ---- ----
Income from
continuing
operations 72 120 111 417
Loss from
discontinued
operations,
net of
tax(2) (2) (1) (4) (7)
Extraordinary
gain on the
acquisition
of a
business, net
of tax of nil - 1 - 1
--- --- ---
Net income 70 120 107 411
Net income
attributable
to
noncontrolling
interests,
net of tax (6) (4) (20) (8)
---
Net income
attributable
to Huntsman
Corporation $64 $116 $87 $403
=== ==== === ====
Adjusted
EBITDA(1) $376 $411 $900 $1,194
Adjusted net
income(1) $132 $176 $272 $509
Basic income
per share $0.27 $0.49 $0.36 $1.70
Diluted
income per
share $0.26 $0.48 $0.36 $1.68
Adjusted
diluted
income per
share(1) $0.54 $0.73 $1.12 $2.12
Common share
information:
Basic shares
outstanding 239.8 237.9 239.5 237.4
Diluted
shares 242.5 240.8 242.1 240.3
Diluted
shares for
adjusted
diluted
income per
share 242.5 240.8 242.1 240.3
See end of press release for footnote explanations
Table 2 -- Results of Operations by Segment
-------------------------------------------
Three months ended Nine months
ended
------------------
September 30, Better / June 30, Better / September 30, Better /
------------- -------------
In millions,
unaudited 2013 2012 (Worse) 2013 (Worse) 2013 2012 (Worse)
------------ ---- ---- ------ ---- ------ ---- ---- ------
Segment
Revenues:
Polyurethanes $1,306 $1,237 6% $1,246 5% $3,734 $3,712 1%
Performance
Products 779 750 4% 777 --- 2,278 2,342 (3)%
Advanced
Materials 309 328 (6)% 321 (4)% 966 1,014 (5)%
Textile
Effects 198 182 9% 216 (8)% 602 562 7%
Pigments 310 319 (3)% 334 (7)% 974 1,150 (15)%
Eliminations
and other (60) (75) 20% (64) 6% (180) (212) 15%
--- --- --- ---- ----
Total $2,842 $2,741 4% $2,830 --- $8,374 $8,568 (2)%
====== ====== ====== ====== ======
Segment Adjusted EBITDA(1):
Polyurethanes $215 $243 (12)% $174 24% $567 $598 (5)%
Performance
Products 122 109 12% 111 10% 287 288 ---
Advanced
Materials 39 31 26% 32 22% 98 90 9%
Textile
Effects 8 (9) NM 3 167% 8 (21) NM
Pigments 36 75 (52)% 33 9% 78 361 (78)%
Corporate,
LIFO and
other (44) (38) (16)% (49) 10% (138) (122) (13)%
Total $376 $411 (9)% $304 24% $900 $1,194 (25)%
==== ==== ==== ==== ======
See end of press release for footnote explanations
NM-Not meaningful
Table 3 -- Factors Impacting Sales Revenue
------------------------------------------
Three months ended
September 30, 2013 vs. 2012
---------------------------
Average Selling
Price(a)
----------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(b) Total
--------- -------- ---- ------- -------- -----
Polyurethanes (3)% 1% (2)% 10% 6%
Performance
Products 1% 1% --- 2% 4%
Advanced
Materials 8% --- 1% (15)% (6)%
Textile
Effects 4% (1)% --- 6% 9%
Pigments (24)% 1% --- 20% (3)%
Total Company (3)% 1% (1)% 7% 4%
Nine months ended
September 30, 2013 vs. 2012
---------------------------
Average Selling
Price(a)
----------------
Local Exchange Sales Mix Sales
Unaudited Currency Rate & Other Volume(b) Total
--------- -------- ---- ------- -------- -----
Polyurethanes --- --- --- 1% 1%
Performance
Products 2% --- --- (5)% (3)%
Advanced
Materials 4% (1)% 1% (9)% (5)%
Textile
Effects 1% (1)% --- 7% 7%
Pigments (24)% --- --- 9% (15)%
Total Company (2)% --- --- --- (2)%
(a) Excludes revenues from
tolling arrangements, by-
products and raw
materials.
(b) Excludes sales volumes of
by-products and raw
materials.
Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
-----------------------------------------------------------
Income Tax Net Income Diluted Income
EBITDA Expense Attrib. to HUN
Corp. Per Share
------ ------- -------------- ---------
Three months Three months Three months Three months
ended ended ended ended
September 30, September 30, September 30, September 30,
------------- ------------- ------------- -------------
In millions,
except per
share amounts,
unaudited 2013 2012 2013 2012 2013 2012 2013 2012
--------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $303 $341 $(81) $(61) $64 $116 $0.26 $0.48
Adjustments:
Acquisition
expenses and
purchase
accounting
inventory
adjustments 9 1 (1) - 8 1 0.03 -
Loss on initial
consolidation
of subsidiaries - 4 - - - 4 - 0.02
Loss from
discontinued
operations, net
of tax(2) 2 - N/A N/A 2 1 0.01 -
Discount
amortization on
settlement
financing
associated with
the N/A N/A - (3) 2 5 0.01 0.02
terminated
merger
Loss on early
extinguishment
of debt - 1 - (1) - - - -
Extraordinary
gain on the
acquisition of
a business, net
of tax - (1) N/A N/A - (1) - -
Certain legal
settlements and
related
expenses - 4 - (2) - 2 - 0.01
Amortization of
pension and
postretirement
actuarial
losses 19 10 (2) (2) 17 8 0.07 0.03
Restructuring,
impairment and
plant closing
and transition
costs 43 51 (4) (11) 39 40 0.16 0.17
Adjusted(1) $376 $411 $(88) $(80) $132 $176 $0.54 $0.73
==== ==== ==== ==== ==== ==== ----- -----
Adjusted income
tax expense 88 80
Net income
attributable to
noncontrolling
interests, net
of tax 6 4
Adjusted pre-
tax income(1) $226 $260
==== ====
Adjusted
effective tax
rate 39% 31%
Income Tax Net Income Diluted Income
EBITDA Expense Attrib. to HUN
Corp. Per Share
------ ------- -------------- ---------
Three months Three months Three months Three months
ended ended ended ended
June 30, June 30, June 30, June 30,
In millions,
except per
share amounts,
unaudited 2013 2013 2013 2013
--------------- ---- ---- ---- ----
GAAP(1) $249 $(44) $47 $0.19
Adjustments:
Acquisition
expenses and
purchase
accounting
inventory
adjustments 2 - 2 0.01
Income from
discontinued
operations, net
of tax(2) (2) N/A - -
Discount
amortization on
settlement
financing
associated with
the N/A (1) 1 0.01
terminated
merger
Certain legal
settlements and
related
expenses 6 (1) 5 0.02
Amortization of
pension and
postretirement
actuarial
losses 18 (4) 14 0.06
Restructuring,
impairment and
plant closing
and transition
costs 31 (6) 25 0.10
Adjusted(1) $304 $(56) $94 $0.39
==== ==== === -----
Adjusted income
tax expense 56
Net income
attributable to
noncontrolling
interests, net
of tax 7
Adjusted pre-
tax income(1) $157
====
Adjusted
effective tax
rate 36%
Income Tax Net Income Diluted Income
EBITDA Expense Attrib. to HUN
Corp. Per Share
------ ------- -------------- ---------
Nine months Nine months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
------------- ------------- ------------- -------------
In millions,
except per
share amounts,
unaudited 2013 2012 2013 2012 2013 2012 2013 2012
--------------- ---- ---- ---- ---- ---- ---- ---- ----
GAAP(1) $664 $1,083 $(105) $(186) $87 $403 $0.36 $1.68
Adjustments:
Acquisition
expenses and
purchase
accounting
inventory
adjustments 14 2 (2) - 12 2 0.05 0.01
Loss on initial
consolidation
of subsidiaries - 4 - - - 4 - 0.02
Loss from
discontinued
operations, net
of tax(2) 3 4 N/A N/A 4 7 0.02 0.03
Discount
amortization on
settlement
financing
associated with
the N/A N/A (2) (8) 5 15 0.02 0.06
terminated
merger
Loss on early
extinguishment
of debt 35 2 (13) (1) 22 1 0.09 -
Extraordinary
gain on the
acquisition of
a business, net
of tax - (1) N/A N/A - (1) - -
Certain legal
settlements and
related
expenses 8 5 (2) (2) 6 3 0.02 0.01
Amortization of
pension and
postretirement
actuarial
losses 56 31 (13) (6) 43 25 0.18 0.10
Restructuring,
impairment and
plant closing
and transition
costs 120 64 (27) (14) 93 50 0.38 0.21
Adjusted(1) $900 $1,194 $(164) $(217) $272 $509 $1.12 $2.12
==== ====== ===== ===== ==== ==== ----- -----
Adjusted income
tax expense 164 217
Net income
attributable to
noncontrolling
interests, net
of tax 20 8
Adjusted pre-
tax income(1) $456 $734
==== ====
Adjusted
effective tax
rate 36% 30%
See end of press release for footnote explanations
Table 5 -- Reconciliation of Net Income (Loss) to EBITDA
--------------------------------------------------------
Three months ended Nine months
ended
------------------
September 30, June 30, September 30,
------------- -------------
In millions,
unaudited 2013 2012 2013 2013 2012
------------ ---- ---- ---- ---- ----
Net income
attributable
to Huntsman
Corporation $64 $116 $47 $87 $403
Interest
expense, net 48 56 47 146 172
Income tax
expense from
continuing
operations 81 61 44 105 186
Income tax
expense
(benefit)
from
discontinued
operations(2) - - 2 - (2)
Depreciation
and
amortization
of
continuing
operations 110 107 109 325 319
Depreciation
and
amortization
of
discontinued
operations(2) - 1 - 1 5
EBITDA(1) $303 $341 $249 $664 $1,083
==== ==== ==== ==== ======
See end of press release for footnote explanations
Table 6 -- Selected Balance Sheet Items
---------------------------------------
September 30, June 30, December 31,
In
millions 2013 2013 2012
--------- ---- ---- ----
(unaudited) (unaudited)
Cash $406 $181 $396
Accounts
and
notes
receivable,
net 1,703 1,714 1,583
Inventories 1,695 1,698 1,819
Other
current
assets 322 339 321
Property,
plant
and
equipment,
net 3,745 3,613 3,745
Other
assets 1,150 1,109 1,020
Total
assets $9,021 $8,654 $8,884
====== ====== ======
Accounts
payable $1,034 $996 $1,102
Other
current
liabilities 768 778 791
Current
portion
of
debt 295 317 288
Long-
term
debt 3,574 3,454 3,414
Other
liabilities 1,387 1,266 1,393
Total
equity 1,963 1,843 1,896
Total
liabilities
and
equity $9,021 $8,654 $8,884
====== ====== ======
Table 7 -- Outstanding Debt
---------------------------
September 30, June 30, December 31,
In
millions 2013 2013 2012
--------- ---- ---- ----
(unaudited) (unaudited)
Debt:
Senior
credit
facilities $1,701 $1,599 $1,565
Accounts
receivable
programs 244 239 241
Senior
notes 646 646 568
Senior
subordinated
notes 891 892 892
Variable
interest
entities 256 259 270
Other
debt 131 136 166
Total
debt -
excluding
affiliates 3,869 3,771 3,702
----- ----- -----
Total
cash 406 181 396
--- --- ---
Net
debt-
excluding
affiliates $3,463 $3,590 $3,306
====== ====== ======
Table 8 -- Summarized Statement of Cash Flows
---------------------------------------------
Three months ended Nine months
ended
September 30, September 30,
-------------
In
millions,
unaudited 2013 2013 2012
---------- ---- ---- ----
Total
cash
at
beginning
of
period $181 $396 $562
Net
cash
provided
by
operating
activities 390 388 556
Net
cash
used
in
investing
activities (206) (388) (299)
Net
cash
provided
by
(used
in)
financing
activities 39 12 (378)
Effect
of
exchange
rate
changes
on
cash 2 (2) 2
Change
in
restricted
cash - - 1
Total
cash
at
end
of
period $406 $406 $444
==== ==== ====
Supplemental
cash
flow
information:
Cash
paid
for
interest $(57) $(152) $(177)
Cash
paid
for
income
taxes (14) (60) (153)
Cash
paid
for
capital
expenditures (114) (295) (248)
Depreciation
&
amortization 110 326 324
Changes
in
primary
working
capital:
Accounts
and
notes
receivable 40 (146) (102)
Inventories 39 118 (252)
Accounts
payable 42 (18) 122
Total
cash
provided
by
(used
on)
primary
working
capital $121 $(46) $(232)
==== ==== =====
Footnotes
---------
(1) We use EBITDA and 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)
attributable to Huntsman Corporation
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
EBITDA, adjusted EBITDA and adjusted
net income. Additional information
with respect to our use of each of
these financial measures follows:
EBITDA is defined as net income (loss)
attributable to Huntsman Corporation
before interest, income taxes, and
depreciation and amortization. EBITDA
as used herein is not necessarily
comparable to other similarly titled
measures of other companies. The
reconciliation of EBITDA to net
income (loss) attributable to
Huntsman Corporation is set forth in
Table 5 above.
Adjusted EBITDA is computed by
eliminating the following from
EBITDA: acquisition expenses and
purchase accounting inventory
adjustments; loss (gain) on initial
consolidation of subsidiaries; EBITDA
from discontinued operations; loss
(gain) on disposition of businesses/
assets; loss on early extinguishment
of debt; extraordinary loss (gain) on
the acquisition of a business;
certain legal settlements and related
expenses; amortization of pension and
postretirement actuarial losses
(gains); and restructuring,
impairment, plant closing and
transition costs (credits). The
reconciliation of adjusted EBITDA to
EBITDA is set forth in Table 4 above.
Adjusted net income (loss) is computed
by eliminating the after tax impact
of the following items from net
income (loss) attributable to
Huntsman Corporation: acquisition
expenses and purchase accounting
inventory adjustments; loss (gain) on
initial consolidation of
subsidiaries; loss (income) from
discontinued operations; discount
amortization on settlement financing
associated with the terminated
merger; loss (gain) on disposition of
businesses/assets; loss on early
extinguishment of debt; extraordinary
loss (gain) on the acquisition of a
business; certain legal settlements
and related expenses; amortization of
pension and postretirement actuarial
losses (gains); and restructuring,
impairment, plant closing and
transition costs (credits). 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)
attributable to Huntsman Corporation
common stockholders is set forth in
Table 4 above.
(2) During the first quarter 2010 we
closed our Australian styrenics
operations; results from this
business are treated as discontinued
operations.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2012 revenues of over $11 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 75 manufacturing and R&D facilities in over 30 countries and employ approximately 12,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.
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. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.
SOURCE Huntsman Corporation
