THE WOODLANDS, Texas,
Sept. 25, 2015 /PRNewswire/ --
Huntsman Corporation (NYSE: HUN) identified certain trends which
are expected to impact its third quarter earnings.
- Lower titanium dioxide selling prices, particularly in
North America
- Continued year-on-year foreign currency headwind
- Soft demand in the Asia
Pacific region
- Lower MTBE margins as a result of lower oil prices
- Lower MDI urethane component product margins in the
Asia Pacific region
- Delayed lower raw material benefits
- Paid down $198 million of debt in
September, expected annual savings more than $15 million
Peter R. Huntsman, President and
CEO, commented:
"Although we are seeing headwinds within the business during
the third quarter, we are optimistic about the future. Lower
raw material prices impacted demand and margins in the third
quarter, thus the accounting benefits will be delayed into the
fourth quarter. Based on current market conditions, we expect
our fourth quarter adjusted EBITDA to look similar to the third
quarter – notwithstanding normal seasonality – and expect that it
will also be in the range of prior year results of $300 million. In 2016 we expect that cash
flow will improve approximately $300
million with further improvements projected in 2017.
We remain committed to a separation of the Pigments and Additives
business by the end of 2016 or sooner."
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated chemicals
with 2014 revenues of approximately $13
billion including the acquisition of Rockwood's performance additives and titanium
dioxide businesses. 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 more than 30 countries
and employ approximately 16,000 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