THE WOODLANDS, Texas,
Oct. 27, 2015 /PRNewswire/ --
Third Quarter 2015 Highlights
- Announces $150 million reduction
in planned capital expenditures for 2016 and 2017 combined.
- Announces intention to enter into a $100
million accelerated share repurchase transaction as part of
the board authorized $150 million
share repurchase program.
- Pigments and Additives synergy and restructuring savings remain
on track, planned separation well advanced.
- Adjusted EBITDA was $311 million
compared to $356 million in the prior
year period and $385 million in the
prior quarter.
- Adjusted diluted income per share was $0.47 compared to $0.60 in the prior year period and $0.63 in the prior quarter.
- Net income attributable to Huntsman Corporation was
$55 million compared to net income of
$188 million in the prior year period
and $29 million in the prior
quarter.
- The stronger U.S. dollar reduced adjusted EBITDA by an
estimated $43 million compared to the
prior year period.
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
In millions, except
per share amounts, unaudited
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$2,638
|
|
$2,884
|
|
$ 2,740
|
|
$7,967
|
|
$8,627
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Huntsman Corporation
|
|
$ 55
|
|
$ 188
|
|
$ 29
|
|
$ 89
|
|
$ 361
|
Adjusted net
income(1)
|
|
$ 115
|
|
$ 147
|
|
$ 155
|
|
$ 368
|
|
$ 397
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share
|
|
$ 0.22
|
|
$ 0.76
|
|
$ 0.12
|
|
$ 0.36
|
|
$ 1.47
|
Adjusted diluted
income per share(1)
|
|
$ 0.47
|
|
$ 0.60
|
|
$ 0.63
|
|
$ 1.49
|
|
$ 1.62
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
|
$ 255
|
|
$ 293
|
|
$ 216
|
|
$ 630
|
|
$ 881
|
Adjusted
EBITDA(1)
|
|
$ 311
|
|
$ 356
|
|
$ 385
|
|
$ 981
|
|
$1,048
|
|
See end of press
release for footnote explanations
|
Huntsman Corporation (NYSE: HUN) today reported third quarter
2015 results with revenues of $2,638
million and adjusted EBITDA of $311
million.
Peter R. Huntsman, our President
and CEO, commented:
"We are aggressively focused on those elements within our
business that we can control and are fully committed to an
improvement in our free cash flow generation. We reduced our
planned capital expenditures by a combined total of $150 million over the next two years and are
determined to deliver more than $100
million of future synergy and restructuring savings.
We expect our 2016 free cash flow to improve by at least
$350 million.
"As an expression of confidence in the company's future and
our ability to deliver further shareholder value the board
authorized $150 million of share
repurchases. We intend to enter into a $100 million accelerated share repurchase
transaction which will be completed within the next several
months.
"Our board of directors has made it clear that we intend to
exit the TiO2 business. We
have narrowed our options to just two – one comprises a
TiO2 spin to our shareholders and the
other option constitutes a more strategic move. More
information will be forthcoming in the near future."
Segment Analysis for 3Q15 Compared to 3Q14
Polyurethanes
The decrease in revenues in our Polyurethanes division for the
three months ended September 30, 2015
compared to the same period in 2014 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 and the currency exchange impact of a
stronger U.S. dollar against major European currencies.
PO/MTBE average selling prices decreased in-line with lower pricing
for high octane gasoline. PO/MTBE sales volumes increased
primarily as a result of not experiencing an unplanned
manufacturing disruption at our Port
Neches, Texas facility as we did in the third quarter
2014. MDI sales volumes decreased due to lower demand in the
Asian and Americas regions partially offset by growth in the
European region. The decrease in adjusted EBITDA was
primarily due to the foreign currency exchange impact of a stronger
U.S. dollar against major European currencies and lower MDI sales
volumes partially offset by higher MDI contribution margins.
Performance Products
The decrease in revenues in our Performance Products division
for the three months ended September 30,
2015 compared to the same period in 2014 was primarily due
to lower average selling prices, partially offset by higher sales
volumes. Average selling prices decreased primarily in
response to lower raw material costs and the foreign currency
exchange impact of a stronger U.S. dollar against major European
currencies. Sales volumes increased primarily due to higher
sales volumes of ethylene oxide intermediates. The decrease
in adjusted EBITDA was primarily due to lower contribution margins
in our upstream intermediates business, partially offset by higher
contribution margins in our amines and maleic anhydride
businesses.
Advanced Materials
The decrease in revenues in our Advanced Materials division for
the three months ended September 30,
2015 compared to the same period in 2014 was due to lower
sales volumes and lower average selling prices. Sales volumes
decreased primarily due to the de-selection of certain business,
customer destocking and competitive pressure. Average selling
prices increased on a local currency basis in the Americas due to
certain price increase initiatives and our focus on higher value
markets; overall this was more than offset by the foreign currency
exchange impact of a stronger U.S. dollar against major
international currencies. The decrease in adjusted EBITDA was
primarily due to the foreign currency exchange impact of a stronger
U.S. dollar against major international currencies.
Textile Effects
The decrease in revenues in our Textile Effects division for the
three months ended September 30, 2015
compared to the same period in 2014 was due to lower average
selling prices and lower sales volumes. Average selling
prices decreased in response to lower raw material costs and the
foreign currency exchange impact of a stronger U.S. dollar against
major international currencies. Sales volumes decreased
primarily due to the de-selection of lower value business and
challenging market conditions. The decrease in adjusted
EBITDA was primarily due to the foreign currency exchange impact of
a stronger U.S. dollar against major international currencies.
Pigments and Additives
Pro forma for the acquisition of Rockwood Performance Additives
and Titanium Dioxide businesses, revenues decreased in our Pigments
and Additives division for the three months ended September 30, 2015 compared to the same period in
2014 due to lower average selling prices and lower sales
volumes. Average selling prices decreased primarily as a
result of high titanium dioxide industry inventory levels and the
foreign currency exchange impact of a stronger U.S. dollar against
major European currencies. Sales volumes decreased primarily
as a result of lower end use demand and the impact of a nitrogen
tank explosion owned and operated by a third party at our
Uerdingen, Germany facility which
disrupted our manufacturing. The decrease in pro forma
adjusted EBITDA was primarily due to lower contribution margins for
titanium dioxide and the negative impact from the manufacturing
disruption at our Uerdingen, Germany facility. The total impact from
the manufacturing disruption was approximately $8 million approximately $5 million related to lost sales volumes and
unabsorbed fixed costs and approximately $3
million related to clean up costs that have been excluded
from adjusted EBITDA.
Corporate, LIFO and Other
Adjusted EBITDA from Corporate, LIFO and Other decreased by
$1 million to a loss of $50 million for the three months ended
September 30, 2015 compared to a loss
of $49 million for the same period in
2014.
Liquidity, Capital Resources and Outstanding Debt
As of September 30, 2015, we had
$1,215 million of combined cash and
unused borrowing capacity compared to $1,601
million at December 31,
2014.
In August 2015, we entered into an
amendment of our credit agreement. The amendment extends
$773 million of our term loan B from
2017 to 2019.
In September 2015, we redeemed
$198 million of 8 5/8% senior
subordinated notes due 2021 with cash on hand.
We expect to spend approximately $450
million annually on capital expenditures in 2016 and
2017. This represents a combined reduction of $150 million compared to prior
guidance.
Income Taxes
During the three months ended September
30, 2015, we recorded an income tax expense of $49 million and paid $51
million in cash for income taxes. Our adjusted
effective income tax rate for the three months ended September 30, 2015 was 26%.
We expect our 2015 and long term adjusted effective tax rate to
be approximately 30%.
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2015
financial results on Tuesday, October 27,
2015 at 10:00 a.m. ET.
Call-in numbers for the conference call:
U.S. participants
(888) 679 - 8034
International participants
(617) 213 - 4847
Passcode 36096009
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=PN7J4EM4U
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
October 27, 2015 and ending
November 4, 2015.
Call-in numbers for the replay:
U.S.
participants
(888) 286 - 8010
International
participants (617)
801 - 6888
Replay
code 29385180
Upcoming Conferences
During the fourth quarter a member of management will present at
the Citi Basic Materials Conference, December 1, 2015. 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
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts, unaudited
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$2,638
|
|
$2,884
|
|
$7,967
|
|
$8,627
|
Cost of goods
sold
|
|
2,165
|
|
2,369
|
|
6,495
|
|
7,157
|
Gross
profit
|
|
473
|
|
515
|
|
1,472
|
|
1,470
|
Operating
expenses
|
|
290
|
|
274
|
|
859
|
|
811
|
Restructuring,
impairment and plant closing costs
|
|
14
|
|
39
|
|
221
|
|
91
|
Operating
income
|
|
169
|
|
202
|
|
392
|
|
568
|
Interest
expense
|
|
(49)
|
|
(49)
|
|
(158)
|
|
(148)
|
Equity in income of
investment in unconsolidated affiliates
|
|
-
|
|
2
|
|
5
|
|
6
|
Loss on early
extinguishment of debt
|
|
(8)
|
|
-
|
|
(31)
|
|
-
|
Other
expense
|
|
-
|
|
(1)
|
|
(2)
|
|
-
|
Income before
income taxes
|
|
112
|
|
154
|
|
206
|
|
426
|
Income tax (expense)
benefit
|
|
(49)
|
|
40
|
|
(85)
|
|
(39)
|
Income from
continuing operations
|
|
63
|
|
194
|
|
121
|
|
387
|
Loss from
discontinued operations, net of tax(3)
|
|
-
|
|
-
|
|
(4)
|
|
(7)
|
Net
income
|
|
63
|
|
194
|
|
117
|
|
380
|
Net income
attributable to noncontrolling interests, net of tax
|
|
(8)
|
|
(6)
|
|
(28)
|
|
(19)
|
Net income
attributable to Huntsman Corporation
|
|
$ 55
|
|
$ 188
|
|
$ 89
|
|
$ 361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$ 311
|
|
$ 356
|
|
$ 981
|
|
$1,048
|
|
|
|
|
|
|
|
|
|
Adjusted net
income(1)
|
|
$ 115
|
|
$ 147
|
|
$ 368
|
|
$ 397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$ 0.23
|
|
$ 0.77
|
|
$ 0.36
|
|
$ 1.49
|
Diluted income per
share
|
|
$ 0.22
|
|
$ 0.76
|
|
$ 0.36
|
|
$ 1.47
|
Adjusted diluted
income per share(1)
|
|
$ 0.47
|
|
$ 0.60
|
|
$ 1.49
|
|
$ 1.62
|
|
|
|
|
|
|
|
|
|
Common share
information:
|
|
|
|
|
|
|
|
|
Basic shares
outstanding
|
|
244
|
|
243
|
|
244
|
|
242
|
Diluted
shares
|
|
247
|
|
247
|
|
247
|
|
246
|
Diluted shares for
adjusted diluted income per share
|
|
247
|
|
247
|
|
247
|
|
246
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 2 – Results
of Operations by Segment
|
|
|
|
Three months
ended
|
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
Better
/
|
|
September
30,
|
|
Better
/
|
In millions,
unaudited
|
|
2015
|
|
2014
|
|
(Worse)
|
|
2015
|
|
2014
|
|
(Worse)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$1,017
|
|
$1,321
|
|
(23)%
|
|
$2,902
|
|
$3,831
|
|
(24)%
|
Performance
Products
|
|
618
|
|
762
|
|
(19)%
|
|
1,949
|
|
2,360
|
|
(17)%
|
Advanced
Materials
|
|
275
|
|
310
|
|
(11)%
|
|
847
|
|
953
|
|
(11)%
|
Textile
Effects
|
|
196
|
|
221
|
|
(11)%
|
|
618
|
|
693
|
|
(11)%
|
Pigments &
Additives
|
|
543
|
|
318
|
|
71%
|
|
1,707
|
|
976
|
|
75%
|
Eliminations and
other
|
|
(11)
|
|
(48)
|
|
77%
|
|
(56)
|
|
(186)
|
|
70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$2,638
|
|
$2,884
|
|
(9)%
|
|
$7,967
|
|
$8,627
|
|
(8)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA(1):
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ 168
|
|
$ 187
|
|
(10)%
|
|
$ 432
|
|
$ 551
|
|
(22)%
|
Performance
Products
|
|
122
|
|
129
|
|
(5)%
|
|
384
|
|
362
|
|
6%
|
Advanced
Materials
|
|
56
|
|
57
|
|
(2)%
|
|
172
|
|
156
|
|
10%
|
Textile
Effects
|
|
10
|
|
14
|
|
(29)%
|
|
50
|
|
52
|
|
(4)%
|
Pigments &
Additives
|
|
5
|
|
18
|
|
(72)%
|
|
61
|
|
67
|
|
(9)%
|
Corporate, LIFO and
other
|
|
(50)
|
|
(49)
|
|
(2)%
|
|
(118)
|
|
(140)
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ 311
|
|
$ 356
|
|
(13)%
|
|
$ 981
|
|
$1,048
|
|
(6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 3 – Pro
Forma (2) Results of Operations by
Segment
|
|
|
|
Three months
ended
|
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
Better
/
|
|
September
30,
|
|
Better
/
|
In millions,
unaudited, pro forma
|
|
2015
|
|
2014
|
|
(Worse)
|
|
2015
|
|
2014
|
|
(Worse)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$1,017
|
|
$1,327
|
|
(23)%
|
|
$2,902
|
|
$3,852
|
|
(25)%
|
Performance
Products
|
|
618
|
|
762
|
|
(19)%
|
|
1,949
|
|
2,360
|
|
(17)%
|
Advanced
Materials
|
|
275
|
|
310
|
|
(11)%
|
|
847
|
|
953
|
|
(11)%
|
Textile
Effects
|
|
196
|
|
221
|
|
(11)%
|
|
618
|
|
693
|
|
(11)%
|
Pigments &
Additives
|
|
543
|
|
685
|
|
(21)%
|
|
1,707
|
|
2,114
|
|
(19)%
|
Eliminations and
other
|
|
(11)
|
|
(48)
|
|
77%
|
|
(56)
|
|
(186)
|
|
70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
total
|
|
$2,638
|
|
$3,257
|
|
(19)%
|
|
$7,967
|
|
$9,786
|
|
(19)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA(1):
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$ 168
|
|
$ 188
|
|
(11)%
|
|
$ 432
|
|
$ 557
|
|
(22)%
|
Performance
Products
|
|
122
|
|
129
|
|
(5)%
|
|
384
|
|
362
|
|
6%
|
Advanced
Materials
|
|
56
|
|
57
|
|
(2)%
|
|
172
|
|
156
|
|
10%
|
Textile
Effects
|
|
10
|
|
14
|
|
(29)%
|
|
50
|
|
52
|
|
(4)%
|
Pigments &
Additives
|
|
5
|
|
57
|
|
(91)%
|
|
61
|
|
208
|
|
(71)%
|
Corporate, LIFO and
other
|
|
(50)
|
|
(49)
|
|
(2)%
|
|
(118)
|
|
(140)
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
total
|
|
$ 311
|
|
$ 396
|
|
(21)%
|
|
$ 981
|
|
$1,195
|
|
(18)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 4 – Factors
Impacting Sales Revenues
|
|
|
|
Three months
ended
|
|
|
September 30, 2015
vs. 2014
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited
|
|
Currency
|
|
Rate
|
|
&
Other(c)
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(13)%
|
|
(5)%
|
|
(7)%
|
|
2%
|
|
(23)%
|
Performance
Products
|
|
(10)%
|
|
(5)%
|
|
(5)%
|
|
1%
|
|
(19)%
|
Advanced
Materials
|
|
2%
|
|
(9)%
|
|
(2)%
|
|
(2)%
|
|
(11)%
|
Textile
Effects
|
|
(1)%
|
|
(7)%
|
|
1%
|
|
(4)%
|
|
(11)%
|
Pigments &
Additives
|
|
(12)%
|
|
(8)%
|
|
98%
|
|
(7)%
|
|
71%
|
Total
Company
|
|
(9)%
|
|
(6)%
|
|
5%
|
|
1%
|
|
(9)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
September 30, 2015
vs. 2014
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited
|
|
Currency
|
|
Rate
|
|
&
Other(c)
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(9)%
|
|
(6)%
|
|
3%
|
|
(12)%
|
|
(24)%
|
Performance
Products
|
|
(6)%
|
|
(5)%
|
|
(2)%
|
|
(4)%
|
|
(17)%
|
Advanced
Materials
|
|
3%
|
|
(9)%
|
|
(1)%
|
|
(4)%
|
|
(11)%
|
Textile
Effects
|
|
(1)%
|
|
(6)%
|
|
4%
|
|
(8)%
|
|
(11)%
|
Pigments &
Additives
|
|
(9)%
|
|
(9)%
|
|
100%
|
|
(7)%
|
|
75%
|
Total
Company
|
|
(6)%
|
|
(7)%
|
|
13%
|
|
(8)%
|
|
(8)%
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes sales
from tolling arrangements, by-products and raw
materials.
|
(b) Excludes sales
from by-products and raw materials.
|
(c) Includes full
revenue impact from the October 1, 2014 acquisition of the
Performance Additives and
|
Titanium Dioxide
businesses of Rockwood Holdings, Inc.
|
Table 5 – Factors
Impacting Pro Forma (2) Sales Revenues
|
|
|
|
Three months
ended
|
|
|
September 30, 2015
vs. 2014
|
|
|
Average
|
|
|
|
|
|
|
|
|
Selling
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited, pro
forma
|
|
Price(a)
|
|
&
Other
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(18)%
|
|
(7)%
|
|
2%
|
|
(23)%
|
Performance
Products
|
|
(15)%
|
|
(5)%
|
|
1%
|
|
(19)%
|
Advanced
Materials
|
|
(7)%
|
|
(2)%
|
|
1%
|
(e)
|
(8)%
|
Textile
Effects
|
|
(8)%
|
|
1%
|
|
(4)%
|
|
(11)%
|
Pigments &
Additives
|
|
(18)%
|
|
1%
|
|
(3)%
|
(f)
|
(20)%
|
Total
Company
|
|
(16)%
|
|
(4)%
|
|
1%
|
(e)(f)
|
(19)%
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended
|
|
|
September 30, 2015
vs. 2014
|
|
|
Average
|
|
|
|
|
|
|
|
|
Selling
|
|
Sales
Mix
|
|
Sales
|
|
|
Unaudited, pro
forma
|
|
Price(a)
|
|
&
Other
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(15)%
|
|
2%
|
|
(2)%
|
(c)
|
(15)%
|
Performance
Products
|
|
(11)%
|
|
(2)%
|
|
----
|
(d)
|
(13)%
|
Advanced
Materials
|
|
(6)%
|
|
(1)%
|
|
(1)%
|
(e)
|
(8)%
|
Textile
Effects
|
|
(7)%
|
|
4%
|
|
(8)%
|
|
(11)%
|
Pigments &
Additives
|
|
(18)%
|
|
1%
|
|
(2)%
|
(f)
|
(19)%
|
Total
Company
|
|
(14)%
|
|
3%
|
|
(2)%
|
(c)(d)(e)(f)
|
(13)%
|
|
(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 planned maintenance at our PO/MTBE facility in
1H15.
|
(d) Excludes volume
impact from closure of our European surfactants plant in
2Q14.
|
(e) Excludes volume
impact from de-selection of lower margin business in
2015.
|
(f) Excludes volume
impact from nitrogen tank incident at our Uerdingen, Germany
facility in 3Q15.
|
Table 6 –
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
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts, unaudited
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP(1)
|
|
$ 255
|
|
$ 293
|
|
$ (49)
|
|
$ 40
|
|
$ 55
|
|
$ 188
|
|
$ 0.22
|
|
$ 0.76
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
10
|
|
10
|
|
(2)
|
|
(2)
|
|
8
|
|
8
|
|
0.03
|
|
0.03
|
Impact of certain
foreign tax credit elections
|
|
N/A
|
|
N/A
|
|
-
|
|
(94)
|
|
-
|
|
(94)
|
|
-
|
|
(0.38)
|
Loss from
discontinued operations, net of tax(3)
|
|
1
|
|
-
|
|
N/A
|
|
N/A
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss on early
extinguishment of debt
|
|
8
|
|
-
|
|
(3)
|
|
-
|
|
5
|
|
-
|
|
0.02
|
|
-
|
Certain legal
settlements and related expenses
|
|
1
|
|
1
|
|
-
|
|
-
|
|
1
|
|
1
|
|
-
|
|
-
|
Plant incident
remediation costs
|
|
3
|
|
-
|
|
(1)
|
|
-
|
|
2
|
|
-
|
|
0.01
|
|
-
|
Amortization of
pension and postretirement actuarial losses
|
|
19
|
|
12
|
|
(4)
|
|
(2)
|
|
15
|
|
10
|
|
0.06
|
|
0.04
|
Restructuring,
impairment, plant closing and transition costs
|
|
14
|
|
40
|
|
15
|
|
(6)
|
|
29
|
|
34
|
|
0.12
|
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$ 311
|
|
$ 356
|
|
$ (44)
|
|
$ (64)
|
|
$ 115
|
|
$ 147
|
|
$ 0.47
|
|
$ 0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
|
|
|
|
|
|
|
|
44
|
|
64
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
8
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 167
|
|
$ 217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
|
|
|
|
|
|
|
|
26%
|
|
29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
Net
Income
|
|
Diluted
Income
|
|
|
EBITDA
|
|
Expense
|
|
Attrib. to HUN
Corp.
|
|
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, unaudited
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP(1)
|
|
$ 216
|
|
|
|
$ (34)
|
|
|
|
$ 29
|
|
|
|
$ 0.12
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
12
|
|
|
|
(3)
|
|
|
|
9
|
|
|
|
0.04
|
|
|
Loss from
discontinued operations, net of tax(3)
|
|
1
|
|
|
|
N/A
|
|
|
|
2
|
|
|
|
0.01
|
|
|
Loss on disposition
of businesses/assets
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
Loss on early
extinguishment of debt
|
|
20
|
|
|
|
(7)
|
|
|
|
13
|
|
|
|
0.05
|
|
|
Certain legal
settlements and related expenses
|
|
1
|
|
|
|
(1)
|
|
|
|
-
|
|
|
|
-
|
|
|
Amortization of
pension and postretirement actuarial losses
|
|
19
|
|
|
|
(5)
|
|
|
|
14
|
|
|
|
0.06
|
|
|
Restructuring,
impairment, plant closing and transition costs
|
|
115
|
|
|
|
(28)
|
|
|
|
87
|
|
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$ 385
|
|
|
|
$ (78)
|
|
|
|
$ 155
|
|
|
|
$ 0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
|
|
|
|
|
|
|
|
78
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
|
|
|
|
|
|
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
Net
Income
|
|
Diluted
Income
|
|
|
EBITDA
|
|
Expense
(Benefit)
|
|
Attrib. to
HUN Corp.
|
|
Per
Share
|
|
|
Nine months
ended
|
|
Nine months
ended
|
|
Nine months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts, unaudited
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP(1)
|
|
$ 630
|
|
$ 881
|
|
$ (85)
|
|
$ (39)
|
|
$ 89
|
|
$ 361
|
|
$ 0.36
|
|
$ 1.47
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
31
|
|
27
|
|
(7)
|
|
(6)
|
|
24
|
|
21
|
|
0.10
|
|
0.09
|
Impact of certain
foreign tax credit elections
|
|
N/A
|
|
N/A
|
|
-
|
|
(94)
|
|
-
|
|
(94)
|
|
-
|
|
(0.38)
|
Loss from
discontinued operations, net of tax(3)
|
|
3
|
|
9
|
|
N/A
|
|
N/A
|
|
4
|
|
7
|
|
0.02
|
|
0.03
|
Loss (gain) on
disposition of businesses/assets
|
|
1
|
|
(2)
|
|
-
|
|
1
|
|
1
|
|
(1)
|
|
-
|
|
-
|
Loss on early
extinguishment of debt
|
|
31
|
|
-
|
|
(11)
|
|
-
|
|
20
|
|
-
|
|
0.08
|
|
-
|
Certain legal
settlements and related expenses
|
|
3
|
|
3
|
|
(1)
|
|
-
|
|
2
|
|
3
|
|
0.01
|
|
0.01
|
Plant incident
remediation costs
|
|
3
|
|
-
|
|
(1)
|
|
-
|
|
2
|
|
-
|
|
0.01
|
|
-
|
Amortization of
pension and postretirement actuarial losses
|
|
56
|
|
37
|
|
(14)
|
|
(10)
|
|
42
|
|
27
|
|
0.17
|
|
0.11
|
Restructuring,
impairment, plant closing and transition costs
|
|
223
|
|
93
|
|
(39)
|
|
(20)
|
|
184
|
|
73
|
|
0.74
|
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$ 981
|
|
$ 1,048
|
|
$ (158)
|
|
$ (168)
|
|
$ 368
|
|
$ 397
|
|
$ 1.49
|
|
$ 1.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense
|
|
|
|
|
|
|
|
|
|
158
|
|
168
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
28
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 554
|
|
$ 584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate
|
|
|
|
|
|
|
|
|
|
29%
|
|
29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7 – Pro
Forma (2) Reconciliation of U.S. GAAP to Non-GAAP
Measures
|
|
|
|
Pro Forma
EBITDA
|
|
|
Three months
ended
|
|
|
September
30,
|
In millions, except
per share amounts, unaudited, pro forma
|
|
2015
|
|
2014
|
|
|
|
|
|
GAAP(1)
|
|
$ 255
|
|
$ 333
|
Adjustments:
|
|
|
|
|
Allocation of
Rockwood general corporate overhead
|
|
-
|
|
5
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
10
|
|
4
|
Loss from
discontinued operations, net of tax(3)
|
|
1
|
|
-
|
Loss on early
extinguishment of debt
|
|
8
|
|
-
|
Certain legal
settlements and related expenses
|
|
1
|
|
1
|
Plant incident
remediation costs
|
|
3
|
|
-
|
Amortization of
pension and postretirement actuarial losses
|
|
19
|
|
13
|
Restructuring,
impairment, plant closing and transition costs
|
|
14
|
|
40
|
|
|
|
|
|
Pro forma
adjusted(2)
|
|
$ 311
|
|
$ 396
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
EBITDA
|
|
|
Three months
ended
|
|
|
June
30,
|
In millions, except
per share amounts, unaudited pro forma
|
|
2015
|
|
|
|
|
|
GAAP(1)
|
|
$ 216
|
|
|
Adjustments:
|
|
|
|
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
12
|
|
|
Loss from
discontinued operations, net of tax(3)
|
|
1
|
|
|
Loss on disposition
of businesses/assets
|
|
1
|
|
|
Loss on early
extinguishment of debt
|
|
20
|
|
|
Certain legal
settlements and related expenses
|
|
1
|
|
|
Amortization of
pension and postretirement actuarial losses
|
|
19
|
|
|
Restructuring,
impairment, plant closing and transition costs
|
|
115
|
|
|
|
|
|
|
|
Pro forma
adjusted(2)
|
|
$ 385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma
EBITDA
|
|
|
Nine months
ended
|
|
|
September
30,
|
In millions, except
per share amounts, unaudited pro forma
|
|
2015
|
|
2014
|
|
|
|
|
|
GAAP(1)
|
|
$ 630
|
|
$ 1,023
|
Adjustments:
|
|
|
|
|
Allocation of general
corporate overhead
|
|
-
|
|
20
|
Acquisition and
integration expenses, purchase accounting adjustments
|
|
31
|
|
9
|
Loss from
discontinued operations, net of tax(3)
|
|
3
|
|
9
|
Loss (gain) on
disposition of businesses/assets
|
|
1
|
|
(2)
|
Loss on early
extinguishment of debt
|
|
31
|
|
-
|
Certain legal
settlements and related expenses
|
|
3
|
|
3
|
Plant incident
remediation costs
|
|
3
|
|
-
|
Amortization of
pension and postretirement actuarial losses
|
|
56
|
|
40
|
Restructuring,
impairment, plant closing and transition costs
|
|
223
|
|
93
|
|
|
|
|
|
Pro forma
adjusted(2)
|
|
$ 981
|
|
$ 1,195
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 8 –
Reconciliation of Net Income to EBITDA
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
In millions,
unaudited
|
|
2015
|
|
2014
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Huntsman Corporation
|
|
$ 55
|
|
$188
|
|
$ 29
|
|
$ 89
|
|
$ 361
|
Interest
expense
|
|
49
|
|
49
|
|
53
|
|
158
|
|
148
|
Income tax expense
(benefit) from continuing operations
|
|
49
|
|
(40)
|
|
34
|
|
85
|
|
39
|
Income tax (benefit)
expense from discontinued operations(3)
|
(1)
|
|
-
|
|
1
|
|
1
|
|
(2)
|
Depreciation and
amortization
|
|
103
|
|
96
|
|
99
|
|
297
|
|
335
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
|
255
|
|
293
|
|
216
|
|
630
|
|
881
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
adjustments to:
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Huntsman Corporation
|
|
-
|
|
15
|
|
-
|
|
-
|
|
49
|
Interest
expense
|
|
-
|
|
11
|
|
-
|
|
-
|
|
33
|
Income tax expense
(benefit) from continuing operations
|
|
-
|
|
4
|
|
-
|
|
-
|
|
30
|
Depreciation and
amortization
|
|
-
|
|
10
|
|
-
|
|
-
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
Pro forma
EBITDA(2)
|
|
$255
|
|
$333
|
|
$ 216
|
|
$630
|
|
$1,023
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 9 – Selected
Balance Sheet Items
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
In
millions
|
|
2015
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
437
|
|
$ 608
|
|
$
870
|
Accounts and notes
receivable, net
|
|
1,632
|
|
1,754
|
|
1,707
|
Inventories
|
|
1,850
|
|
1,938
|
|
2,025
|
Other current
assets
|
|
332
|
|
295
|
|
437
|
Property, plant and
equipment, net
|
|
4,380
|
|
4,328
|
|
4,423
|
Other
assets
|
|
1,605
|
|
1,655
|
|
1,540
|
|
|
|
|
|
|
|
Total
assets
|
|
$
10,236
|
|
$10,578
|
|
$
11,002
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
1,068
|
|
$ 1,209
|
|
$
1,275
|
Other current
liabilities
|
|
839
|
|
786
|
|
790
|
Current portion of
debt
|
|
158
|
|
127
|
|
267
|
Long-term
debt
|
|
4,709
|
|
4,920
|
|
4,933
|
Other
liabilities
|
|
1,671
|
|
1,694
|
|
1,786
|
Total
equity
|
|
1,791
|
|
1,842
|
|
1,951
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
10,236
|
|
$10,578
|
|
$
11,002
|
Table 10 –
Outstanding Debt
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
In
millions
|
|
2015
|
|
2015
|
|
2014
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
Senior credit
facilities
|
|
$
2,507
|
|
$ 2,509
|
|
$
2,528
|
Accounts receivable
programs
|
|
217
|
|
217
|
|
229
|
Senior
notes
|
|
1,883
|
|
1,884
|
|
1,596
|
Senior subordinated
notes
|
|
-
|
|
198
|
|
531
|
Variable interest
entities
|
|
158
|
|
165
|
|
207
|
Other debt
|
|
102
|
|
74
|
|
109
|
|
|
|
|
|
|
|
Total debt -
excluding affiliates
|
|
4,867
|
|
5,047
|
|
5,200
|
|
|
|
|
|
|
|
Total cash
|
|
437
|
|
608
|
|
870
|
|
|
|
|
|
|
|
Net debt-
excluding affiliates
|
|
$
4,430
|
|
$ 4,439
|
|
$
4,330
|
|
|
|
|
|
|
|
Table 11 –
Summarized Statement of Cash Flows
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
In millions,
unaudited
|
|
2015
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Total cash at
beginning of period(a)
|
|
$
608
|
|
$ 870
|
|
$ 529
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
206
|
|
387
|
|
343
|
Net cash used in
investing activities
|
|
(150)
|
|
(383)
|
|
(337)
|
Net cash (used in)
provided by financing activities
|
|
(216)
|
|
(418)
|
|
62
|
Effect of exchange
rate changes on cash
|
|
(6)
|
|
(13)
|
|
(6)
|
Change in restricted
cash
|
|
(5)
|
|
(6)
|
|
1
|
|
|
|
|
|
|
|
Total cash at end
of period(a)
|
|
$
437
|
|
$ 437
|
|
$ 592
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
(43)
|
|
$(158)
|
|
$(145)
|
Cash paid for income
taxes
|
|
(51)
|
|
(81)
|
|
(156)
|
Cash paid for capital
expenditures
|
|
(158)
|
|
(454)
|
|
(351)
|
Depreciation and
amortization
|
|
103
|
|
297
|
|
335
|
|
|
|
|
|
|
|
Changes in primary
working capital:
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
$
89
|
|
$ (53)
|
|
$(161)
|
Inventories
|
|
39
|
|
46
|
|
(112)
|
Accounts
payable
|
|
(123)
|
|
(111)
|
|
131
|
|
|
|
|
|
|
|
Total cash provided
by (used in) primary working capital
|
|
$
5
|
|
$(118)
|
|
$(142)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes
restricted cash.
|
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 8 above.
|
|
|
|
Adjusted EBITDA is
computed by eliminating the following from EBITDA: (a)
acquisition and integration expenses, purchase accounting
adjustments; (b) loss (gain) on initial consolidation of
subsidiaries; (c) EBITDA from discontinued operations; (d) loss
(gain) on disposition of businesses/assets; (e) loss on early
extinguishment of debt; (f) extraordinary loss (gain) on the
acquisition of a business; (g) certain legal settlements and
related expenses; (h) plant incident remediation costs; (i)
amortization of pension and postretirement actuarial losses
(gains); and (j) restructuring, impairment, plant closing and
transition costs (credits). The reconciliation of adjusted
EBITDA to EBITDA is set forth in Table 6 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: (a) acquisition and integration expenses, purchase
accounting adjustments; (b) impact of certain foreign tax credit
elections; (c) loss (gain) on initial consolidation of
subsidiaries; (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)
extraordinary loss (gain) on the acquisition of a business; (i)
certain legal settlements and related expenses; (j) plant incident
remediation costs; (k) amortization of pension and postretirement
actuarial losses (gains); and (l) 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 6 above.
|
|
|
(2)
|
Pro forma adjusted as
if it had occurred at the beginning of the relevant period to (a)
include the October 1, 2014 acquisition of the Performance
Additives and Titanium Dioxide businesses of Rockwood Holdings,
Inc.; (b) to exclude the related sale of our TR52 product line –
used in printing inks – to Henan Billions Chemicals Co., Ltd. in
December 2014; and (c) to exclude the allocation of general
corporate overhead by Rockwood.
|
|
|
(3)
|
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 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/huntsman-reports-third-quarter-2015-adjusted-ebitda-of-311-million-and-announces-major-reduction-in-planned-capital-expenditures-300166572.html
SOURCE Huntsman Corporation