US Huntsman expects adjusted EBITDA to rise 10%

16 July 2008 22:20  [Source: ICIS news]

HOUSTON (ICIS news)--Huntsman expects to report a roughly 10% quarter-over-quarter increase in its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), the US titanium dioxide, polyurethanes and epoxy resins producer said on Wednesday.

Huntsman reported EBITDA of $172.2m (€108.5m) for the quarter ended 31 March.

Net debt was $4.3bn as of 30 June, which marks the end of the company's second quarter, Huntsman said. That compares with $4.1bn for the same time in 2007.

Total cash and unused borrowing capacity exceeded $550m as of 30 June, the company said.

Huntsman will report its second quarter results on 30 July.

"Despite absorbing an additional $75m in higher raw material, energy and other direct costs in the second quarter as compared to the first quarter, as well as the continued decline in the value of the US dollar, we are successfully implementing increases in our selling prices and sales volumes have improved," according to a statement by Peter Huntsman, president.

"Our results in the month of June were stronger than those recorded in May, which were stronger than those recorded in April," Huntsman said. "We expect this trend to continue into the second half of 2008 and would expect adjusted EBITDA in the second half of the year to be stronger than in the first half."

($1 = €0.63)

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