17 February 2011 12:19 [Source: ICIS news]
LONDON (ICIS)--Huntsman’s adjusted net income for the fourth quarter dropped by 26% to $58m (€43m) from $78m for the same period in 2009, but underlying earnings and sales soared, the US-based specialty chemicals producer said on Thursday.
Revenues for the fourth quarter were $2.4bn, an increase of 17% compared with $2.06bn during the same three-month period a year earlier.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 26% to $219m in the fourth quarter from $174m in the October to December period of 2009.
"Our fourth quarter 2010 adjusted EBITDA was greater than any of our previous fourth quarters,” said Peter Huntsman, president and CEO.
He added that average selling prices increased on a sequential basis within the company’s largest businesses and that capacity utilisation rates were improving on a seasonally adjusted basis.
For the full year, adjusted net income for 2010 was $200m compared with an adjusted net loss of $303m in 2009.
Revenues for 2010 were $9.25bn, up from $7.67bn a year earlier. Adjusted EBITDA soared to $872m from $529m in 2009.
“This past November, we announced our expectation to achieve adjusted EBITDA of $1.325bn within the next two to three years. Given current improving global economic trends, I continue to be confident that we can achieve these earnings," said Peter Huntsman.
($1 = €0.74)
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