US Chemtura expects 7.6% decline in Q2 operating earnings

18 July 2013 13:42  [Source: ICIS news]

HOUSTON (ICIS)--Chemtura expects to report second-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of $109m (€83m) – down 7.6% year on year – mainly because of a sharp earnings decline in its industrial engineered products business, the US-based specialty chemicals firm said in a preliminary results statement on Thursday.

Second-quarter adjusted EBITDA in industrial engineered products for the three months ended 30 June are expected to be down almost 46% at $26m, Chemtura said.

However, Chemtura’s three other businesses are expected to report year-on-year improvements in adjusted EBITDA, led by the AgroSolutions business, the company said.

Chemtura's second-quarter net sales are expected to be $735m, compared with $741m in the 2012 second quarter.

"With the benefit of particularly strong sales in North America and in South America, Chemtura AgroSolutions delivered record performance despite the delayed start to the Northern Hemisphere growing season this year," said CEO Craig Rogerson.

"Our other segments performed in line with the expectations we discussed in our 6 June press release," he added.

Chemtura is due to release its 2013 second-quarter results on 30 July.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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