MOSCOW (MRC) -- Huntsman reports net income for the fourth quarter of USD4 million, up from a loss of USD38 million in the year-ago period, said Chemweek.
Sales fell 21% year-over-year (YOY) to USD2.332 billion on lower prices and volumes. Adjusted earnings increased 55% YOY to 51 cts/share.
Net income attributable to Huntsman Corporation was USD4 million compared to net loss of USD38 million in the prior year period and net income of USD55 million in the prior quarter.
The stronger U.S. dollar reduced adjusted EBITDA by an estimated USD24 million compared to the prior year period; a negative impact of approximately USD0.07 loss per diluted share.
The combination of effective tax planning, certain unusual tax benefits and regional mix of income created an approximate USD0.25 per diluted share net tax benefit during the fourth quarter 2015.
Full Year 2015 Highlights - Adjusted EBITDA was USD1,221 million compared to USD1,340 million in the prior year. Adjusted diluted income per share was USD2.00 compared to USD1.94 in the prior year. Net income attributable to Huntsman Corporation was USD93 million compared to USD323 million in the prior year. The stronger U.S. dollar reduced adjusted EBITDA by an estimated USD136 million compared to the prior year; a negative impact of approximately USD0.39 loss per diluted share.
As MRC reported earlier, in October 2014, Huntsman Corporation completed the acquisition of the Performance Additives and TiO2 businesses of Rockwood Holdings, Inc. And, in February 2015, the company announced its plans to reduce its TiO2 capacity by approximately 100,000 tons, representing 13% of Huntsman's European TiO2 capacity. As part of the plan, Huntsman is proposing to close certain operations at its site in Calais, France.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2013 revenues of over USD11 billion. Huntsman is a global manufacturer and marketer of differentiated chemicals. The company's operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
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