Woodlands, Texas – Huntsman has reported its total revenue for the first three months of 2014 as $2.7bn (EUR1.9bn) - 2% higher than last year’s net sales income for the Q1 period to 31 March.
The company’s total EBITDA profit was reported as up 50% from $220m in Q1 2013 to $329 in Q1 2014.
The polyurethanes business reported a sales revenue of $1.2bn in Q1 2014, a 2% increase on last year’s figure. The adjusted EBITDA for the segment was reported at $167m, 6% lower than the $178m profit reported in Q1 2013.
Huntsman's performance products segment also reported a sales growth of 6% to $765m in Q1 this year. Profits rose by 119% from $54m in Q1 2013 to $118m during this year’s Q1.
Similarly, the advanced materials segment’s profits rose by 70%, from $27m in Q1 2013 to $46m in Q1 2014. This was despite the company reporting a 5% drop in sales for the segment.
Speaking during a conference call yesterday, the company's president and chief executive officer Peter Huntsman said: "Compared to the prior year period, we saw favourable earnings growth from our MDI urethanes business of $6m, which was more than offset by lower earnings from PO/MTBE. Our MDI urethanes first quarter EBITDA has exceeded the previous year's first quarter in each of the past five years."
He also told conference call participants that MDI demand "remains strong" with global sales growth of 6% in Q1 2014 compared to Q1 last year.
Huntsman added: "Notably, half of the volume's growth came from the Asia Pacific region where our differentiated automotive, adhesive, coatings, elastomers and furniture businesses all grew at strong double-digit rates."
He also said the company was currently in the process of negotiating MDI price increases coming into effect in June.
XE Currency Conversion: 29 April