A year ago the Huntsman Cos., which consists of HMP Equity Holdings Corp. and its primary operating subsidiaries of Huntsman LLC, Huntsman International Holdings and Huntsman Advanced Materials, recorded a second-quarter loss of $101 million.
Revenue for the second quarter of 2003 was $2.2 billion.
Despite the widening second quarter loss, the Huntsman Cos. indicated its operations show significant improvement, especially given "high and volatile energy and feedstock costs that continue to plague the [chemical] industry," Chief Executive Peter Huntsman said in a statement.
"We are concerned that the continued high cost of crude oil and natural gas could have a negative impact on global economic growth," he said. "However, for now, demand remains relatively strong, industry operating rates continue to improve and we remain cautiously optimistic about our outlook for the second half of the year."
The Huntsman Cos. reported that second-quarter earnings before income taxes, depreciation and amortization, or EBITDA, reached $116.3 million, a figure lowered by $170.9 million of restructuring and other charges.
EBITDA in the second quarter of 2003 was $157 million, which included charges of $61 million.
The Huntsman Cos., however, noted that its EBITDA for the first quarter of 2004 was $208 million including charges of $14 million. Second-quarter 2004 EBITDA, after adjusting for the $171 million of restructuring charges reached $288 million.
Second-quarter 2004 EBITDA results represent a 30 percent improvement over the first quarter of 2004 and a 35 percent improvement compared with the second-quarter 2003 EBITDA of $214 million, the company said.
Huntsman LLC, one of the primary operating arms of the Salt Lake City-based Huntsman Cos., reported a loss of $58.1 million for the second quarter of 2004, according to documents on file with the Securities and Exchange Commission.
The company, which operates 47 petrochemical manufacturing plants throughout the world, posted revenue of $970 million for the six-month period ended June 30, the documents show.
Another Huntsman subsidiary, Huntsman International Holdings, recorded a second-quarter loss of $90 million. Second-quarter revenue was $1.6 billion.
