Raising prices pays off for Huntsman in 2014
24/02/2015
Sales fell 3% in the final quarter, which it said was due to lower sales volumes, partially offset by higher average selling prices.
“Sales volumes decreased primarily due to the de-selection of lower value business and destocking within the fibres and dyes supply chain,” it said. “Average selling prices increased primarily in response to higher raw material costs.”
As a group, Huntsman Corp fared well. Sales increased to $2.95 billion from $2.7 billion in 2013.
CEO Peter Hunstman said: “2014 was a remarkable year for us; our differentiated businesses that include our MDI urethanes, Performance Products, Advanced Materials and Textile Effects collectively increased their adjusted EBITDA by more than $200 million. I am encouraged by the attractive growth profile of these businesses and expect them to perform even better in 2015.
“Notwithstanding near term headwinds and shocks to the business landscape such as meaningful movements in foreign currency rates and lower priced oil, I believe we are well positioned to deliver increased earnings, an improvement in free cash flow and increased shareholder value over the next several years.”
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