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Huntsman Q1 2010 Earnings Call Transcript Good day, ladies and gentlemen, and welcome to the First Quarter 2010 Huntsman Corporation Earnings Conference Call. My name is Chanel, and I will be your coordinator for today. [ Instructions] I would now like to turn the presentation over to your host for today s call, Mr. Kurt Ogden, Huntsman Corporation Vice President in Investor Relations. Please proceed.Thank you, Chanel. Good morning, everyone, and welcome to Huntsman s Investor Conference Call for the first quarter 2010. Joining us on the call today are Peter Huntsman, President and CEO; and Kimo Esplin, Executive Vice President and CFO. We also posted a set of slides on our website, which we intend to use on the call this morning in the discussion of our results.During this call, we may make statements about our projections or expectations for the future. All such statements are forward looking statements, and while they reflect our current expectations, they involve risks and uncertainties and are not guarantees of future performance. You should review our filings with the Securities and Exchange Commission for Gators 15 Tim Tebow Blue Stitched NCAA Jersey more information regarding the factors that could cause actual results to differ materially from these projections or expectations.We do not plan on publicly updating or revising any forward looking statements during the quarter. In addition, we may also refer to non GAAP financial measures.Following my comments, Peter Huntsman will review the recent performance for each of our divisions, after which, Kimo Esplin will address certain business trends and financial related items, and then Peter will provide some concluding thoughts. At the conclusion of our prepared remarks, we look forward to taking questions from you.As we refer to earnings, we will be referring to adjusted EBITDA, which is EBITDA adjusted to exclude the impact of discontinued operations, restructuring impairment and plant closing costs, income and expense associated with the terminated merger and related litigation, acquisition related expenses, unallocated foreign exchange gains and losses, losses from the early extinguishment of debt, extraordinary gains and losses on the acquisition of a business and losses and gains on disposition authentic ncaa football jerseys of businesses and assets.We focus on adjusted EBITDA from a management standpoint as we believe it is the best measure of the underlying performance of operations. And we have received feedback from many of you in the investment community that this is how you prefer to look at our business. A reconciliation of EBITDA, adjusted EBITDA and adjusted net loss/income can be found in the appendix of our slides and in our fourth quarter earnings release.Let s turn to Slide 3. In our earnings release this morning, we reported first quarter 2010 revenue of $2,094,000,000, adjusted EBITDA of $123 million and adjusted earnings per share of $0.07 loss per diluted share. Our adjusted EBITDA increased to $123 million in the first quarter 2010, compared to $57 million in the prior year and decreased from $174 million in the prior quarter. Both prior period figures have been adjusted to account for the re class of results from our Australian Styrenics business into discontinued operations.Our first quarter 2010 results were negatively impacted by $51 million of production disruptions. $40 million was the result of our planned maintenance outage at our Port Neches, Texas PO/MTBE facility and $11 million was the result of mechanical shutdowns at our separate Port Neches, Texas ethylene facility. With that, I will turn the call over to Peter Huntsman, our CEO, who will discuss our results in more detail.Kurt, thank you very much, and thank you all for joining us this morning. Let s turn to Slide 4. Our Polyurethanes adjusted EBITDA results of $52 million were nearly double from the prior year despite the negative impact of $40 million from our planned maintenance outage at our Port Neches, Texas Propylene Oxide/MTBE facility, which was completed in March. It had been six years since this facility was last shut down for this type of maintenance, and we shouldn t see this magnitude of planned production disruption for another six years.Huntsman s global demand for MDI [methyl diphenyl diisocyanate] increased 35% in the first quarter compared to the prior year. We continue to see tremendous growth in Asia. Chinese stimulus and our government stimulus initiatives targeting infrastructure, investment and domestic consumption are a significant driver, but we are seeing strong domestic demand that are quite unrelated to what the Chinese government is promoting. Demand in the Americas improved significantly compared to the prior year, as signs of economic recovery are manifest in installation, automotive and other sectors. We are also seeing increased MDI substitution of formaldehyde resins in wood products and for TDI [toluene diisocyanate] in cushioning applications.In Europe, our largest market, we saw a substantial year over year recovery and demand, albeit, somewhat hampered due to colder than normal weather. Notable increases were seen across the sector, not as affected by weather and including automotive, adhesives, coatings, appliances and furniture. We re also pleased with the growth in India and Eastern Europe that we are saying.We continue to see healthy demand for MTBE outside the United States. We produced propylene oxide and MTBE at our Port Neches, Texas facility, which was shut down most of the quarter for our planned maintenance mentioned earlier. Contribution margins for MTBE during the quarter were line with historical levels but lower than 2009. Supply demand levels remained tight even with new volume restarting, which we believe only serves to replace some of the capacity, which was shipped, switched from MTBE to ETBE production. Since the beginning of the second quarter, this facility has been operating at full capacity.Now if you turn to Slide 5, let s talk about our Performance Products division. Our earnings on our Performance Products division were in line with the prior year despite suffering the negative impact of two unplanned mechanical shutdowns during the quarter, which totaled $11 million for a key of means in surfactants raw material. Our Performance Specialty businesses, which represents around 50% of our division s earnings, saw a strong improvement in underlying demand across virtually all markets.First quarter sales volumes increased 26% compared to the prior year, primarily driven by strong demand in the Asia Pacific region for our amines products. We announced completion of our Ethyleneamines joint venture facility in Jubail, Saudi Arabia with our partner, the Zamil Group this past February. The plant commissioning is almost complete, and we will soon begin deliveries of product. Our share of this joint venture is 50%. However, we expect to consolidate the joint venture result within our financials after commissioning.Within our performance intermediates and Maleic Anhydride businesses, we are seeing steady improvements in global customer demand, albeit, at lower levels than in Specialties. We continue to increase our selling price to offset the increases we are seeing in raw materials.Let s turn to Slide 6. Adjusted EBITDA for our Advanced Materials division in the first quarter was $31 million, nearly 3x the prior year result. Demand within our core Formulated Systems and Specialty Components businesses combined improved 22% compared to the prior year. We saw significant increases in volume within our coatings, automotive, electronics, aerospace and general industry markets.Our Basic Liquid Resins business is more commoditized and represents approximately 15% to 20% of Advanced Materials revenues. Within this business, we saw demand improved 37%. However, the negative impact of increased raw material costs on the bottom line more than offset the positive effect of the improved volume on the top line.Turning to Slide 7. Our Textile Effects division had break even earnings in the first quarter, which represents a pivotal point for this business. Retail sales data published recently suggests that rising numbers of consumers are returning to stores and are purchasing clothing and apparel items. This increased demand was reflected in our first quarter sales as volumes increased 18% compared to the prior year. We saw volume increases in apparel and home textiles, as well as specialty textiles across all global regions.Our product mix has improved from the previous year as well. We have been focused on select market segments, where we believe customers are willing to pay for the innovation and technical support we are able to provide. As a result, our underlying sales product mix has improved along with the return in general demand. This business has undergone dramatic restructuring efforts over the last few years from a cost perspective as well. From December of 2008 through the end of 2009, we reduced our fixed cost by more than $60 million. We are encouraged by the improvements in the bottom line of this business and expected to be profitable in 2010.If you please turn to Slide 8. In the first quarter, our Pigments division earned $29 million of adjusted EBITDA. This is the highest level of quarterly earnings since early 2006 and represents an increase of $45 million from the previous year. We have seen a strong recovery in global demand. Volumes improved 33% compared to the prior year and 11% compared to the fourth quarter. This supply demand balance is tight right now for quality pigments as a result of improved global demand and the impact of both structural long term and unplanned short term supply reductions across the industry. Not surprisingly, industry inventory levels are at unusually low levels for this time of year. So from the supply side, there does not appear to be much slack in the system.Our stronger earnings are also in part a result of our restructuring efforts. manufacturing footprint, restart of our restructured well sustained [ph] plant, reduction of our already industry leading SG costs, as well as driving greater revenue capture from our increasingly differentiated products and service offerings. We continue to see positive momentum on our sales and on our price increases announced earlier and expect further benefits to flow into the second quarter. We are pleased with earnings trend and expect further improvement throughout 2010 as global economics improve.Before sharing some concluding thoughts, I d now like to turn a few minutes over to Kimo Esplin, our Chief Financial Officer.Thanks, Peter. Let s turn to Slide 9. We ve shown a quarterly year over year sales volume chart for the last few quarters now. We think it s a good measure of underlying demand as it compensates for seasonal fluctuations. We ve made some adjustments Mountaineers 13 Andrew Buie Navy Blue Stitched NCAA Jersey to remove the effects of tolling, by products and certain businesses that are no longer a part of our business portfolio. We ve also added line showing our actual pounds sold and our 2007 pounds sold by quarter, which is a good proxy for normalized demand.Our volumes for the first quarter increased 7% compared to the first quarter 2009, which was down 15%, compared to the first quarter of 2008. By implication, doing the math suggests our volumes are down a net 8% relative to the first quarter of 2008.Adjusting for the effects of the planned maintenance at our Port Neches, Texas facility, our first quarter volumes improved 19% compared to the prior year and 5% compared to the fourth quarter. We are encouraged by this trend and expect that it will continue in the second quarter. However, as you look at our actual pounds sold relative to our 2007 pounds, we still have a gap to close of approximately 4%.Slide 10. In the first quarter of 2010, our adjusted EBITDA increased to $123 million from $57 million in the prior year. The primary reason for the year over year increase in adjusted EBITDA was a significant increase in volumes. We saw some positive benefits in margins as average selling prices increased more than direct costs, which are primarily our raw material costs. Of course, the production disruption at our Port Neches, Texas facility that Peter has already discussed, created a negative impact of $51 million in the first quarter of this year.

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