Huntsman Corp. saw its earnings drop in the third quarter of 2014, due in part to an unplanned disruption at its Port Neches, Texas, plant.
President and CEO Peter Huntsman said in the company's quarterly report that the disruption cut $30 million from its earnings before interest, taxes, depreciation and amortization (EBITDA). The company's EBITDA was $356 million for the quarter in 2014 compared to $376 million for the same period in 2013.
Originally the company expected the disruption's impact to be $10 million.
The Woodlands, Texas-based Huntsman's polyurethanes division, however, continued to see growing demand for products including methylene diphenyl diisocyanate-based (MDI) polyurethanes, he said.
“MDI sales volumes increased 5 percent primarily as a result of improved demand in the Americas and Asian regions and across most major markets,” he added.
Revenue in the division increased by 1.1 percent to $1.3 billion. The segment's adjusted EBITDA was reported as $187 million — 13 percent lower than the $215 million reported at the close of the third quarter in 2013.
Huntsman said the average selling price for MDI increased in the Americas and Europe, partially offset by lower component pricing in China.