Last $23.26 USD
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chemtura corp (CHMT) Key Developments

Chemtura Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Year 2014

Chemtura Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $609 million against $590 million a year ago. Operating income was $52 million against $45 million a year ago. Earnings from continuing operations before income taxes were $38 million against $41 million a year ago. Net earnings from continuing operations were $43 million or $0.46 per basic and diluted share against $27 million or $0.27 per basic and diluted share a year ago. Net earnings were $39 million or $0.42 per diluted share against net loss of $93 million or $0.93 per diluted share a year ago. Net cash provided by operating activities was $18 million as compared with net cash used in operating activities of $2 million for the second quarter of 2013. Capital expenditures for the second quarter of 2014 and 2013 were $25 million and $38 million, respectively. Adjusted EBITDA was $84 million against $83 million a year ago. Net sales were 3% higher than the second quarter of 2013 driven by higher sales volume of $21 million and favorable foreign currency translation of $1 million, offset by lower selling prices of $3 million. The increase in operating income was primarily due to a $12 million increase in gross profit and a $7 million decrease in facility closures, severance and related costs, partly offset by $7 million in expenses associated with the sale of its Chemtura AgroSolutions business and a $5 million net increase in other costs. On managed basis, operating income was $57 million against $54 million a year ago. Earnings from continuing operations before income taxes were $44 million against $36 million a year ago. Earnings from continuing operations were $30 million against $25 million a year ago. Net earnings were $30 million against $25 million a year ago. For the six months, the company reported net sales of $1,165 million against $1,118 million a year ago. Operating income was $74 million against $47 million a year ago. Earnings from continuing operations before income taxes were $51 million against $30 million a year ago. Earnings from continuing operations were $53 million or $0.55 per diluted share against $9 million or $0.09 per basic and diluted share a year ago. Net earnings were $45 million or $0.47 per diluted share against net loss of $116 million or $1.17 per diluted share a year ago. Adjusted EBITDA was $141 million against $151 million a year ago. Net cash used in operating activities was $32 million against $77 million a year ago. Capital expenditures were $48 million against $87 million a year ago. The decrease was primarily related to capital projects at its Nantong, China and Ankerweg, The Netherlands facilities which were substantially completed throughout 2013. On managed basis, operating income was $85 million against $91 million a year ago. Earnings from continuing operations before income taxes were $63 million against $60 million a year ago. Earnings from continuing operations were $43 million against $42 million a year ago. Net earnings were $43 million against $425 million a year ago. For the year 2014, the company expects Adjusted EBITDA growth for 2014 at 15% to 20% compared to the 20% to 30%, the company anticipated at the start of the year.

Chemtura Corporation to Report Q2, 2014 Results on Jul 29, 2014

Chemtura Corporation announced that they will report Q2, 2014 results After-Market on Jul 29, 2014

Chemtura Corporation, Q2 2014 Earnings Call, Jul 30, 2014

Chemtura Corporation, Q2 2014 Earnings Call, Jul 30, 2014

Platform Specialty Seeks Acquisitions

Platform Specialty Products Corporation (NYSE:PAH) is looking for acquisitions. Platform Specialty Products Corporation intends to use the net proceeds from the $200 million private placement to support future growth and for working capital and other general corporate purposes, which may include Platform Specialty Products Corporation's previously-announced proposed acquisition of Chemtura AgroSolutions owned by Chemtura Corporation (NYSE:CHMT), if completed and the possible acquisition of other businesses.

Chemtura Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Tax Rate Guidance for 2014

Chemtura Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, net sales were $556 million compared to $528 million a year ago. Operating income was $22 million against $2 million a year ago. Earnings from continuing operations before income taxes was $13 million compared to loss from continuing operations before income taxes of $11 million a year ago. Earnings from continuing operations were $10 million or $0.10 per basic and diluted share compared to loss from continuing operations of $18 million or $0.18 per basic and diluted share a year ago. Net earnings was $6 million or $0.06 basic and diluted per share compared to net loss of $23 million or $0.23 basic and diluted per share a year ago. Net cash used in operating activities was $50 million compared to $75 million a year ago. Capital expenditures were $23 million compared to $49 million a year ago. Adjusted EBITDA was $57 million compared to $68 million a year ago. Operating income increase was primarily due to a $10 million increase in gross profit and a $12 million decrease in facility closures, severance and related costs, partly offset by a $2 million increase in other costs. Consolidated net sales were driven by higher sales volume of $31 million, offset by lower selling prices of $1 million and unfavorable foreign currency translation of $2 million. In 2014, the company is continuing to apply an estimated managed basis tax rate of 31% until such time as the company has evaluated the impact the sale of Chemtura AgroSolutions will have on managed basis tax rate.

 

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Price/Book 2.4x
Price/Cash Flow 25.0x
TEV/Sales 0.5x
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