Annual report pursuant to Section 13 and 15(d)

SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

v3.8.0.1
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
12 Months Ended
Dec. 31, 2017
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA  
SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

26. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA

A summary of selected unaudited quarterly financial data for the years ended December 31, 2017 and 2016 is as follows (dollars in millions, except per share amounts):

Huntsman Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31, 

 

June 30, 

 

September 30, 

 

December 31, 

 

    

2017

    

2017

    

2017

    

2017(1)

Revenues

 

$

1,932

 

$

2,054

 

$

2,169

 

$

2,203

Gross profit

 

 

392

 

 

437

 

 

474

 

 

509

Restructuring, impairment and plant closing costs

 

 

 9

 

 

 3

 

 

 1

 

 

 7

Income from continuing operations

 

 

99

 

 

138

 

 

116

 

 

230

Net income

 

 

92

 

 

183

 

 

179

 

 

287

Net income attributable to noncontrolling interests(2)

 

 

16

 

 

16

 

 

32

 

 

41

Net income attributable to Huntsman Corporation

 

 

76

 

 

167

 

 

147

 

 

246

Basic income per share(3):

 

 

  

 

 

  

 

 

  

 

 

  

Income from continuing operations attributable to Huntsman Corporation common stockholders

 

 

0.35

 

 

0.51

 

 

0.36

 

 

0.79

Net income attributable to Huntsman Corporation common stockholders

 

 

0.32

 

 

0.70

 

 

0.62

 

 

1.03

Diluted income per share(3):

 

 

  

 

 

  

 

 

  

 

 

  

Income from continuing operations attributable to Huntsman Corporation common stockholders

 

 

0.34

 

 

0.50

 

 

0.34

 

 

0.77

Net income attributable to Huntsman Corporation common stockholders

 

 

0.31

 

 

0.69

 

 

0.60

 

 

1.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31, 

 

June 30, 

 

September 30, 

 

December 31, 

 

    

2016

    

2016

    

2016

    

2016(4)

Revenues

 

$

1,815

 

$

1,968

 

$

1,831

 

$

1,904

Gross profit

 

 

390

 

 

424

 

 

356

 

 

356

Restructuring, impairment and plant closing costs (credits)

 

 

 2

 

 

16

 

 

38

 

 

(9)

Income from continuing operations

 

 

85

 

 

107

 

 

40

 

 

133

Net income

 

 

62

 

 

94

 

 

64

 

 

137

Net income attributable to noncontrolling interests(2)

 

 

 6

 

 

 7

 

 

 9

 

 

 9

Net income attributable to Huntsman Corporation

 

 

56

 

 

87

 

 

55

 

 

128

Basic income per share(3):

 

 

  

 

 

  

 

 

  

 

 

  

Income from continuing operations attributable to Huntsman Corporation common stockholders

 

 

0.33

 

 

0.42

 

 

0.13

 

 

0.52

Net income attributable to Huntsman Corporation common stockholders

 

 

0.24

 

 

0.37

 

 

0.23

 

 

0.54

Diluted income per share(3):

 

 

  

 

 

  

 

 

  

 

 

  

Income from continuing operations attributable to Huntsman Corporation common stockholders

 

 

0.33

 

 

0.42

 

 

0.13

 

 

0.51

Net income attributable to Huntsman Corporation common stockholders

 

 

0.24

 

 

0.36

 

 

0.23

 

 

0.53

 

Huntsman International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

    

March 31, 

 

June 30, 

 

September 30, 

 

December 31, 

 

    

2017

    

2017

    

2017

    

2017(1)

Revenues

 

$

1,932

 

$

2,054

 

$

2,169

 

$

2,203

Gross profit

 

 

393

 

 

438

 

 

475

 

 

509

Restructuring, impairment and plant closing costs

 

 

 9

 

 

 3

 

 

 1

 

 

 7

Income from continuing operations

 

 

98

 

 

139

 

 

115

 

 

227

Net income

 

 

91

 

 

182

 

 

177

 

 

284

Net income attributable to noncontrolling interests(2)

 

 

16

 

 

16

 

 

32

 

 

41

Net income attributable to Huntsman International

 

 

75

 

 

166

 

 

145

 

 

243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31, 

 

June 30, 

 

September 30, 

 

December 31, 

 

    

2016

    

2016

    

2016

    

2016(4)

Revenues

 

$

1,815

 

$

1,968

 

$

1,831

 

$

1,904

Gross profit

 

 

391

 

 

425

 

 

357

 

 

357

Restructuring, impairment and plant closing costs (credits)

 

 

 2

 

 

16

 

 

38

 

 

(9)

Income from continuing operations

 

 

85

 

 

109

 

 

41

 

 

132

Net income

 

 

62

 

 

93

 

 

63

 

 

136

Net income attributable to noncontrolling interests(2)

 

 

 6

 

 

 7

 

 

 9

 

 

 9

Net income attributable to Huntsman International

 

 

56

 

 

86

 

 

54

 

 

127


(1)

On December 22, 2017, the U.S. enacted the U.S. Tax Reform Act. During the fourth quarter of 2017, we and Huntsman International recorded the impact of the U.S. Tax Reform Act which resulted in a net $52 million and $53 million, respectively, income tax benefit.

(2)

In connection with the Venator IPO in August 2017, we separated the P&A Business and, beginning in the third quarter of 2017, we reported the results of operations of the P&A Business as discontinued operations in our consolidated financial statements for all periods presented. See “Note 3. Discontinued Operations and Business Dispositions—Separation of P&A Business.”

(3)

Basic and diluted income per share are computed independently for each of the quarters presented based on the weighted average number of common shares outstanding during that period. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.

(4)

On December 30, 2016, our Performance Products segment completed the sale of its European surfactants business to Innospec Inc. for $199 million in cash plus our retention of trade receivables and payables for an enterprise value of $225 million. For further information, see “Note 3. Discontinued Operations and Business Dispositions—Sale of European Surfactants Manufacturing Facilities.”