| SELECTED UNAUDITED QUARTERLY FINANCIAL DATA |
29. SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
A summary of selected unaudited quarterly financial data for the years ended December 31, 2012 and 2011 is as follows (dollars in millions, except per share amounts):
Huntsman Corporation
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Three months ended |
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March 31,
2012(1) |
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June 30,
2012 |
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September 30,
2012(1) |
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December 31,
2012(1)(2) |
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Revenues
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$ |
2,913 |
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$ |
2,914 |
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$ |
2,741 |
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$ |
2,619 |
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Gross profit
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550 |
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527 |
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537 |
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420 |
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Restructuring, impairment and plant closing costs
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— |
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5 |
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47 |
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40 |
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Income (loss) from continuing operations
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167 |
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130 |
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120 |
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(39 |
) |
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Income (loss) before extraordinary gain
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163 |
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128 |
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119 |
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(39 |
) |
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Net income (loss)
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163 |
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128 |
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120 |
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(38 |
) |
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Net income (loss) attributable to Huntsman Corporation
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163 |
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124 |
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116 |
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(40 |
) |
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Basic income (loss) per share(1):
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders
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0.71 |
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0.53 |
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0.49 |
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(0.17 |
) |
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Net income (loss) attributable to Huntsman Corporation common stockholders
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0.69 |
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0.52 |
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0.49 |
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(0.17 |
) |
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Diluted income (loss) per share(1):
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders
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0.70 |
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0.52 |
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0.48 |
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(0.17 |
) |
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Net income (loss) attributable to Huntsman Corporation common stockholders
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0.68 |
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0.52 |
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0.48 |
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(0.17 |
) |
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Three months ended |
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March 31,
2011 |
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June 30,
2011 |
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September 30,
2011(4) |
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December 31,
2011(5) |
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Revenues
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$ |
2,679 |
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$ |
2,934 |
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$ |
2,976 |
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$ |
2,632 |
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Gross profit
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460 |
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501 |
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490 |
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389 |
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Restructuring, impairment and plant closing costs (credits)
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7 |
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9 |
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155 |
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(4 |
) |
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Income (loss) from continuing operations
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80 |
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124 |
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(42 |
) |
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89 |
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Income (loss) before extraordinary gain
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66 |
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123 |
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(32 |
) |
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93 |
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Net income (loss)
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67 |
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124 |
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(32 |
) |
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95 |
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Net income (loss) attributable to Huntsman Corporation
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62 |
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114 |
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(34 |
) |
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105 |
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Basic income (loss) per share(3):
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders
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0.32 |
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0.48 |
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(0.19 |
) |
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0.42 |
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Net income (loss) attributable to Huntsman Corporation common stockholders
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0.26 |
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0.48 |
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(0.14 |
) |
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0.45 |
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Diluted income (loss) per share(3):
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Income (loss) from continuing operations attributable to Huntsman Corporation common stockholders
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0.31 |
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0.47 |
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(0.19 |
) |
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0.41 |
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Net income (loss) attributable to Huntsman Corporation common stockholders
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0.26 |
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0.47 |
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(0.14 |
) |
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0.44 |
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Huntsman International
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Three months ended |
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March 31,
2012(1) |
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June 30,
2012 |
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September 30,
2012(1) |
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December 31,
2012(1)(2) |
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Revenues
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$ |
2,913 |
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$ |
2,914 |
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$ |
2,741 |
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$ |
2,619 |
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Gross profit
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554 |
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532 |
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542 |
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|
413 |
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Restructuring, impairment and plant closing costs
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— |
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5 |
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47 |
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40 |
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Income (loss) from continuing operations
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170 |
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133 |
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121 |
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(44 |
) |
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Income (loss) before extraordinary gain
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|
166 |
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131 |
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120 |
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(44 |
) |
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Net income (loss)
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166 |
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131 |
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121 |
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(43 |
) |
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Net income (loss) attributable to Huntsman International LLC
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166 |
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127 |
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117 |
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(45 |
) |
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Three months ended |
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March 31,
2011 |
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June 30,
2011 |
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September 30,
2011(4) |
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December 31,
2011(5) |
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Revenues
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$ |
2,679 |
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$ |
2,934 |
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$ |
2,976 |
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$ |
2,632 |
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Gross profit
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465 |
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505 |
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495 |
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393 |
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Restructuring, impairment and plant closing costs
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7 |
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9 |
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155 |
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(4 |
) |
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Income (loss) from continuing operations
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81 |
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127 |
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(39 |
) |
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88 |
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Income (loss) before extraordinary gain
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67 |
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126 |
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(29 |
) |
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92 |
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Net income (loss)
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68 |
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127 |
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(29 |
) |
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94 |
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Net income (loss) attributable to Huntsman International LLC
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63 |
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117 |
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(31 |
) |
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104 |
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- (1)
- During 2012, our Polyurethanes segment implemented a restructuring program to reduce annualized fixed costs by $75 million by the third quarter of 2013. In connection with this program, we recorded restructuring expenses of $5 million, $32 million and $1 million in the first, third and fourth quarters of 2012, respectively.
- (2)
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During the fourth quarter of 2012, our Advanced Materials segment began implementing a global transformational change program, subject to consultation with relevant employee representatives, designed to improve the segment's manufacturing efficiencies, enhance commercial excellence and ensure its long-term global competitiveness. In connection with this global transformational change program, we recorded charges of $28 million related primarily to workforce reduction costs.
Also during the fourth quarter of 2012, we recorded a loss on early extinguishment of debt of $77 million in connection with the redemption of $400 million of our 2016 Senior Notes.
- (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)
- During the quarter ended September 30, 2011, we announced plans to implement a significant restructuring of our Textile Effects business, including the closure of our production facilities and business support offices in Basel, Switzerland. In connection with this plan during 2011, we recorded a charge of $62 million for workforce reduction and a noncash $53 million charge for the impairment of long-lived assets at our Basel, Switzerland manufacturing facility.
- (5)
- During the quarter ended December 31, 2011, our Advanced Materials division completed the sale of its stereolithography resin and Digitalis® machine manufacturing businesses to 3D Systems Corporation and recognized a pre-tax gain of $34 million.
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