Huntsman Corporation (NYSE:HUN) today reported fourth-quarter 2018 results with revenues of $2,236 million, net loss of $315 million, adjusted net income of $123 million and adjusted EBITDA of $275 million.
For the three months ended December 31, 2018, segment adjusted EBITDA from Corporate and other for Huntsman Corporation decreased $12 million to a loss of $41 million from a loss of $53 million in the same period in 2017, primarily due to lower fixed costs and a decrease in LIFO inventory reserves.
Peter Huntsman, CEO of the company, based in The Woodlands, Texas, commented, "2018 was another successful year for Huntsman as we reported record earnings and consistent robust free cash flow. We continued to expand in our downstream and differentiated businesses both through internal investments and bolt-on acquisitions.
"We reinforced our investment grade level balance sheet by entering into an expanded $1.2 billion senior unsecured revolver, and we remain well within investment grade metrics with a 1.3x net leverage ratio. We also significantly enhanced our capital return to shareholders this past year by increasing our regular quarterly dividend by 30% and repurchasing over 10 million shares for approximately $276 million."
Through the end of the fourth quarter 2018, Huntsman spent approximately $276 million to repurchase approximately 10.4 million shares, including approximately $101 million spent to acquire approximately 4.5 million shares within the fourth quarter.
As of the end of the fourth quarter 2018, HUN has approximately $724 million remaining on its existing $1-billion multi-year share repurchase program.
HUN shares gained $1.11, or 5%, Tuesday morning to $23.33
