During this call, we may make statements about our projections or expectations for the future. All such statements are forward-looking statements, and while they reflect our current expectations, they involve risks and uncertainties and are not guarantees of future performance. You should review our filings with the Securities and Exchange Commission for more information regarding the factors that could cause actual results to differ materially from these projections or expectations. We do not plan on publicly updating or revising any forward-looking statements during the quarter.
In addition, we may also refer to non-GAAP financial measures. You can find reconciliations to the most directly comparable GAAP financial measures in our earnings release posted on our website at huntsman.com. As we refer to earnings, we will be referring to adjusted EBITDA, which is EBITDA adjusted to exclude the impact of discontinued operations, restructuring impairment, plant closing and transition costs, income and expense associated with the terminated merger and related litigation, acquisition-related expenses, certain legal and contract settlement costs, losses on the early extinguishment of debt, gain on consolidation of variable interest entity, extraordinary gain or losses on the acquisition of a business and losses and gains on disposition and acquisition of businesses and assets.
A reconciliation of EBITDA, adjusted EBITDA and adjusted net income or loss can be found in the appendix of our slides and in our first quarter earnings release.
Let's start -- let's turn to Slide 2. In our earnings release this morning, we reported first quarter 2012 revenue of $2,913,000,000, adjusted EBITDA of $397 million and adjusted earnings per share of $74.04 per diluted share. Our adjusted EBITDA was $397 million in the first quarter 2012 compared to $304 million in the prior year, an increase of 31%. Our adjusted EBITDA increased 63% compared to the prior quarter of $243 million.