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Chemtura Announces Preliminary Second Quarter 2013 Operating Performance

Stocks in this article: CHMT

Regulatory News:

Chemtura Corporation (NYSE / EURONEXT: CHMT) (the “Company,” “Chemtura,” “We,” “Us” or “Our”) today announced preliminary financial operating results for the second quarter ended June 30, 2013 in conjunction with the announcement of our offering of senior notes due 2021.

Our actual financial results for the second quarter of 2013 have not yet been finalized. As a result, our actual results may differ from the estimates below. The preliminary financial information has been prepared by, and is the sole responsibility of, our management. Our independent registered public accountant, KPMG LLP, has not audited, reviewed, compiled or performed any procedures with respect to this preliminary financial information. We expect to release our Second Quarter 2013 earnings and file our Quarterly Report on Form 10-Q for the period ended June 30, 2013 after the market closes on July 30, 2013. We will be unable to respond to investor questions related to our second quarter performance until after we release our results on July 30, 2013.

We estimate that net sales and adjusted EBITDA for each reporting segment and the Company for the second quarter of 2013 will be:

  Quarter Ended
(Dollars in millions) June 30, 2013   June 30, 2012
(Estimated)

Net Sales

Industrial Performance Products $ 254 $ 235
Industrial Engineered Products 201 236
Consumer Products 145 158
Chemtura AgroSolutions   135     112  
Total Sales $ 735   $ 741  
 

Adjusted EBITDA

Industrial Performance Products $ 38 $ 34
Industrial Engineered Products 26 48
Consumer Products 24 23
Chemtura AgroSolutions 35 29
Corporate   (14 )   (16 )
Total Adjusted EBITDA $ 109   $ 118  

Craig A. Rogerson, Chairman, President and CEO of Chemtura, commented: “With the benefit of particularly strong sales in North America and in South America, Chemtura AgroSolutions delivered record performance despite the delayed start to the Northern Hemisphere growing season this year. Our other segments performed in line with the expectations we discussed in our June 6, 2013 press release, but encouragingly, each delivered modest improvements. We look forward to discussing the details of our second quarter performance after we release our final results on July 30, 2013.”

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