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Chemtura Reports Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: CHMT

Regulatory News:

Chemtura Corporation, (NYSE / Euronext Paris: CHMT) (the “Company,” “Chemtura,” “We,” “Us” or “Our”) today announced financial results for the fourth quarter ended December 31, 2013. We also filed with the Securities and Exchange Commission our Annual Report on Form 10-K for the year ended December 31, 2013. For the fourth quarter of 2013, Chemtura reported net sales of $544 million and net earnings from continuing operations attributable to Chemtura on a GAAP basis of $13 million, or $0.13 per diluted share. Net earnings from continuing operations attributable to Chemtura on a managed basis were $16 million, or $0.16 per diluted share.

Fourth Quarter 2013 Financial Results

The discussion below includes financial information on both a GAAP and non-GAAP managed basis. We present managed basis financial information as management uses this information internally to evaluate and direct the performance of our operations and believes that managed basis financial information provides useful information to investors. A reconciliation of GAAP and managed basis financial information is provided in the supplemental schedules included in this release.

The following is a summary of fourth quarter and year ended December 31, 2013 financial results from continuing operations attributable to Chemtura on a GAAP basis:

(In millions, except per share data)   Fourth Quarters   Years ended December 31,
2013   2012   % change 2013   2012   % change
Net sales $ 544 $ 533 2 % $ 2,231 $ 2,196 2 %
Operating income $ 24 $ 25 (4 %) $ 98 $ 179 (45 %)
Net earnings (loss) $ 13 $ 19 (32 %) $ (22 ) $ 103 (121 %)
Net earnings (loss) - per diluted share $ 0.13 $ 0.19 (32 %) $ (0.23 ) $ 1.04 (122 %)

The following is a summary of fourth quarter and year ended December 31, 2013 financial results from continuing operations attributable to Chemtura on a managed basis:

(In millions, except per share data)   Fourth Quarters   Years ended December 31,
2013   2012   % change 2013   2012   % change
Net sales $ 544 $ 533 2 % $ 2,231 $ 2,196 2 %
Operating income $ 38 $ 28 36 % $ 162 $ 191 (15 %)
Net earnings $ 16 $ 10 60 % $ 68 $ 91 (25 %)
Net earnings - per diluted share $ 0.16 $ 0.10 60 % $ 0.69 $ 0.92 (25 %)
Adjusted EBITDA $ 65 $ 63 3 % $ 275 $ 313 (12 %)

CEO Remarks

"We were encouraged to complete what has been a challenging year with a fourth quarter performance that exceeded our performance in the fourth quarter of 2012," commented Craig A. Rogerson, Chairman, President and CEO of Chemtura. “Were it not for the $5 million of expenses incurred in the quarter related to our exploration of a sale of Chemtura AgroSolutions, we would have delivered $70 million of Adjusted EBITDA, 11% higher than the $63 million we delivered in the fourth quarter of 2012. Further, we completed the second major divestiture of the year, closing the sale of our Consumer Products business on December 31, 2013.”

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