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Chemtura Reports First Quarter 2014 Financial Results

First Quarter 2014 Net Sales up 5%, GAAP net earnings from continuing operations of $0.10 per diluted share and net earnings from continuing operations of $0.13 per diluted share on a managed basis Executed on elimination of the Consumer Products stranded costs Share repurchase program gaining momentum with $70 million returned to shareholders year-to-date

PHILADELPHIA, April 30, 2014 (GLOBE NEWSWIRE) -- Chemtura Corporation, (NYSE:CHMT) (Euronext Paris:CHMT) (the "Company," "Chemtura," "We," "Us" or "Our") today announced financial results for the first quarter ended March 31, 2014. We also filed with the Securities and Exchange Commission our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014. For the first quarter of 2014, Chemtura reported net sales of $556 million and net earnings from continuing operations on a GAAP basis of $10 million, or $0.10 per diluted share. Net earnings from continuing operations on a managed basis were $13 million, or $0.13 per diluted share.

First Quarter 2014 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 first quarter 2014 financial results from continuing operations on a GAAP basis :

(In millions, except per share data) First Quarters
  2014 2013 % change
Net sales $ 556 $ 528 5%
Operating income $ 22 $ 2 (a)
Net earnings (loss) $ 10 $ (18) (a)
Net earnings (loss) - per diluted share $ 0.10 $ (0.18) (a)
(a) - Changes greater than 150% are not shown.

The following is a summary of first quarter 2014 financial results from continuing operations on a managed basis:

(In millions, except per share data) First Quarters
  2014 2013 % change
Net sales $ 556 $ 528 5%
Operating income $ 28 $ 37 (24%)
Net earnings $ 13 $ 17 (24%)
Net earnings - per diluted share $ 0.13 $ 0.17 (24%)
Adjusted EBITDA $ 57 $ 68 (16%)

Note: The first quarter of 2014 includes $4 million, or approximately $0.03 per diluted share on a managed basis, of expenses incurred in the process to explore a sale of our Chemtura AgroSolutions business.

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