Chemtura Reports Second Quarter 2013 Financial Results

Regulatory News:

Chemtura Corporation, (NYSE / Euronext Paris: CHMT) (the “Company,” “Chemtura,” “We,” “Us” or “Our”) today announced financial results for the second quarter ended June 30, 2013. We also filed with the Securities and Exchange Commission our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013. For the second quarter of 2013, Chemtura reported net sales of $735 million and net earnings from continuing operations attributable to Chemtura on a GAAP basis of $47 million, or $0.47 per diluted share. Net earnings from continuing operations attributable to Chemtura on a managed basis were $40 million, or $0.40 per diluted share.

Second 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 second quarter and six months ended June 30, 2013 financial results from continuing operations attributable to Chemtura on a GAAP basis :
             
(In millions, except per share data)   Second Quarter   Six months ended June 30,
    2013   2012   % change   2013   2012   % change
Net sales   $ 735   $ 741   (1%)   $

1,341
  $

1,359
  (1%)
Operating income   $ 66   $ 78   (15%)   $ 66   $ 118   (44%)
Net earnings   $ 47   $ 53   (11%)   $ 26   $ 75   (65%)
Net earnings - per diluted share   $

0.47
  $

0.53
  (11%)   $

0.26
  $

0.76
  (66%)

The following is a summary of second quarter and six months ended June 30, 2013 financial results from continuing operations attributable to Chemtura on a managed basis:
             
(In millions, except per share data)   Second Quarter   Six months ended June 30,
    2013   2012   % change   2013   2012   % change
Net sales   $ 735   $ 741   (1%)   $

1,341
  $

1,359
  (1%)
Operating income   $ 75   $ 85   (12%)   $ 110   $ 127   (13%)
Net earnings   $ 40   $ 53   (25%)   $ 55   $ 71   (23%)
Net earnings - per diluted share   $

0.40
  $

0.53
  (25%)   $

0.55
  $

0.72
  (24%)
Adjusted EBITDA   $ 109   $ 118   (8%)   $ 180   $ 196   (8%)

CEO Remarks

“Industrial Performance Products, Consumer Products and Chemtura AgroSolutions again delivered year-over-year improvement this quarter,” commented Mr. Craig A. Rogerson, Chairman, President and CEO of Chemtura. “With the benefit of strong sales growth in North America and in Latin America, Chemtura AgroSolutions delivered record performance this quarter despite the delayed start to the Northern Hemisphere growing season this year. Our other three segments encouragingly delivered modest improvements over the performance levels discussed in our June 6, 2013 press release.”

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