chemtura corp (CHMT) Key Developments
Chemtura Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Tax Rate Guidance for the Year 2015
Apr 29 15
Chemtura Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company's net sales were $438 million compared to $556 million a year ago. Operating income was $29 million against $22 million a year ago. Earnings from continuing operations before income taxes was $32 million compared to $13 million a year ago. Earnings from continuing operations were $21 million or $0.30 per diluted share compared to $10 million or $0.10 per basic and diluted share a year ago. Net cash provided by operating activities was $16 million compared to net cash used in operating activities of $50 million a year ago. Net debt as at March 31, 2015 was $313 million. Capital expenditures were $13 million against $23 million a year ago. The decrease from the first quarter of 2014 primarily related to lower spending on capital projects at Nantong, China and Hyeongok (Daystar), South Korea facilities. On managed basis, the company's net sales were $429 million compared to $556 million a year ago. Operating income was $25 million against $32 million a year ago. Earnings from continuing operations before income taxes was $28 million compared to $23 million a year ago. Earnings from continuing operations were $20 million or $0.29 per basic and diluted share compared to $16 million or $0.16 per diluted share a year ago. Adjusted EBITDA was $51 million compared to $61 million a year ago. The company reported increased net income because of fewer expenses. Sales fell in the company's industrial performance products because of changes in its product mix. These were partially offset by lower feedstock costs.
For the year 2015, the company anticipates that the managed basis effective tax rate may range from 26% to 30%.
Chemtura Corporation Presents at Barclays Select Series: 2015 Chemical ROC Stars Conference, May-05-2015 08:00 AM
Apr 16 15
Chemtura Corporation Presents at Barclays Select Series: 2015 Chemical ROC Stars Conference, May-05-2015 08:00 AM. Venue: 745 Seventh Avenue, New York, NY 10019, United States. Speakers: Craig A. Rogerson, Chairman, Chief Executive Officer and President, Matthew J. Hellstern, General Manager of Urethanes.
Chemtura Corporation Presents at Houlihan Lokey 2015 Global Industrials Conference, May-06-2015 12:05 PM
Apr 16 15
Chemtura Corporation Presents at Houlihan Lokey 2015 Global Industrials Conference, May-06-2015 12:05 PM. Venue: Marriott Marquis Hotel, 1535 Broadway, New York, New York, United States.
Chemtura Corporation, Annual General Meeting, May 07, 2015
Apr 2 15
Chemtura Corporation, Annual General Meeting, May 07, 2015., at 08:30 US Eastern Standard Time. Location: Pyramid Club. Agenda: To consider election of eight directors; to consider an advisory resolution to approve executive compensation; to consider re-approval of the material terms of the performance goals under the Chemtura Corporation 2010 Long-Term Incentive Plan; to consider ratification of the appointment of KPMG LLP as its independent registered public accounting firm for 2015; and to transact such other business as may properly come before the meeting or any adjournment or postponement of the meeting.
Chemtura Corporation Announces the Introduction of the ANDEROL® 5000 PLUS EP Synthetic Gear Oil Product Series
Apr 1 15
Chemtura Corporation announced the introduction of the ANDEROL® 5000 PLUS EP Synthetic Gear Oil product series, which is designed for gear applications requiring high micropitting resistance and protection under extreme conditions. Exceeding the most stringent gear box OEM and heavy industry specification requirements, these PAO/ester-based gear oils are formulated using a specific balance of advanced synthetic base stocks and additives to provide performance greatly superior to conventional petroleum oils. The base stock technology coupled with the additive system offers significantly improved load carrying ability, excellent wear and rust protection, higher viscosity indices, higher flash points, low pour points, cleaner running systems and improved thermal and oxidative stability compared to conventional oils. This helps promote higher gearbox reliability, extended lubricant life and reduced maintenance costs for the end user. ANDEROL® 5000 PLUS EP Synthetic Gear Oils are approved by Tier 1 global gear OEMs and also meet the requirements of all the major industry specifications for EP gear oils. Depending on the specific application, the operating temperature ranges from -30°C to +100°C as the series includes a full range of viscosity offerings including ISO 220, 320, 460 and 680. Synthetic gear oils service approximately 10% of the industrial gear oil market, with a current growth rate of approximately 5% each year, a significantly higher growth rate than that for conventional industrial gear oils. The market includes sub-segments such as power generation, cement, mining, steel and marine. Typical applications include lubrication in spur gear, bevel gear and planetary gear systems in heavy loaded gear units, along with oil-lubricated rolling bearings.