Celanese Corporation reported financial results for the fourth quarter and full year of 2004. For the fourth quarter, net sales increased 15% to $1.33 billion due to higher pricing, currency effects, and volume. However, net earnings declined to a loss of $57 million due to higher interest expenses, impairment charges, and unusual items. For the full year, net sales increased 10% to $5.07 billion but net earnings declined to a loss of $175 million mainly due to restructuring charges, interest expenses, and impairment charges. Celanese expects adjusted EBITDA to increase 25-30% in the first quarter of 2005 and grow 12-17% for the full year 2005.
- MeadWestvaco reported net income of $28 million for 2005, which included after-tax losses from discontinued operations of $91 million related to the sale of its printing and writing papers business.
- Using proceeds from the sale, MeadWestvaco repurchased 12% of its outstanding shares and reduced its total debt by $1 billion to improve its financial position.
- All of MeadWestvaco's businesses experienced significantly higher costs for raw materials, energy and freight in 2005 compared to 2004, offsetting gains from higher selling prices. MeadWestvaco's packaging and specialty chemicals businesses were also impacted by a Gulf Coast hurricane in 2005.
Full year earnings and operations update from Marcellus driller EQT, issued in Jan. 2013. The report shows a year over year large drop in revenue for the company, largely due to asset sales in 2011 making that year more profitable than it otherwise would have been, and taking some accounting write downs in 2012, along with lower natgas prices. The report says EQT drilled 135 natural gas wells in 2012 and all but 8 of them were in the Marcellus Shale. Marcellus production was up an astonishing 85% in 2012 over the previous year.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
Worldwide revenues for the second quarter of 2006 decreased 9% compared to the second quarter of 2005, primarily due to declines in volumes and price/mix across several strategic product groups. Digital product sales increased 6% due to the Creo acquisition, while traditional product sales decreased 22%. Gross profit margin declined 4.1 percentage points due to higher manufacturing costs and declines in volumes and price/mix. The Consumer Digital Imaging Group saw a 6% revenue decrease due to lower volumes and price/mix, with a 3.4 percentage point decline in gross margin.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
- Global Green Chemicals reported lower financial results in 1Q2019 compared to 1Q2018 and 4Q2018 due to lower crude palm oil and palm kernel oil prices.
- Methyl ester sales volume decreased 8% YoY due to lower demand, while fatty alcohols sales increased 2% YoY.
- Revenue decreased 39% YoY and 23% QoQ due to lower product prices and sales volumes. EBITDA declined 32% YoY and 50% QoQ.
- The company remained profitable with a net profit of THB 22 million, though this was 66% lower YoY due to margin pressure from lower commodity prices.
DTE Energy reported third quarter earnings and revised its 2005 earnings guidance downwards due to timing-related accounting items from rising energy prices. Reported earnings were $4 million compared to $93 million in Q3 2004, while operating earnings excluding non-recurring items were $5 million compared to $97 million. Both the Detroit Edison electric utility and MichCon gas utility showed strong year-over-year improvements in operating earnings. However, earnings from power and fuel transportation were impacted by accounting deferrals from synfuel revenue and gas/power contracts that are expected to reverse in Q4 2005 and 2006. As a result, DTE lowered its 2005 operating earnings guidance to $3.10 to $3.30 per
- MeadWestvaco reported net income of $28 million for 2005, which included after-tax losses from discontinued operations of $91 million related to the sale of its printing and writing papers business.
- Using proceeds from the sale, MeadWestvaco repurchased 12% of its outstanding shares and reduced its total debt by $1 billion to improve its financial position.
- All of MeadWestvaco's businesses experienced significantly higher costs for raw materials, energy and freight in 2005 compared to 2004, offsetting gains from higher selling prices. MeadWestvaco's packaging and specialty chemicals businesses were also impacted by a Gulf Coast hurricane in 2005.
Full year earnings and operations update from Marcellus driller EQT, issued in Jan. 2013. The report shows a year over year large drop in revenue for the company, largely due to asset sales in 2011 making that year more profitable than it otherwise would have been, and taking some accounting write downs in 2012, along with lower natgas prices. The report says EQT drilled 135 natural gas wells in 2012 and all but 8 of them were in the Marcellus Shale. Marcellus production was up an astonishing 85% in 2012 over the previous year.
TRW Automotive reported fourth quarter and full year 2005 financial results, with sales of $3.1 billion for Q4 2005, a 1.6% decrease from the prior year. Net earnings for Q4 2005 were $59 million compared to a net loss of $62 million in the prior year. For the full year 2005, sales were $12.6 billion, a 5.3% increase from 2004, and net earnings were $204 million compared to $29 million in 2004. TRW provided guidance for 2006 of sales between $12.8-13.2 billion and EPS of $1.05-1.30, excluding a $57 million debt retirement charge.
TRW Automotive reported fourth quarter and full year 2006 financial results. For the fourth quarter, sales increased 4.3% to $3.3 billion but net earnings decreased 43% to $33 million. For the full year, sales grew 4% to $13.1 billion while net earnings fell 14% to $176 million. The company exceeded guidance due to lower restructuring costs and favorable operations. Looking ahead, TRW expects continued pressure from the difficult North American auto market but remains focused on technology investments and global growth.
Worldwide revenues for the second quarter of 2006 decreased 9% compared to the second quarter of 2005, primarily due to declines in volumes and price/mix across several strategic product groups. Digital product sales increased 6% due to the Creo acquisition, while traditional product sales decreased 22%. Gross profit margin declined 4.1 percentage points due to higher manufacturing costs and declines in volumes and price/mix. The Consumer Digital Imaging Group saw a 6% revenue decrease due to lower volumes and price/mix, with a 3.4 percentage point decline in gross margin.
The Timken Company reported record sales and earnings for 2004. Sales increased 19% to $4.5 billion compared to 2003, while net income increased 271% to $135.7 million. The company achieved strong growth through leveraging higher demand, price increases to offset raw material costs, and continued integration savings from the Torrington acquisition. For 2005, the company expects continued sales and earnings growth, driven by ongoing productivity improvements and recovery of material costs despite some moderation in automotive markets.
- Global Green Chemicals reported lower financial results in 1Q2019 compared to 1Q2018 and 4Q2018 due to lower crude palm oil and palm kernel oil prices.
- Methyl ester sales volume decreased 8% YoY due to lower demand, while fatty alcohols sales increased 2% YoY.
- Revenue decreased 39% YoY and 23% QoQ due to lower product prices and sales volumes. EBITDA declined 32% YoY and 50% QoQ.
- The company remained profitable with a net profit of THB 22 million, though this was 66% lower YoY due to margin pressure from lower commodity prices.
DTE Energy reported third quarter earnings and revised its 2005 earnings guidance downwards due to timing-related accounting items from rising energy prices. Reported earnings were $4 million compared to $93 million in Q3 2004, while operating earnings excluding non-recurring items were $5 million compared to $97 million. Both the Detroit Edison electric utility and MichCon gas utility showed strong year-over-year improvements in operating earnings. However, earnings from power and fuel transportation were impacted by accounting deferrals from synfuel revenue and gas/power contracts that are expected to reverse in Q4 2005 and 2006. As a result, DTE lowered its 2005 operating earnings guidance to $3.10 to $3.30 per
- The Walt Disney Company reported earnings for the fourth quarter and fiscal year 2005, with diluted EPS of $1.24 for the year and $0.20 for the quarter.
- Revenues increased 4% to $31.9 billion for the fiscal year and 3% to $7.7 billion for the fourth quarter. Segment operating income increased 4% to $4.7 billion for the fiscal year but decreased 15% to $760 million for the fourth quarter.
- Robert Iger, President and CEO, said the company's strategy of achieving growth through creative content, global expansion, and new technology is working, and Disney is well positioned to take advantage of changes in the media landscape.
- Affinion Group, Inc. announced financial results for Q1 2012, with net revenues increasing 4.1% to $381.8 million compared to Q1 2011. However, adjusted EBITDA declined 14.4% to $82.3 million due to increased marketing investments.
- Segment EBITDA increased 39.7% to $86.9 million primarily due to a $14.6 million reversal of consideration for the Prospectiv acquisition. Excluding this, segment EBITDA rose 16.2% as general and administrative expenses declined.
- Membership revenues grew 2.5% and loyalty revenues rose 17.1% while insurance and package revenues declined slightly. International revenues increased 10.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
TRW Automotive Holdings Corp. reported fourth quarter 2004 financial results in line with guidance, with sales of $3.2 billion and a net loss of $62 million. For full-year 2004, sales were $12 billion and net earnings were $29 million. The results included significant expenses from debt refinancing transactions. Excluding these expenses, fourth quarter earnings were $34 million and full-year earnings were $173 million. The company provided an outlook for 2005 of $12.3-12.7 billion in sales and $1.50-1.75 earnings per share.
air products & chemicals Q2 FY 06 Earningsfinance26
- Air Products reported a 16% increase in net income and a 19% increase in diluted EPS for its second fiscal quarter ended March 31, 2006 compared to the prior year. Revenues increased 16% to $2.3 billion due to strong volume growth in gases and equipment.
- Operating income increased 22% to $295 million driven by improved results in all segments from strong gases and equipment sales and improved chemicals pricing.
- For the third quarter, Air Products expects EPS between $0.88-$0.92 and raised full year EPS guidance to $3.40-$3.50.
The Hera Group approved its results for 2019, reporting increases in all key financial figures. Turnover rose 12.3% to €7.4 billion, EBITDA grew 5.2% to €1.1 billion, and net profits increased 35.5% to €402 million. Capital expenditures also rose to support infrastructure investment. The Group proposed a dividend of €0.10 per share and continued improving its sustainability performance.
air products & chemicals Q4 FY 06 Earningsfinance26
Air Products reported record fourth quarter sales up 18% and EPS up 22% excluding previously announced charges. For the full fiscal year, sales were up 14% and net income was up 17% driven by volume growth across multiple business segments. Looking forward, the company expects continued strong growth in fiscal 2007 with EPS forecasted to increase 10-14% over fiscal 2006 results.
1) Net sales for the company decreased 8% to $2.119 billion in Q1 2007 compared to $2.292 billion in Q1 2006 due to declines in volumes and unfavorable price/mix, partially offset by foreign exchange gains.
2) Digital product sales decreased 3% to $1.210 billion while traditional product sales decreased 13% to $896 million.
3) Gross profit decreased 9% to $429 million in Q1 2007 due to unfavorable price/mix and volume declines, partially offset by cost reductions and foreign exchange gains.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
View Summary FedEx Corp. Reports Fourth Quarter and Full Year Earnings Jun ...finance7
FedEx reported a net loss for the fourth quarter compared to a net income the previous year. Revenue increased 8% but operating expenses rose 23% due to high fuel costs and a $891 million impairment charge related to FedEx Kinko's. For the full year, revenue increased 8% while net income fell 44% and earnings per share declined 44%, as operating expenses grew 12% on higher fuel costs. FedEx expects a challenging fiscal year 2009 with earnings projected to be lower due to high fuel prices and a weak economy.
TRW Automotive reported third quarter 2004 financial results with sales of $2.7 billion, an 8% increase over the prior year. Net earnings were $13 million compared to a net loss of $34 million in the prior year. For the first nine months of 2004, sales were $8.8 billion and net earnings were $91 million. TRW revised its full-year 2004 guidance to reflect third quarter results and an expected $115 million fourth quarter charge related to purchasing a subordinated note, with projected sales of $11.8 billion and diluted EPS between $0.08-$0.13.
TRW Automotive reported financial results for the second quarter of 2004 with sales of $3.2 billion, a 6% increase over the prior year. Net earnings were $75 million compared to a net loss of $20 million in the prior year. The company increased its full-year 2004 guidance and now expects sales between $11.6-11.8 billion and earnings per share between $1.22-1.32 due to strong first half performance.
- Novozymes reported another good year in 2005, with operating profit and net profit increasing 11% compared to 2004, significantly higher than expected.
- Sales grew 5% to DKK 6.28 billion while operating profit rose 11% to DKK 1.206 billion and net profit increased 11% to DKK 861 million. Free cash flow remained strong at DKK 991 million.
air products & chemicals FY 06 Q3 Earningsfinance26
Air Products reported record quarterly earnings, with net income up 10% and diluted EPS up 12% over the prior year. Strong volume gains across their global gases businesses drove revenues up 12% and operating income up 18%. Looking forward, Air Products expects double-digit sales and earnings growth for the third consecutive year and raised its full-year EPS guidance by 18-20%.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
Fiat reported financial results for Q4 and full year 2013. Key highlights included worldwide shipments increasing 3% to 4.4 million units, with growth in NAFTA and APAC offsetting declines in LATAM and EMEA. Revenues reached €87 billion for the year. Net profit was €2.0 billion including unusual items, and €0.9 billion excluding unusual items. Industrial debt was €6.6 billion and total liquidity was €22.7 billion. Guidance for 2014 forecasts revenues of €93 billion, trading profit of €3.6-4.0 billion, and net profit of €0.6-0.8 billion.
- TRW Automotive reported third quarter 2006 financial results with sales of $3.0 billion, up 3.4% from the prior year, but net earnings of only $5 million compared to $10 million in the previous year. The higher tax rate in the current quarter contributed significantly to the decrease in earnings.
- For the first nine months of 2006, TRW reported sales of $9.9 billion, up 3.8% from the same period in 2005. However, net earnings were $143 million compared to $145 million in 2005, impacted by non-recurring expenses related to debt retirement.
- TRW revised its full year 2006 guidance downward due to expected lower customer vehicle production and other
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
1) Fiscal 2006 sales increased 15.8% and operating income grew 22%, with EPS up 26.6%.
2) The acquisition of JLG Industries was announced, which will diversify the company and support growth of over 15%.
3) Fiscal 2007 stand-alone estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15, with the JLG acquisition expected to be modestly accretive.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
- The Walt Disney Company reported earnings for the fourth quarter and fiscal year 2005, with diluted EPS of $1.24 for the year and $0.20 for the quarter.
- Revenues increased 4% to $31.9 billion for the fiscal year and 3% to $7.7 billion for the fourth quarter. Segment operating income increased 4% to $4.7 billion for the fiscal year but decreased 15% to $760 million for the fourth quarter.
- Robert Iger, President and CEO, said the company's strategy of achieving growth through creative content, global expansion, and new technology is working, and Disney is well positioned to take advantage of changes in the media landscape.
- Affinion Group, Inc. announced financial results for Q1 2012, with net revenues increasing 4.1% to $381.8 million compared to Q1 2011. However, adjusted EBITDA declined 14.4% to $82.3 million due to increased marketing investments.
- Segment EBITDA increased 39.7% to $86.9 million primarily due to a $14.6 million reversal of consideration for the Prospectiv acquisition. Excluding this, segment EBITDA rose 16.2% as general and administrative expenses declined.
- Membership revenues grew 2.5% and loyalty revenues rose 17.1% while insurance and package revenues declined slightly. International revenues increased 10.
TRW Automotive reported third quarter 2005 financial results with sales of $2.9 billion, up 6.5% from the prior year. Net earnings were $10 million, lower than the $13 million in the prior year due to higher restructuring costs and commodity inflation. The company completed the acquisition of Dalphimetal, enhancing its occupant safety business. For the full year, TRW expects revenues of $12.6 billion and earnings per share of $1.65-$1.80, excluding certain one-time items.
TRW Automotive Holdings Corp. reported fourth quarter 2004 financial results in line with guidance, with sales of $3.2 billion and a net loss of $62 million. For full-year 2004, sales were $12 billion and net earnings were $29 million. The results included significant expenses from debt refinancing transactions. Excluding these expenses, fourth quarter earnings were $34 million and full-year earnings were $173 million. The company provided an outlook for 2005 of $12.3-12.7 billion in sales and $1.50-1.75 earnings per share.
air products & chemicals Q2 FY 06 Earningsfinance26
- Air Products reported a 16% increase in net income and a 19% increase in diluted EPS for its second fiscal quarter ended March 31, 2006 compared to the prior year. Revenues increased 16% to $2.3 billion due to strong volume growth in gases and equipment.
- Operating income increased 22% to $295 million driven by improved results in all segments from strong gases and equipment sales and improved chemicals pricing.
- For the third quarter, Air Products expects EPS between $0.88-$0.92 and raised full year EPS guidance to $3.40-$3.50.
The Hera Group approved its results for 2019, reporting increases in all key financial figures. Turnover rose 12.3% to €7.4 billion, EBITDA grew 5.2% to €1.1 billion, and net profits increased 35.5% to €402 million. Capital expenditures also rose to support infrastructure investment. The Group proposed a dividend of €0.10 per share and continued improving its sustainability performance.
air products & chemicals Q4 FY 06 Earningsfinance26
Air Products reported record fourth quarter sales up 18% and EPS up 22% excluding previously announced charges. For the full fiscal year, sales were up 14% and net income was up 17% driven by volume growth across multiple business segments. Looking forward, the company expects continued strong growth in fiscal 2007 with EPS forecasted to increase 10-14% over fiscal 2006 results.
1) Net sales for the company decreased 8% to $2.119 billion in Q1 2007 compared to $2.292 billion in Q1 2006 due to declines in volumes and unfavorable price/mix, partially offset by foreign exchange gains.
2) Digital product sales decreased 3% to $1.210 billion while traditional product sales decreased 13% to $896 million.
3) Gross profit decreased 9% to $429 million in Q1 2007 due to unfavorable price/mix and volume declines, partially offset by cost reductions and foreign exchange gains.
air products & chemicals Q4 FY 08 earningsfinance26
- Air Products reported fiscal Q4 EPS from continuing operations of $1.26, up 10% from $1.15 in the prior year on an adjusted basis. Fiscal year 2008 sales increased 14% to $10.4 billion and income from continuing operations grew 16% to $1.1 billion.
- For fiscal year 2009, Air Products expects EPS to be in the range of $5.10 to $5.35, representing year-over-year earnings growth on a continuing operations basis of 1% to 6%.
View Summary FedEx Corp. Reports Fourth Quarter and Full Year Earnings Jun ...finance7
FedEx reported a net loss for the fourth quarter compared to a net income the previous year. Revenue increased 8% but operating expenses rose 23% due to high fuel costs and a $891 million impairment charge related to FedEx Kinko's. For the full year, revenue increased 8% while net income fell 44% and earnings per share declined 44%, as operating expenses grew 12% on higher fuel costs. FedEx expects a challenging fiscal year 2009 with earnings projected to be lower due to high fuel prices and a weak economy.
TRW Automotive reported third quarter 2004 financial results with sales of $2.7 billion, an 8% increase over the prior year. Net earnings were $13 million compared to a net loss of $34 million in the prior year. For the first nine months of 2004, sales were $8.8 billion and net earnings were $91 million. TRW revised its full-year 2004 guidance to reflect third quarter results and an expected $115 million fourth quarter charge related to purchasing a subordinated note, with projected sales of $11.8 billion and diluted EPS between $0.08-$0.13.
TRW Automotive reported financial results for the second quarter of 2004 with sales of $3.2 billion, a 6% increase over the prior year. Net earnings were $75 million compared to a net loss of $20 million in the prior year. The company increased its full-year 2004 guidance and now expects sales between $11.6-11.8 billion and earnings per share between $1.22-1.32 due to strong first half performance.
- Novozymes reported another good year in 2005, with operating profit and net profit increasing 11% compared to 2004, significantly higher than expected.
- Sales grew 5% to DKK 6.28 billion while operating profit rose 11% to DKK 1.206 billion and net profit increased 11% to DKK 861 million. Free cash flow remained strong at DKK 991 million.
air products & chemicals FY 06 Q3 Earningsfinance26
Air Products reported record quarterly earnings, with net income up 10% and diluted EPS up 12% over the prior year. Strong volume gains across their global gases businesses drove revenues up 12% and operating income up 18%. Looking forward, Air Products expects double-digit sales and earnings growth for the third consecutive year and raised its full-year EPS guidance by 18-20%.
Goodrich Corporation announced a 20% increase in third quarter 2005 net income per diluted share compared to third quarter 2004. Third quarter 2005 sales increased 18% year-over-year to $1.37 billion. The company expects full-year 2005 sales to reach approximately $5.3 billion and net income per diluted share to be in the range of $2.00-$2.10, representing a 40-47% increase over 2004. The company also provided details on key business highlights and outlooks for 2005 and 2006.
Goodrich Corporation announced strong financial results for the second quarter of 2005 and increased its full year 2005 outlook. Net income for Q2 2005 was $76 million, up 91% from the previous year. Sales increased 20% to $1.353 billion. The company increased its full year 2005 outlook for sales to $5.2-5.3 billion and net income per share to $2.00-$2.10. The improved results were driven by growth in commercial aerospace, defense, and all other market channels. Management attributed the performance to the commercial aerospace upturn and strong demand for defense products.
Fiat reported financial results for Q4 and full year 2013. Key highlights included worldwide shipments increasing 3% to 4.4 million units, with growth in NAFTA and APAC offsetting declines in LATAM and EMEA. Revenues reached €87 billion for the year. Net profit was €2.0 billion including unusual items, and €0.9 billion excluding unusual items. Industrial debt was €6.6 billion and total liquidity was €22.7 billion. Guidance for 2014 forecasts revenues of €93 billion, trading profit of €3.6-4.0 billion, and net profit of €0.6-0.8 billion.
- TRW Automotive reported third quarter 2006 financial results with sales of $3.0 billion, up 3.4% from the prior year, but net earnings of only $5 million compared to $10 million in the previous year. The higher tax rate in the current quarter contributed significantly to the decrease in earnings.
- For the first nine months of 2006, TRW reported sales of $9.9 billion, up 3.8% from the same period in 2005. However, net earnings were $143 million compared to $145 million in 2005, impacted by non-recurring expenses related to debt retirement.
- TRW revised its full year 2006 guidance downward due to expected lower customer vehicle production and other
In this earnings call, Oshkosh Truck Corporation discusses its first quarter 2007 results. Sales increased 27.4% to $1.01 billion due to the acquisition of JLG Industries. Operating income decreased 3.9% to $83.6 million and EPS decreased 23.6% to $0.55. The company increased its full-year 2007 EPS estimate range to $3.15 to $3.25 per share. JLG is meeting expectations and integration is progressing well. Defense sales were lower compared to strong prior year results while fire and emergency and commercial saw strong performance.
Robert Bohn, Chairman of Oshkosh Truck Corporation, discussed the company's strong fiscal 2006 financial results and outlook for fiscal 2007. Key points include:
1) Fiscal 2006 sales increased 15.8% and operating income grew 22%, with EPS up 26.6%.
2) The acquisition of JLG Industries was announced, which will diversify the company and support growth of over 15%.
3) Fiscal 2007 stand-alone estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15, with the JLG acquisition expected to be modestly accretive.
Oshkosh Truck Corporation presented an investor presentation on its proposed acquisition of JLG Industries, Inc. The presentation discussed Oshkosh's track record of successful acquisitions and shareholder value creation. It also outlined the objectives of acquiring JLG to support growth above 15%, diversify into the fast-growing aerial work platform market, and execute its long-term acquisition strategy. Finally, the presentation provided an overview of Oshkosh Truck Corporation and its proven strategy of new product leadership, operational excellence, and strategic acquisitions that have fueled strong sales and earnings growth.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, discussed the company's strong third quarter fiscal year 2006 results and provided an outlook for fiscal years 2006 and 2007. Some highlights included record sales and operating income for Q3 2006. The company also announced two acquisitions, AK Specialty Vehicles and Iowa Mold Tooling, expected to be accretive to earnings in fiscal 2007. For fiscal 2006, Oshkosh estimates sales growth of 14.9-16.6% and EPS growth of 24-26%. Fiscal 2007 estimates include sales of $3.65-$3.75 billion and EPS of $3.05-$3.15.
Robert G. Bohn, Chairman, President and CEO of Oshkosh Truck Corporation, and Charles L. Szews, Executive VP and CFO, reported record financial results for the first quarter of fiscal year 2006. Sales increased 22.5% to $790.3 million and operating income grew 28.6% to $87 million. EPS increased 28.6% to $0.72. For fiscal year 2006, the company estimates sales between $3.3-3.4 billion, operating income between $316.5-329 million, and EPS between $2.55-2.65, representing growth of 17-21.6%.
1) Oshkosh reported record second quarter fiscal year 2006 results with sales up 25.6% and operating income up 27.3% driven by strong performance in the defense segment.
2) The defense segment results nearly doubled compared to the previous year due to growth in remanufactured and new truck sales, however challenges remain in locating used vehicle carcasses for remanufacturing.
3) The fire and emergency segment saw a temporary dip in earnings as anticipated due to heavily weighted airport product sales in the second half of the year and two component issues that delayed revenue recognition.
The document discusses software architecture, including its definition, types of architectures, views, and documentation. It defines software architecture as the fundamental organization of a system, including its components, relationships, and design principles. The document outlines different types of architectures like business, technical, and enterprise architectures. It also discusses common architecture views used in frameworks like RUP, RM-ODP, and DODAF. Finally, it covers architecture documentation and modeling techniques.
Celanese Corporation reported strong financial results for the second quarter of 2005 that exceeded previous guidance. Net sales increased 23% and operating profit rose significantly due to margin expansion. Basic EPS was $0.41 and diluted adjusted EPS was $0.53, above previous guidance. Adjusted EBITDA also exceeded guidance, rising 51% to $283 million. Based on this performance, the company raised its full-year 2005 guidance for diluted adjusted EPS to a range of $1.90 to $2.00.
The Timken Company reported record second quarter results for 2005, with a 17% increase in sales and more than doubling of earnings per share compared to the previous year. While industrial markets remained strong, automotive markets continued to be challenging. As a result, Timken will restructure its Automotive Group globally over the next quarter to reduce fixed costs and deliver annual savings of approximately $40 million. Due to strong second quarter performance, Timken raised its full-year earnings per share outlook, excluding special items, to $2.40 to $2.55 from $2.05 to $2.20.
- The Timken Company reported record sales of $5.2 billion for 2005, up 15% from the previous year, and net income increased sharply to a record $260.3 million.
- Strong demand across industrial markets drove the sales growth. The company made investments to improve operations and profitability through initiatives like Project ONE.
- For 2006, the company expects continued financial improvement, and estimates earnings per share of $2.65 to $2.80, excluding special items. Global industrial markets are expected to remain strong.
- MeadWestvaco reported net income of $28 million for 2005, down from a net loss in 2004, due to proceeds from selling its printing and writing papers business.
- Using the sale proceeds, MeadWestvaco repurchased 12% of outstanding shares, reduced total debt by $1 billion, and returned value to shareholders.
- However, MeadWestvaco faced significant cost inflation from higher energy and raw material costs in 2005, which offset improvements from higher selling prices.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
The Timken Company reported record third quarter sales and net income that more than doubled from the previous year. Sales increased 15% to $1.3 billion due to strong performance in the industrial and steel groups. However, the automotive group continued to struggle in the challenging North American market. The company increased its full-year earnings outlook due to strong global industrial demand and expects its restructuring programs to improve automotive group performance and reduce costs.
Dover Corporation reported strong third quarter 2005 results with revenue increasing 13% to $1.56 billion and EPS growing 18% to $0.65 per share compared to third quarter 2004. All of Dover's business segments experienced revenue and income growth. Total acquisitions for the quarter were $962 million. Dover expects full year free cash flow to be between 7-9% of revenue.
The AES Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Earnings per share from continuing operations were up 100% to $0.34 compared to the first quarter of 2007, and adjusted earnings per share were up 63% to $0.39.
- Gross margin increased 23% to $1.0 billion compared to the first quarter of 2007, driven by higher prices and volumes across Latin America and Europe.
- Revenue increased 33% to $4.1 billion compared to the first quarter of 2007, reflecting higher prices and volumes as well as favorable foreign currency impacts.
- Grace reported financial results for Q1 2009 with sales of $682.1M, down 10.2% from Q1 2008. Net loss was $38.9M compared to a net income of $17.7M in Q1 2008.
- Excluding restructuring and other one-time costs, the loss would have been $8.7M for Q1 2009 compared to a net income of $35.2M in Q1 2008.
- Operating free cash flow was positive $76.2M for Q1 2009 compared to negative $14.5M in Q1 2008, driven mostly by reduced working capital and capital expenditures.
The AES Corporation reported strong financial results for the second quarter of 2007, with revenues increasing 17% to $3.3 billion compared to the second quarter of 2006. Net income increased to $247 million compared to $175 million in the second quarter of 2006. The company continued expanding its alternative energy business, acquiring wind farm projects in the US and China and completing construction of a 233 MW wind farm in Texas.
Morgan Stanley reported third quarter results, with net income of $144 million, down 83% from the previous year. Net revenue was $6.9 billion, the highest since 2000, driven by record revenues in institutional securities. Income from continuing operations was up 36% to $1.166 billion year-over-year. The results were impacted by $1 billion in discontinued operations charges and $178 million in compensation charges related to management changes.
Celanese Corporation reported strong third quarter results for 2005, with net sales increasing 21% compared to the same period in 2004, primarily due to higher pricing and recent acquisitions. Basic earnings per share were $0.26, while diluted adjusted earnings per share were $0.49. Adjusted EBITDA rose 16% to $253 million. All business segments saw increases in earnings, with Chemical Products experiencing the largest gain due to higher pricing and dividends from investments. Celanese raised its full-year 2005 guidance for diluted adjusted earnings per share to $1.95 to $2.05.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
Motorola reported strong financial results for the second quarter of 2004, with sales increasing 41% compared to the second quarter of 2003. However, Motorola reported a net loss due to a large non-cash tax expense related to the IPO of Freescale Semiconductor. Excluding this tax expense, pre-tax earnings increased significantly. All of Motorola's business segments saw sales increases, with the Personal Communications segment experiencing the largest growth. Motorola provided guidance for the third quarter of 2004 with sales expected to increase 25-30% and earnings per share of $0.15 to $0.19.
Morgan Stanley reported a 20% increase in 1st quarter earnings to $1.5 billion, with revenues up 10% across all businesses. Net revenues were $6.8 billion, a 10% increase from the previous year. Return on equity was 21%. Fixed income sales and trading revenues reached a record $2 billion, up 21% from the prior year. Individual Investor Group revenues increased 2% to $1.2 billion, while expenses fell 15%. Investment Management pre-tax income rose 69% to $287 million on an 8% increase in revenues.
Morgan Stanley reported record quarterly and annual earnings in its fourth quarter and full year 2005 results. Quarterly net income was up 49% to $1.78 billion and annual net revenues were up 13% to a record $26.8 billion. Institutional Securities achieved record quarterly revenues of $4.2 billion, up 47%, driven by strong fixed income and equity trading. Retail Brokerage quarterly net revenues were up 21% to $1.3 billion. Asset Management quarterly pre-tax income increased 66% due to higher private equity investment gains.
Avery Dennison reported a loss per share of $0.07 for Q4 2005 compared to a profit of $0.83 per share in Q4 2004. The loss was due to restructuring charges and divestitures. Excluding these, earnings per share were $0.92. For the full year, earnings per share were $2.25 compared to $2.78 in 2004. The company expects 2006 earnings per share between $3.45-$3.80.
The Timken Company reported record sales and net income for the first quarter of 2005. Sales increased 19% to $1.3 billion compared to the same period last year, driven by strong industrial demand. Net income doubled to $58.2 million compared to $28.5 million last year. Earnings per share also doubled to $0.63 per share. The Industrial and Steel Groups saw significant earnings growth while the Automotive Group had a loss due to higher raw material costs and lower North American auto production. For the full year, Timken expects earnings per share between $2.05 to $2.20, excluding special items.
This document summarizes Kodak's preliminary Q4 2008 financial results and actions being taken in response to the global recession. Key points:
- Q4 sales declined 24% to $2.433B due to declines in digital (-23%) and traditional (-27%) businesses.
- Q4 loss from continuing operations was $133M; full year earnings were $54M (results are preliminary pending impairment assessments).
- Kodak is aligning its cost structure to current economic conditions through executive pay cuts, expense reductions, and job cuts.
Similar to celanese fy2004_earnings_release_e (20)
This document summarizes an earnings conference call for Oshkosh Truck Corporation for the second quarter of fiscal year 2007. Sales increased 96.6% to $1.66 billion and operating income grew 69.1% to $134.8 million. For fiscal year 2007, the company estimates sales of $6.1-6.2 billion and operating income of $568-580 million. It also provides segment-level results and highlights for access equipment, defense, fire & emergency, and commercial.
1) Oshkosh reported strong third quarter 2007 results with sales increasing 108% to $1.85 billion and operating income up 133% to $192.7 million.
2) Access equipment and defense led the growth in sales and operating income. The acquisition of JLG was accretive to EPS by $0.35 per share.
3) For fiscal year 2007, Oshkosh estimates sales between $6.3-6.35 billion and EPS between $3.35-3.40, and for fiscal year 2008 estimates sales between $7-7.2 billion and EPS between $4.15-4.35.
The document summarizes Oshkosh Truck Corporation's fourth quarter fiscal 2007 earnings conference call. It discusses record sales and operating income for fiscal 2007. Projections are provided for fiscal 2008, estimating sales between $7.1-7.3 billion and operating income between $690-715 million. Segment performances are reviewed, with access equipment and defense highlighted as key growth drivers. Estimates are also given for interest expense, tax rates, capital expenditures and debt levels for fiscal 2008.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
The document summarizes Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. It discusses increases in sales revenue but decreases in operating income and earnings per share compared to the previous year. Several initiatives are mentioned to manage costs and cash flow in changing market conditions. Business segment results are provided, with strength in access equipment and defense but challenges in commercial and fire & emergency sectors.
This document is the transcript from Oshkosh Corporation's earnings conference call for the fourth quarter of fiscal year 2008. It discusses Oshkosh's financial results for Q4 and fiscal year 2008, including sales, operating income, earnings per share, and debt reduction. It also provides an outlook for fiscal year 2009, estimating revenues of $6.3-6.7 billion, operating income of $350-400 million, and EPS of $1.65-2.05. The transcript reviews performance and outlook for each of Oshkosh's business segments and discusses its financing plans.
Robert Bohn and David Sagehorn of Oshkosh Corporation gave a presentation at the Goldman Sachs Conference in November 2008. They discussed Oshkosh's strong financial position and actions taken to reduce costs and debt. While market conditions were volatile due to the economic downturn, Oshkosh was well positioned with backlogs in defense, fire, and refuse collection vehicles. The presentation outlined Oshkosh's segments and strategies to manage through the difficult economy.
1) The document is from a presentation given by Oshkosh executives Charles Szews and David Sagehorn at the R.W. Baird Industrial Conference on November 12, 2008.
2) Oshkosh reported sales increased 13.2% to $7.1 billion in fiscal 2008, with international sales reaching $2.1 billion. However, operating income decreased 1.5% and EPS decreased 5.9% due to non-cash impairment charges.
3) Oshkosh recently secured multiple defense contracts and sees opportunities in the domestic refuse collection vehicle market, but the current market volatility and credit crisis make fiscal 2009 projections difficult given exposure to construction and municipal spending.
Charles Szews, President and COO of Oshkosh Corporation, presented at the Cowen and Company Aerospace & Defense Conference on February 5, 2009. He discussed Oshkosh's business segments, products, competitive advantages, challenges, and actions taken in response to the economic downturn. Key points included reduced revenues and earnings in Q1 2009, cost reduction efforts, and focus on core businesses with strong backlogs like defense and fire apparatus that have gained market share.
Oshkosh Corporation held an earnings conference call to discuss its first quarter fiscal year 2008 results. Sales increased 49% to $1.5 billion due to strong growth in access equipment and defense, while earnings per share declined 9.1% to $0.50. For fiscal year 2008, the company estimates revenue of $7.1-7.3 billion, operating income of $675-700 million, and earnings per share of $4.15-4.35. Challenging economic conditions are impacting commercial and fire & emergency segments, but global initiatives and cost reductions will support the full-year outlook.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2008. Key highlights include sales increasing 6.7% to $1.8 billion and operating income rising 24.8% to $168.2 million. EPS grew 42.6% to $0.97. While access equipment and defense saw strong demand, commercial and fire & emergency faced challenging market conditions. The company maintained its fiscal year 2008 EPS estimate range of $4.15 to $4.35.
This document contains the transcript from Oshkosh Corporation's earnings conference call for the third quarter of fiscal year 2008. Key highlights include a 6.6% increase in quarterly sales to $1.97 billion but a 5.9% decrease in operating income to $181.2 million. EPS for the quarter decreased 1.7% to $1.19. Oshkosh revised its estimate for full year 2008 EPS to a range of $3.15 to $3.30.
This document summarizes an earnings conference call for Oshkosh Corporation for the fourth quarter of fiscal year 2008. It discusses the company's financial results including a 5.8% increase in sales to $1.9 billion but a 32% decrease in operating income to $122 million. The document also provides an overview of Oshkosh's fiscal year 2008 results and discusses challenges faced in various business segments due to economic conditions. It notes actions taken by the company to reduce costs and debt. An outlook is given for fiscal year 2009 noting market volatility and a plan to drive over $500 million in debt reduction. Business segment results and outlooks are also summarized.
The document outlines an annual investor conference for Goodrich Corporation to be held on October 30, 2003. The morning session will include introductory comments by Marshall Larsen and a financial review by Rick Schmidt. Breakout sessions will cover Airframe Systems, Engine Systems, and Electronic Systems with a panel Q&A. The afternoon will include an informal lunch and company and market overviews by Marshall Larsen.
The document outlines an annual investor conference for Goodrich Corporation to be held on October 30, 2003. The morning session will include introductory comments by Marshall Larsen and a financial review by Rick Schmidt. Breakout sessions will cover Airframe Systems, Engine Systems, and Electronic Systems with a panel Q&A. The afternoon will include an informal lunch and company and market overviews by Marshall Larsen.
- The document provides an overview of Goodrich Corporation's aerospace business, including market conditions, strategy, and financial outlook.
- Goodrich expects sales to increase to $4.3-4.4 billion in 2003, with earnings per share of $0.85-0.95, driven by recovery in commercial aerospace markets.
- Key growth opportunities for Goodrich include new programs like the A380 and Joint Strike Fighter that are expected to provide over $1 billion in annual sales by 2005-2006.
- The document provides an overview of Goodrich Corporation's aerospace business including market conditions, strategy, and financial outlook.
- Goodrich expects sales to increase to $4.3-4.4 billion in 2003, up from $3.8 billion in 2002, driven partly by recovering commercial aerospace markets. Earnings per share are forecast to be $0.85-0.95 for 2003.
- Key elements of Goodrich's strategy include balanced growth above market trends, leveraging technology across segments, and achieving operational excellence through initiatives like lean manufacturing. New programs launching in 2005-2008 are expected to accelerate future sales growth.
Goodrich Corporation reported financial results for the 4th quarter and full year of 2003. Net income for the 4th quarter was $33 million, up from $12 million the previous year. Sales were $1.13 billion, down 2% from the prior year. For the full year, net income was $111 million on sales of $4.38 billion, up from $118 million on $3.81 billion in sales the previous year. Cash flow from operations for the 4th quarter was $204 million and $553 million for the full year. Goodrich also redeemed some QUIPS and reduced its total debt by $428 million for the year.
Goodrich Corporation announced its fourth quarter and full year 2003 financial results. Net income for Q4 2003 was $33 million compared to $12 million for Q4 2002. Sales for Q4 2003 were $1,130 million, down 2% from Q4 2002. For the full year 2003, net income was $111 million on sales of $4,383 million, up from $118 million on sales of $3,809 million in 2002. Goodrich also provided guidance for 2004, expecting sales growth in the low single digits and EPS in the range of $1.20-$1.35 per share.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
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celanese fy2004_earnings_release_e
1. Celanese Corporation Investor Release Contact: Andrea Stine
Phone: 972-443-3756
Celanese Corporation Reports 2004 Fourth Quarter and Combined Full Year
Results
Fourth quarter highlights:
Net sales increase 15% to $1,332 million from fourth quarter 2003 on higher
pricing, favorable currency and a volume increase
Gross profit margins expand in Chemical Products on higher pricing, driven by
strong demand
Net earnings decline to a loss of $57 million compared to earnings of $18 million
and include higher interest expense, a non-cash impairment charge as well as
unusual and other items
Adjusted EBITDA increases 3% to $187 million
Combined full year highlights:
Net sales increase 10% to $5,069 million from 2003 on higher volumes, favorable
currency and pricing
Net earnings decline to a loss of $175 million mainly due to restructuring and
non-cash impairment charges, higher interest expense and unusual and other items
Adjusted EBITDA rises 19% to $801 million
Q4 2004 Q4 2003 FY 2004 FY 2003
in $ millions Successor Predecessor Combined Predecessor
Net sales 1,332 1,155 5,069 4,603
Net earnings (loss) (57) 18 (175) 148
Adjusted EBITDA 187 182 801 675
DALLAS, Feb. 28, 2005 -- Celanese Corporation today reported net sales rose
15% to $1,332 million in the fourth quarter compared to $1,155 million for Celanese AG,
the predecessor company, in the same period last year primarily on higher pricing of
12%, mainly in the Chemical Products segment. Favorable currency movements of 4%
and a 1% volume increase also contributed to higher net sales. A change of 2% in the
composition of the Chemical Products segment slightly offset these increases.
1
2. The company reported a net loss of $57 million in the fourth quarter compared to
net earnings of $18 million in the same period last year. Gross profit margin expansion
of $150 million resulting from increased pricing, in the Chemical Products segment, and
lower depreciation and amortization expense of $47 million were offset by a number of
increased expenses. Interest expense rose by $59 million largely as a result of higher
debt levels. Selling, general and administrative expense increased by $94 million mainly
due to an unusual item of $50 million for management compensation expenses. Income
tax provision increased by $20 million primarily due to various valuation allowances
relating to U.S. and Canadian tax losses. Special charges rose by $19 million largely due
to a non-cash impairment charge related to a decision to sell the cyclo-olefin copolymer
business within the Ticona Technical Polymers segment.
quot;In 2004, we made tremendous progress in executing our strategy. We were
successful in expanding margins and growing our businesses and expect to develop these
businesses through announced acquisitions,quot; said David Weidman, chief executive
officer. quot;In 2005, we will continue to build on these efforts to position the company for
greater growth and profitability.quot;
Operating profit increased to $28 million in the fourth quarter from a loss of $10
million in the same period last year, largely due to higher pricing, primarily in the
Chemical Products segment, lower depreciation and amortization expense, and lower
stock appreciation rights expense of $18 million. These increases were partially offset by
higher raw material costs, higher management compensation expense and increased
special charges. The lower depreciation and amortization expense largely resulted from
purchase accounting adjustments due to the acquisition of Celanese AG.
2
3. Dividends from cost investments in other income (expense), net, decreased by
$18 million to $9 million due to timing of dividend payments.
Adjusted EBITDA, a key company performance measure, rose 3% to $187
million in the fourth quarter of 2004 compared to the same period last year.
Combined Full Year 2004 Results
The combined full year net loss for 2004 was $175 million, compared to net
earnings of $148 million in 2003. Higher volumes, increased pricing, lower depreciation
and amortization expense of $38 million mainly due to purchase accounting adjustments,
decreased stock appreciation rights expense of $58 million and increased cost savings
were offset by a number of factors. They included higher interest expense of $257
million, increased raw material and energy costs, special charges of $114 million,
management compensation expense of $50 million, a non-cash charge of $49 million in
inventory-related purchase accounting adjustments and a $34 million higher income tax
provision primarily due to various valuation allowances on deferred tax assets.
The higher interest expense resulted from significantly higher refinancing
expenses related to the Celanese acquisition and increased debt levels of $3,387 million
as of December 31, 2004 versus $637 million as of December 31, 2003.
The company does not expect to have significant refinancing expenses after the first
quarter of 2005.
Special charges in 2004 were largely related to non-cash impairment charges
resulting from plans by the Acetate Products segment to consolidate tow production at
fewer sites and to discontinue production of acetate filament as well as a decision to
3
4. dispose of Ticona Technical Polymers' cyclo-olefin copolymer business. Special charges
in 2003 resulted mainly from income of $107 million from insurance recoveries, which
was largely offset by expenses of $95 million associated with antitrust matters in the
sorbates industry.
Adjusted EBITDA in 2004 rose to $801 million compared to $675 million on
higher volumes, pricing, and cost savings, partially offset by higher raw material and
energy costs. Combined net sales for 2004 were $5,069 million compared to $4,603
million a year ago.
Total cash dividends received from equity and cost investments were $77 million
in 2004 compared to $76 million in 2003.
Fourth Quarter Segment Overview
Chemical Products
Chemical Products’ net sales in the fourth quarter of 2004 increased 21% to $925
million compared to the same period last year on significantly higher pricing and
favorable currency effects, which were partly offset by a segment composition change.
The composition change resulted from a contract manufacturing arrangement
under which certain acrylates products are now being sold. Only the margin realized
under the contract manufacturing arrangement is reported in net sales.
Pricing increased for most products, particularly vinyl acetate and acetic acid,
driven by strong demand and higher costs for hydrocarbon-based raw materials. Vinyl
acetate experienced strong global demand; however, Celanese's volumes remained flat
compared to the prior year as volume growth in the fourth quarter of 2003 largely
benefited from a competitor outage.
4
5. Earnings from continuing operations before tax and minority interests increased to
$131 million from $35 million in the same period of last year as higher pricing led to
gross profit margin expansion. Partially offsetting the higher pricing were increased raw
material costs and the timing of receipt of dividends from a cost investment. Earnings
also improved due to lower depreciation and amortization expense of $29 million largely
as a result of purchase accounting adjustments.
Technical Polymers Ticona
Ticona’s net sales rose 8% to $203 million compared to the same period last year
mainly on higher volumes and favorable currency effects, which were partly offset by
lower pricing.
Volumes grew in all product lines, particularly in core products. Polyacetal sales
volumes grew mainly on stronger sales to the European appliance and consumer goods
sectors. Although automotive production was lower than last year, polyacetal sales to the
automotive sector were essentially flat. Volumes for Vectra® liquid crystal polymers
benefited from higher sales to the European housewares and U.S. electrical/electronics
markets. GUR® ultrahigh molecular weight polyethylene sales grew in Europe and the
United States on the introduction of new grades and applications for industrial and
medical markets as well as on increased sales to Asia. Pricing declined due to product
mix changes and ongoing competitive pressure from Asian imports of polyacetal into
North America and Europe.
Earnings from continuing operations before tax and minority interests decreased
to a loss of $29 million from a loss of $9 million in the same quarter last year. The loss
in 2004 resulted mainly from a $32 million non-cash impairment charge associated with a
5
6. plan to dispose of the cyclo-olefin copolymer business and higher raw material costs,
lower pricing and the effects of a planned maintenance turnaround. Increased earnings
from Asian and U.S. affiliates, and higher volumes partly offset these decreases. In 2003,
the loss resulted mainly from $16 million in special charges associated with an
organizational redesign.
Acetate Products
Net sales for Acetate Products decreased by 1% to $174 million compared to the
same quarter last year as lower demand offset higher pricing. Volumes declined, mainly
as a result of lower filament sales in Mexico. Pricing increased for both tow and filament.
Earnings from continuing operations before tax and minority interest increased to
$18 million from $2 million in the same quarter last year. Earnings primarily improved
due to lower depreciation expense of $20 million largely as a result of purchase
accounting adjustments and a lower depreciable asset base. In 2003, depreciation
expense included $8 million of costs associated with an asset retirement obligation.
Performance Products
Net sales for the Performance Products segment remained flat at $39 million
compared to the same quarter in 2003 as increased volumes and favorable currency
effects offset price decreases. Increased volumes for Sunett® sweetener reflected strong
growth from new and existing applications in the U.S. and European beverage and
confectionary markets. Consistent with our strategy, pricing for Sunett declined on lower
unit selling prices associated with higher volumes to major customers and the expiration
of the primary European and U.S. production patents at the end of March 2005. Pricing
for sorbates, which had been under pressure from Asian producers, continued to show
6
7. signs of a recovery that began at the end of the third quarter of 2004. Worldwide
overcapacity, however, still prevailed in the industry.
Earnings from continuing operations before tax and minority interests decreased
to $3 million compared to $11 million for the same quarter last year. Strong volumes for
Sunett and favorable currency movements could not offset lower pricing for Sunett and
sorbates. In addition, earnings in 2004 included a provision for severance payments and
costs associated with management compensation. Earnings also included higher
depreciation and amortization expense of $4 million largely as a result of purchase
accounting adjustments.
Other Activities
Other Activities primarily consists of corporate center costs, including financing
and certain administrative activities, and certain other operating entities, including the
captive insurance companies.
Net sales for Other Activities increased to $14 million from $13 million in the
same period last year, primarily due to higher third party revenues by our captive
insurance companies.
Loss from continuing operations before tax and minority interests increased to
$162 million from a loss of $42 million for the same period last year, largely due to $58
million of higher interest expense due to increased debt levels and $38 million in
management compensation expense, which includes charges related to a new deferred
compensation plan, a new stock incentive plan and other executive bonuses.
7
8. Liquidity
As of December 31, 2004, the company had total debt of $3,387 million and cash
and cash equivalents of $838 million. Net debt (total debt less cash and cash equivalents)
rose to $2,549 million from $489 million as of December 31, 2003, primarily to finance
the acquisition of Celanese AG and to prefund benefit obligations. The company also
prepaid $175 million of debt previously scheduled to mature in 2005 and 2008 and $58
million of additional debt scheduled to mature in 2009.
In January 2005, Celanese completed an initial public offering of its Series A
common stock and received net proceeds of $760 million. Concurrently, Celanese
received net proceeds of $233 million from the offering of its convertible preferred stock.
At the closing of the initial public offering in January 2005, Celanese borrowed an
additional $1,135 million under its amended senior credit facilities. A portion of the
proceeds of the share offerings and additional borrowings were used to repay a $350
million floating rate term loan and $200 million was used to finance the acquisition of the
Vinamul emulsions business, which was completed on February 4. Using proceeds from
the stock offerings, Celanese today redeemed approximately $207 million of the senior
discount notes and $572 million of the senior subordinated notes of its subsidiaries. The
company expects to incur expenses of $115 million in the first quarter of 2005 related to
the refinancing. Of this amount, $74 million is expected to be cash expense.
On April 7, 2005, Celanese expects to use the remaining proceeds to pay an $803
million dividend to holders of Celanese's Series B common stock, as previously
disclosed.
8
9. Outlook
With a view that the strong business environment seen in the fourth quarter will
continue, we expect that first quarter adjusted EBITDA will be about 25% to 30% higher
than adjusted EBITDA of $208 million in the first quarter of 2004. This expected
increase reflects strong underlying business growth of 15% to 20% in adjusted EBITDA,
particularly in Chemical Products, and the receipt of dividends from our affiliates/joint
ventures of approximately $40 million to $45 million.
Assuming global growth continues, we expect 2005, overall, to be a strong year
for Celanese. We believe we will benefit from our methanol sourcing agreement with
Southern Methanol, which will go into effect in July, and from our recent acquisition of
the Vinamul emulsions business. We face the challenges of volatile raw material costs
and projected new capacity coming on stream in Asia for acetyls, which could loosen the
tight supply/demand balance. As a result, we expect adjusted EBITDA for the full year to
grow by 12% to 17% over combined full year 2004.
Forward-Looking Statements
This release may contain “forward-looking statements,” which include information
concerning the company’s plans, objectives, goals, strategies, future revenues or
performance, capital expenditures, financing needs and other information that is not
historical information. When used in this release, the words “estimates,” “expects,”
“anticipates,” “projects,” “plans,” “intends,” “believes,” and variations of such words
or similar expressions are intended to identify forward-looking statements. All forward-
looking statements are based upon current expectations and beliefs and various
assumptions. There can be no assurance that the company will realize these expectations
or that these beliefs will prove correct.
There are a number of risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements contained in this release. Numerous
factors, many of which are beyond the company’s control, could cause actual results to
differ materially from those expressed as forward-looking statements. Certain of these
risk factors are discussed in the company’s Registration Statement on Form S-1
described below. Any forward-looking statement speaks only as of the date on which it is
9
10. made, and the company undertakes no obligation to update any forward-looking
statements to reflect events or circumstances after the date on which it is made or to
reflect the occurrence of anticipated or unanticipated events or circumstances.
Reclassification
Certain reclassifications have been made to prior period balances in order to conform to
current period presentation.
Predecessor
Predecessor represents Celanese AG's selected financial data as of December 31, 2003,
consolidated results of its operations for the year ended December 31, 2003, and its
unaudited consolidated results of its operations for the three months ended December 31,
2003 and March 31, 2004. These consolidated financial statements relate to periods
prior to the acquisition of Celanese AG and present Celanese AG's historical basis of
accounting without the application of purchase accounting related to the acquisition.
Successor
Successor represents Celanese Corporation's unaudited selected balance sheet data as of
December 31, 2004 and its unaudited consolidated results of operations for the three and
nine months ended December 31, 2004. These consolidated financial statements reflect
the application of purchase accounting, which the company finalized during the fourth
quarter of 2004.
Reconciliation of Non-U.S. GAAP Measures to U.S. GAAP
This release reflects our performance measure, net debt, as a non-U.S. GAAP measure.
The most directly comparable financial measure presented in accordance with U.S.
GAAP in our consolidated financial statements for net debt is total debt. This release
also reflects our performance measure adjusted EBITDA. The most directly comparable
financial measure presented in accordance with U.S. GAAP in our consolidated financial
statements for this is net earnings (loss). This release also reflects the 2004 consolidated
statements of operations, dividends, special charges and selected financial data by
business segment as a summation of these measures derived from (i) the consolidated
financial statements for the predecessor for the three months ended March 31, 2004, and
(ii) the consolidated financial statements for the successor for the nine months ended
December 31, 2004, for each period prepared on a basis consistent with U.S. GAAP. The
combined presentation is not in accordance with U.S. GAAP. The company completed the
allocation of purchase accounting adjustments in the fourth quarter of 2004. The results
of the predecessor and successor are not comparable as the predecessor's financials
exclude the impact of such adjustments. For a reconciliation of these non-U.S. GAAP
measures to U.S. GAAP figures, see the accompanying schedules to this release.
Reconciliations of any forward-looking non-U.S. GAAP measure to U.S. GAAP measures
are not available.
10
11. Use of Non-U.S. GAAP Financial Information
Adjusted EBITDA, a measure used by management to measure performance, is defined as
earnings (loss) from continuing operations, plus interest expense net of interest income,
income taxes and depreciation and amortization, and further adjusted for certain cash
and non-cash charges. Our management believes adjusted EBITDA is useful to investors
because it is used in our debt instruments to determine compliance with financial
covenants and our ability to engage in certain activities such as incurring additional debt
and making certain payments. In addition, adjusted EBITDA is one of the primary
measures our management uses for its planning and budgeting processes and to monitor
and evaluate financial and operating results. Adjusted EBITDA is not a recognized term
under U.S. GAAP and does not purport to be an alternative to net earnings as a measure
of operating performance or to cash flows from operating activities as a measure of
liquidity. Because not all companies use identical calculations, this presentation of
adjusted EBITDA may not be comparable to other similarly titled measures of other
companies. Additionally, adjusted EBITDA is not intended to be a measure of free cash
flow for management’s discretionary use, as it does not consider certain cash
requirements such as interest payments, tax payments and debt service requirements. We
believe that the presentation of all of the non-U.S. GAAP information provides useful
information to management and investors regarding various financial and business
trends relating to our financial condition and results of operations, and that when U.S.
GAAP information is viewed in conjunction with non-U.S. GAAP information, investors
are provided with a more meaningful understanding of our ongoing operating
performance. This non-U.S. GAAP information is not intended to be considered in
isolation or as a substitute for U.S. GAAP financial information.
The presentation of combined 2004 consolidated statements of operations of the
predecessor and successor results in a non-GAAP measure as the predecessor and
successor's consolidated financial statements are based on two different methods of
accounting and as the successor's consolidated financial statements include the effects of
purchase accounting.
Results Unaudited: The results presented in this release, together with the adjustments
made to present the results on a comparable basis, have not been audited and are based
on internal financial data furnished to management. Quarterly results should not be
taken as an indication of the results of operations to be reported for any subsequent
period or for the full fiscal year.
11
12. Consolidated Statem ents of Operations - unaudited
9 m os
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ m illions Successor Predecessor Predecessor Successor Com bined Predecessor
Net sales 1,332 1,155 1,243 3,826 5,069 4,603
Cost of sales (1,002) (1,002) (3,092) (3,883)
(1,029) (4,094)
Gross profit 303 153 241 734 975 720
Selling, general and administrative expense (126) (137) (498) (510)
(220) (635)
Research and developm ent expense (23) (23) (67) (89)
(22) (90)
Special charges:
Insurance recoveries associated with
- - -
plumbing cases 1 107
1
- - - - -
Sorbates antitrust matters (95)
Restructuring, im pairm ent and other
special charges, net (14) (28) (92) (17)
(33) (120)
-
Foreign exchange loss (1) (3) (4)
(1) (3)
Gain (loss) on disposition of assets 1 (1) 3 6
1 2
Operating profit (loss) 28 (10) 52 78 130 118
Equity in net earnings of affiliates 6 12 36 35
1 48
Interest expense (13) (6) (300) (49)
(72) (306)
Interest income 9 5 24 44
9 29
Other income (expense), net 5 9 (12) 48
(5) (3)
Earnings (loss) from continuing operations
before tax and m inority interests (39) (3) 72 (174) (102) 196
Income tax (provision) benefit 8 (17) (70) (53)
(12) (87)
Earnings (loss) from continuing operations
before m inority interests (51) 5 55 (244) (189) 143
- - -
Minority interests (8)
(6) (8)
Earnings (loss) from continuing operations (57) 5 55 (252) (197) 143
Earnings (loss) from operation of discontinued
operations (including gain on disposal of
discontinued operations) 16 9 (2) 6
(1) 7
-
Related income tax benefit (provision) (3) 14 1
1 15
-
Earnings (loss) from discontinued operations 13 23 (1) 6
22
- -
- - -
Cumulative effect of changes in acct. principles (1)
Net earnings (loss) (57) 18 78 (253) (175) 148
12
13. Selected Balance Sheet Data - unaudited Dec 31, Dec 31,
2004 2003
in $ millions Successor Predecessor
ASSETS
Current assets:
Cash and cash equivalents 148
838
Receivables, net:
Trade receivables, net - third party and affiliates 722
866
Other receivables 589
557
Inventories 509
618
LIABILITIES
Current liabilities:
Short-term borrowings and current
installments of long-term debt 148
144
Accounts payable and accrued liabilities:
Trade payables - third party and affiliates 590
722
Other current liabilities 919
888
Long-term liabilities:
Long-term debt 489
3,243
Benefit obligations 1,165
1,000
13
14. SALES
Table 1
Net Sales
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Chemical Products 766 818 2,573 3,065
925 3,391
Technical Polymers Ticona 188 227 636 762
203 863
Acetate Products 176 172 523 655
174 695
Performance Products 39 44 131 169
39 175
Segment total 1,341 1,169 1,261 3,863 5,124 4,651
Other activities 13 11 45 49
14 56
Intersegment eliminations (27) (29) (82) (97)
(23) (111)
Total 1,332 1,155 1,243 3,826 5,069 4,603
Table 2
Factors Affecting Fourth Quarter 2004 Segment Sales Compared to Fourth Quarter 2003
in percent Volume Price Currency Other Total
-
Chemical Products 20 4 -3 21
-
Technical Polymers Ticona 6 -3 5 8
- -
Acetate Products -3 2 -1
- -
Performance Products 14 -18 4
1 12 4 -2 15
Segment total
Table 3
Factors Affecting Combined Full Year 2004 Segment Sales Compared to 2003
in percent Volume Price Currency Other Total
Chemical Products 5 7 4 -5 11
-
Technical Polymers Ticona 13 -5 5 13
- -
Acetate Products 5 1 6
-
Performance Products 12 -15 7 4
6 3 4 -3 10
Segment total
14
15. KEY FINANCIAL DATA
Table 4
Operating Profit (Loss)
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Chemical Products 15 65 248 138
129 313
Technical Polymers Ticona (12) 31 (12) 122
(38) 19
Acetate Products 3 9 (11) 13
18 (2)
Performance Products 11 11 18 (44)
4 29
Segment total 113 17 116 243 359 229
Other activities (27) (64) (165) (111)
(85) (229)
Total 28 (10) 52 78 130 118
Table 5
Earnings (Loss) from Continuing Operations Before Tax and Minority Interests
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Chemical Products 35 64 265 175
131 329
Technical Polymers Ticona (9) 45 26 167
(29) 71
Acetate Products 2 9 (7) 17
18 2
Performance Products 11 11 15 (44)
3 26
Segment total 123 39 129 299 428 315
Other activities (42) (57) (473) (119)
(162) (530)
Total (39) (3) 72 (174) (102) 196
Table 6
Depreciation and Amortization Expense
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Chemical Products 41 39 89 157
12 128
Technical Polymers Ticona 14 16 48 57
14 64
Acetate Products 23 13 33 66
3 46
Performance Products 1 2 10 7
5 12
Segment total 34 79 70 180 250 287
-
Other activities 2 2 4 7
6
Total 34 81 72 184 256 294
15
16. KEY FINANCIAL DATA - (continued)
Table 7
Dividends
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Dividends from equity investments 2 15 22 23
2 37
Other distributions from equity
- - - -
investments 1 1
Dividends from cost investments 27 6 33 53
9 39
29 22 55 76
Total 11 77
SPECIAL CHARGES AND OTHER EXPENSES
Table 8
Special Charges in Operating Profit (Loss)
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
-
Chemical Products (1) (3) 1
1 (4)
Technical Polymers Ticona
Insurance recoveries associated with
- -
-
plumbing cases 1 107
1
Restructuring, impairment and other
special charges, net (16) (1) (38) (20)
(33) (39)
- - - -
Acetate Products (50) (50)
Performance Products
- - - - -
Sorbates antitrust matters (95)
Restructuring, impairment and other
- - - - - -
special charges, net
Segment total (32) (16) (2) (90) (92) (7)
Other activities 2 (26) (1) 2
(1) (27)
Total (33) (14) (28) (91) (119) (5)
16
17. SPECIAL CHARGES AND OTHER EXPENSES - (continued)
Table 9
Breakout of Special Charges by Type
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Employee termination benefits (14) (2) (8) (18)
(1) (10)
-
Plant/office closures (7) (52) (7)
(1) (52)
-
Restructuring adjustments 5 3 6
2 3
-
Total restructuring (16) (2) (57) (19)
(59)
- - - - -
Sorbates antitrust matters (95)
- - -
Plumbing actions 1 107
1
- - -
Asset impairments (34)
(32) (34)
Other 2 (26) (1) 2
(1) (27)
Total special charges (14) (28) (91) (5)
(33) (119)
Table 10
Stock Appreciation Rights Expense
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
- - - -
Chemical Products (4) (14)
- -
Technical Polymers Ticona (4) (1) (1) (13)
- - - -
Acetate Products (1) (4)
- - - - -
Performance Products (1)
- -
Segment total (9) (1) (1) (32)
- - - -
Other activities (9) (27)
- -
Total (18) (1) (1) (59)
17
18. Adjusted EBITDA
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
Net earnings (loss) 18 78 (253) 148
(57) (175)
-
(Earnings) loss from discontinued operations (13) (23) 1 (6)
(22)
- - - - -
Cumulative effect of changes in accounting principles 1
Interest expense net:
Interest expense 13 6 300 49
72 306
Interest income (9) (5) (24) (44)
(9) (29)
Cash interest income used by captive insurance
subsidiaries to fund operations 2 3 7 7
3 10
Taxes:
Income tax provision (benefit) (8) 17 70 53
12 87
- -
Franchise taxes 2 3
1 2
Depreciation and amortization 81 72 184 294
34 256
Unusual items:
(1)
Special charges
- - -
Insurance recoveries associated with plumbing cases (1) (107)
(1)
- - - - -
Sorbates antitrust matters 95
Restructuring, impairment and other special charges, net 14 28 92 17
33 120
Severance and other restructuring charges not included
in special charges 18 10 21 26
8 31
(2)
Unusual and non-recurring items 49 (1) 110 82
61 109
Other non-cash charges (income):
(3)
Non-cash charges 11 9 61 70 36
10
Equity in net earnings of affiliates in excess of cash dividends
received (4) 4 (14) (12)
1 (10)
Excess of cash dividends paid to minority shareholders in
subsidiaries over the minority interest income of these
- - -
subsidiaries 7
6 7
Other adjustments:
- - -
Advisor monitoring fee 10
5 10
Net (gain) loss on disposition of assets (1) 1 (3) (6)
(1) (2)
(4)
Pro forma cost savings 11 9 23 39
8 32
Adjusted EBITDA 182 208 593 675
187 801
18
19. Special charges include provisions for restructuring and other expenses and income incurred outside the
(1)
normal ongoing course of operations. Restructuring provisions represent costs related to severance and
other benefit programs related to major activities undertaken to fundamentally redesign the business
operations, as well as costs incurred in connection with decisions to exit non-strategic businesses. These
measures are based on formal management decisions, establishment of agreements with employees'
representatives or individual agreements with affected employees, as well as the public announcement of
the restructuring plan. The related reserves reflect certain estimates, including those pertaining to
separation costs, settlements of contractual obligations and other closure costs. We reassess the reserve
requirements to complete each individual plan under existing restructuring programs at the end of each
reporting period. Actual experience may be different from these estimates.
Consists of the following:
(2)
Unusual and non-recurring items
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
- -
Stock appreciation rights expense 18 1 59
1
-
Employee contract termination costs 5 1 6 5
7
-
Transaction costs 4 21 4
11 21
Special management compensation
- - -
program 50
50 50
-
Other unusual and non-recurring items 22 (2) 32 14
30
Total unusual and non-recurring items 49 (1) 110 82
61 109
Consists of the following:
(3)
Non-cash charges
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
- - - -
Purchase accounting for inventories 49 49
Amortization included in pension and
OPEB expense 9 8 1 28
(1) 9
- -
Stock option expense 2 1 6
1
11 - - 11 -
Change in swap valuation 11
- - - - -
Other non-cash charges 2
Total non-cash charges 11 9 61 36
10 70
19
20. Pro forma cost savings represent adjustments to net earnings (loss) on a pro forma basis for certain cost
(4)
savings that we expect to achieve. We expect annual cost savings of approximately $37 million from
pension pre-funding (of which $7 million is reflected in the 2004 combined actual results) and
approximately $2 million from lower costs associated with publicly listed equity in Germany.
Pro forma Cost Savings
9 mos
ended Dec
31, 2004
Q4 2004 Q4 2003 Q1 2004 FY 2004 FY 2003
in $ millions Successor Predecessor Predecessor Successor Combined Predecessor
-
Cost savings from delisting in Germany 1 2 2
1 2
Impact of additional assumed returns on
pension contributions 10 9 21 37
7 30
20