On Thursday, Shares of Huntsman Corporation (NYSE:HUN), gained 0.08% to $13.21.
Huntsman Corporation, declared that it has reached an accelerated share repurchase agreement with Citibank, N.A. to repurchase $100 million of its common stock.
Citibank, N.A. will make an initial delivery of about 7.1 million shares of Huntsman Corporation common stock based on the closing price of $11.94 on October 27, 2015. The final number of shares to be repurchased and the aggregate cost per share will be based on Huntsman’s daily volume-weighted average stock price during the term of the transaction, less a discount. Subject to customary adjustments, the accelerated share repurchase transaction is planned to be accomplished early in the first quarter of 2016.
In September 2015, the Huntsman Board of Directors authorized the repurchase of $150 million of stock. The Company intends to utilize the remaining $50 million available under this authorization to purchase shares in the open market from time-to-time.
Huntsman Corporation (Huntsman) is a manufacturer of differentiated organic chemical products and of inorganic chemical products. The Company is also engaged in performance additives and titanium dioxide business. The Company also offers titanium dioxide, a white pigment derived from titanium bearing ores; functional additives made from barium and zinc-based inorganics; color pigments made from synthetic iron-oxide and other inorganic pigments; timber treatment wood protection chemicals; water treatment products, and specialty automotive molded components.
Shares of FMC Corp (NYSE:FMC), inclined 6.00% to $39.77, during its last trading session.
FMC Corp, stated third quarter revenue of $831 million, a 1 percent improvement over the same period in 2014. The company stated a net loss of $2.4 million, or a loss of $0.02 per diluted share, in the third quarter of 2015, as contrast to net income of $56 million, or $0.42 per diluted share, in the third quarter of 2014. Not Taking Into Account certain gains and charges related to the exit of certain businesses and various restructuring charges, adjusted earnings were $0.42 per diluted share, as contrast to the prior-year quarter adjusted earnings of $0.72 per diluted share. Adjusted EPS was lower primarily due to the impact of foreign currency headwinds, partially offset by lower operating costs and a lower tax rate.
Cost Reduction Restructuring Program
On October 12, 2015, FMC declared that it would expand and accelerate the Cheminova integration, reorganize the company’s operations in Brazil, and improvement cost savings targets to reduce enterprise-wide operating costs. Run-rate cost savings will be $140 million to $160 million, contrast to the prior target of $90 million. FMC now anticipates total headcount reductions of 800 to 850 positions, an improvement from the previous target of 500 to 550 positions. The majority of the actions to achieve these savings will be implemented within the next six months.
Pierre Brondeau, FMC president, CEO and chairman said: “Our October 12 declaration set out the difficult market conditions our Agricultural Solutions business is facing, particularly in Brazil, which are reflected in our third quarter results and our guidance for the remainder of the year. The actions we are taking will appropriately align Agricultural Solutions’ business model and cost base to these market conditions. We are happy with the faster-than-predictable progress integrating Cheminova with FMC. Our combined product portfolio has allowed us to focus on higher margin, proprietary differentiated products and to restructure our cost position to better reflect current market opportunities. The cost reduction actions we have initiated will allow us to deliver an additional $50 million to $70 million of savings in 2016, contrast to what we will deliver in 2015.”
FMC Corporation is a diversified chemical company. The Company serves agricultural, consumer and industrial markets with solutions, applications and products around the world. The Company operates in three business segments: FMC Agricultural Solutions, FMC Health and Nutrition, and FMC Lithium.
Finally, Shares of Edison International (NYSE:EIX), ended its last trade with -0.96% loss, and closed at $60.64.
Edison International, stated third quarter 2015 net income on a GAAP basis of $421 million, or $1.29 per share, contrast to $480 million, or $1.47 per share, in the third quarter of 2014. On an adjusted basis, Edison International’s third quarter 2015 core earnings were $377 million, or $1.16 per share, contrast to $496 million, or $1.52 per share, in the third quarter of 2014.
Southern California Edison’s (SCE) third quarter 2015 core earnings reduced by $114 million, or $0.35 per share, from the third quarter 2014 primarily due to an estimated revenue refund of $233 million, or $0.42 per share, based on the projected decision in SCE’s 2015 General Rate Case (GRC) and lower income tax benefits, partially offset by higher Federal Energy Regulatory Commission (FERC)-related revenue from rate base growth. The revenue requirement ultimately adopted by the California Public Utilities Commission (CPUC) will be retroactive to January 1, 2015.
Edison International Parent and Other’s third quarter 2015 core losses raised by $5 million, or $0.01 per share, contrast to third quarter 2014 core losses primarily due to lower income from Edison Capital’s investments in affordable housing projects.
Edison International is the parent holding company of Southern California Edison Company (SCE) and auxiliaries. SCE is a public utility primarily engaged in the business of supplying and delivering electricity to an about 50,000 square mile area of southern California. Edison International is also the parent company of auxiliaries that are engaged in businesses related to the generation or use of electricity.