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Huntsman Release Earnings for First Quarter of 2024

Huntsman Corp. reported revenues of $1,470 million for the first quarter of 2024. Net loss attributable to Huntsman was $37 million, adjusted net loss attributable to Huntsman was $11 million, and adjusted EBITDA for the quarter was $81 million. 

Peter R. Huntsman, chairman, president, and CEO, commented, “As we expected, the first quarter of 2024 improved sequentially versus the fourth quarter due largely to higher sales volumes and improved margins. We expect these trends to continue into a seasonally stronger second quarter. While overall demand for our products, as well as our margins in Polyurethanes remain below historical averages, we remain confident that we will see both elements improve as our key markets recover over the next several quarters. We are focused on controlling our costs to drive higher returns and cash flow to provide flexibility to invest in the company for the long-term and return cash to shareholders.”

Polyurethanes Segment

The company’s Polyurethanes segment reported a decrease in revenues for the three months ended March 31, 2024, compared to the same period of 2023. Huntsman reports that the decrease was primarily due to lower MDI average selling prices and unfavorable mix, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics, according to Huntsman. Sales volumes increased due to modestly improved demand and share gains in certain markets, primarily in the Americas and Europe regions. The decrease in segment adjusted EBITDA was primarily due to lower MDI average selling prices, partially offset by lower raw materials costs, higher sales volumes, higher equity earnings and cost savings from our cost optimization programs.

Performance Products

Huntsman reports that the decrease in revenues in its Performance Products segment for the three months ended March 31, 2024, compared to the same period of 2023 was primarily due to lower average selling prices and unfavorable mix, partially offset by higher sales volumes. Average selling prices decreased primarily due to competitive pressure, particularly in Europe. Sales volumes increased primarily due to improvement in industrial and construction activity as well as increased demand in coatings and adhesives and lubes markets. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices, partially offset by higher sales volumes and lower raw materials costs.

Advanced Materials

The decrease in revenues in Huntsman’s Advanced Materials segment for the three months ended March 31, 2024, compared to the same period of 2023 was primarily due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily in response to lower raw materials costs. The decrease in sales volumes was due to the company’s general industry and commodity markets, partially offset by an increase in its aerospace and electrical infrastructure markets in response to customer demand. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes and foreign currency exchange rate fluctuations, partially offset by improved sales mix.

For more information about Huntsman, visit the company’s website at www.huntsman.com.

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