Huntsman Corporation (NYSE: HUN) disclosed its first-quarter 2024 financial outcomes today, reporting revenues of $1,470 million, with a net loss attributable to Huntsman of $37 million. The adjusted net loss attributable to Huntsman stood at $11 million, accompanied by adjusted EBITDA of $81 million.
Peter R. Huntsman, Chairman, President, and CEO, provided insights into the quarterly performance, stating, “As we expected, the first quarter of 2024 improved sequentially versus the fourth quarter due largely to higher sales volumes and improved margins.” He further expressed confidence in the continuation of these positive trends into the seasonally stronger second quarter. Despite demand for products and margins in the Polyurethanes segment remaining below historical averages, Huntsman reiterated confidence in witnessing improvement as key markets recover over the coming quarters. The company remains focused on cost control to drive higher returns and cash flow, enabling investments in long-term growth and shareholder returns.
Segment Analysis for 1Q24 Compared to 1Q23
Polyurethanes: The segment experienced a decrease in revenues primarily due to lower MDI average selling prices and unfavorable mix, partially offset by higher sales volumes. Despite challenges, sales volumes increased due to improved demand and market share gains in certain regions. The decrease in segment adjusted EBITDA was attributed to lower MDI average selling prices, partially mitigated by lower raw materials costs and other factors.
Performance Products: Revenues declined due to lower average selling prices and unfavorable mix, although sales volumes saw an increase driven by improved industrial and construction activity. The decrease in segment adjusted EBITDA was mainly due to lower average selling prices, partly offset by higher sales volumes and lower raw materials costs.
Advanced Materials: Revenues decreased primarily due to lower average selling prices and sales volumes. The decrease in segment adjusted EBITDA was primarily attributed to lower sales volumes and foreign currency exchange rate fluctuations.
Corporate, LIFO, and Other: Adjusted EBITDA from Corporate and other segments improved, driven by lower corporate costs, although partially offset by other factors.
Liquidity and Capital Resources: The company reported free cash flow from continuing operations and provided insights into capital expenditures and income taxes.
Earnings Conference Call Information: Huntsman announced a conference call to discuss its first-quarter 2024 financial results on Friday, May 3, 2024, at 9:00 a.m. ET. Participants can access the call via webcast or dial-in numbers provided in the announcement.
Upcoming Conferences: Management is expected to present at several conferences during the second quarter of 2024, providing further insights into the company’s strategies and outlook.
