Huntsman Announces Fourth Quarter 2023 Earnings

Rhea-AI Summary

Huntsman Corporation reports fourth quarter 2023 results with a net loss of $71 million, adjusted net loss of $36 million, and adjusted EBITDA of $44 million. The company repurchased shares, increased the quarterly dividend by 5%, and experienced a decline in revenues compared to the prior year. CEO Peter R. Huntsman remains cautiously optimistic about future demand.

Financial Analyst

The reported fourth quarter results for Huntsman Corporation indicate a contraction in both top-line revenue and bottom-line net income. Specifically, a year-over-year decrease in quarterly revenue from $1,650 million in 2022 to $1,403 million in 2023 is a notable contraction that warrants analysis. The reduction in net income, from a loss of $91 million in 2022 to a loss of $71 million in 2023, suggests some cost control, yet the company is still operating at a loss.

Adjusted EBITDA is a critical metric for assessing a company's operational performance and the decline from $87 million to $44 million year-over-year is concerning. This could potentially signal operational inefficiencies or a challenging market environment. Additionally, the decline in free cash flow from $211 million to $83 million suggests less financial flexibility for Huntsman Corporation. However, the company's decision to increase its quarterly dividend by 5% and repurchase shares could be seen as a management signal of confidence in the company's future cash flows.

Market Research Analyst

The chemicals industry, where Huntsman Corporation operates, is cyclical and highly sensitive to global economic conditions. The reported moderate improvement in early 2024 might not yet be reflected in the financials but suggests that the company may be starting to experience a recovery. It is important to note that the lack of a clear inflection point in demand could be indicative of broader market uncertainty. This may affect investor sentiment and could lead to volatility in the stock price.

Investors should monitor industry trends, including raw material costs and end-market demand, which could impact Huntsman's performance. The share repurchase indicates that the company believes its stock is undervalued, which could be an encouraging sign for investors. However, this must be weighed against the overall financial health of the company.

Economist

From an economic perspective, the performance of Huntsman Corporation must be contextualized within the broader macroeconomic environment. The decline in revenues and adjusted EBITDA could be reflective of a slowdown in industrial demand, which is often correlated with economic cycles. The decrease in net cash provided by operating activities, from $297 million to $166 million, could be interpreted as a potential indicator of decreased operational efficiency or a tightening cash conversion cycle.

Investors should consider the potential impact of inflation, interest rates and global trade tensions on Huntsman's operations. These factors could affect input costs, pricing power and international sales. The company's ability to navigate these economic headwinds will be crucial for its long-term financial stability and growth prospects.

Fourth Quarter Highlights

• Fourth quarter 2023 net loss attributable to Huntsman of $71 million compared to a net loss of $91 million in the prior year period; fourth quarter 2023 diluted loss per share of $0.41 compared to a diluted loss per share $0.48 in the prior year period.
• Fourth quarter 2023 adjusted net loss attributable to Huntsman of $36 million compared to adjusted net income of $8 million in the prior year period; fourth quarter 2023 adjusted diluted loss per share of $0.21 compared to adjusted diluted income per share of $0.04 in the prior year period.  
• Fourth quarter 2023 adjusted EBITDA of $44 million compared to $87 million in the prior year period.
• Fourth quarter 2023 net cash provided by operating activities from continuing operations was $166 million.  Free cash flow from continuing operations was $83 million for the fourth quarter 2023 compared to $211 million in the prior year period.
• Repurchased approximately 2.1 million shares for approximately $50 million in the fourth quarter 2023.
• The Board of Directors approved a 5% increase to the quarterly dividend.

		Three months ended				Twelve months ended
		December 31,				December 31,
In millions, except per share amounts		2023		2022		2023		2022
Revenues		$     1,403		$     1,650		$     6,111		$     8,023
Net (loss) income attributable to Huntsman Corporation		$        (71)		$        (91)		$       101		$       460
Adjusted net (loss) income (1)		$        (36)		$           8		$         67		$       636
Diluted (loss) income per share		$     (0.41)		$     (0.48)		$      0.57		$      2.27
Adjusted diluted (loss) income per share(1)		$     (0.21)		$      0.04		$      0.37		$      3.13
Adjusted EBITDA(1)		$         44		$         87		$       472		$     1,155
Net cash provided by operating activities from continuing operations		$       166		$       297		$       251		$       892
Free cash flow from continuing operations(2)		$         83		$       211		$         21		$       620
See end of press release for footnote explanations and reconciliations of non-GAAP measures.

 

THE WOODLANDS, Texas, Feb. 21, 2024 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2023 results with revenues of $1,403 million, net loss attributable to Huntsman of $71 million, adjusted net loss attributable to Huntsman of $36 million and adjusted EBITDA of $44 million. 

Peter R. Huntsman, Chairman, President, and CEO, commented:

"In early 2024 we have seen a moderate improvement from the lows experienced in the fourth quarter 2023, and while we are yet to see a clear inflexion point in demand, we remain positive about the future. We are well positioned to benefit significantly from volume leverage once our end markets improve and as we continue to control our cost base. While the exact timing of a recovery remains uncertain, we are confident that construction spending and industrial activity in our core markets will return to past cycle averages and the world will continue to value energy efficiency and light weighting which impacts two-thirds of our total sales.

"The portfolio changes we have made over the past several years have placed Huntsman in a position to withstand one of the toughest demand environments we have seen in well over a decade. The financial strength of our Company remains our priority as we consider both internal and external investments as well as returning cash to shareholders through our dividend and buybacks." 

Segment Analysis for 4Q23 Compared to 4Q22

Polyurethanes

The decrease in revenues in our Polyurethanes segment for the three months ended December 31, 2023 compared to the same period of 2022 was primarily due to lower MDI average selling prices and lower sales volumes combined with an adverse sales mix. MDI average selling prices decreased due to less favorable supply and demand dynamics. Sales volumes decreased primarily due to an unplanned outage impact in our Rotterdam facility. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins.

Performance Products

The decrease in revenues in our Performance Products segment for the three months ended December 31, 2023 compared to the same period of 2022 was primarily due to lower average selling prices. Sales volumes decreased slightly primarily due to slow construction activity and weak demand in fuel and lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to lower margins.

Advanced Materials

The decrease in revenues in our Advanced Materials segment for the three months ended December 31, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to reduced customer demand in our industrial and commodity markets. Selling prices decreased in response to lower raw material costs. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.

Corporate, LIFO and other

For the three months ended December 31, 2023, adjusted EBITDA from Corporate and other was a loss of $35 million as compared to a loss of $52 million for the same period of 2022 due to a decrease in corporate overhead and minority interest expense.

Liquidity and Capital Resources

During the three months ended December 31, 2023, our free cash flow from continuing operations was $83 million as compared to $211 million in the same period of 2022. As of December 31, 2023, we had approximately $1.7 billion of combined cash and unused borrowing capacity.

During the three months ended December 31, 2023, we spent $83 million on capital expenditures from continuing operations as compared to $86 million in the same period of 2022.  During 2024, we expect to spend approximately $200 million on capital expenditures.

Income Taxes

In 2023, our effective tax rate was 65% and our adjusted effective tax rate was 34%. We expect our 2024 adjusted effective tax rate to be approximately 34% to 37%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%.

Earnings Conference Call Information

We will hold a conference call to discuss our fourth quarter 2023 financial results on Thursday, February 22, 2024, at 10:00 a.m. ET.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=4YckWj4j

Participant dial-in numbers:
Domestic callers:	(877) 402-8037
International callers:	(201) 378-4913

The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors.  Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.

Upcoming Conferences

During the first quarter 2024, a member of management is expected to present at:
Alembic Materials and Industrials Conference on February 29, 2024

A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.

 

Table 1 -- Results of Operations
		Three months ended				Twelve months ended
		December 31,				December 31,
In millions, except per share amounts		2023		2022		2023		2022
Revenues		$     1,403		$     1,650		$     6,111		$     8,023
Cost of goods sold		1,251		1,460		5,205		6,477
Gross profit		152		190		906		1,546
Operating expenses, net		195		167		804		788
Restructuring, impairment and plant closing costs		11		50		18		86
Operating (loss) income		(54)		(27)		84		672
Interest expense, net		(17)		(16)		(65)		(62)
Equity in income of investment in unconsolidated affiliates		13		12		83		67
Other (expense) income, net		(1)		6		(3)		20
(Loss) income from continuing operations before income taxes		(59)		(25)		99		697
Income tax benefit (expense)		2		(31)		(64)		(186)
(Loss) income from continuing operations		(57)		(56)		35		511
(Loss) income from discontinued operations, net of tax(3)		(2)		(18)		118		12
Net (loss) income		(59)		(74)		153		523
Net income attributable to noncontrolling interests		(12)		(17)		(52)		(63)
Net (loss) income attributable to Huntsman Corporation		$        (71)		$        (91)		$       101		$       460
Adjusted EBITDA(1)		$         44		$         87		$       472		$     1,155
Adjusted net (loss) income (1)		$        (36)		$           8		$         67		$       636
Basic (loss) income per share		$     (0.41)		$     (0.48)		$      0.57		$      2.29
Diluted (loss) income per share		$     (0.41)		$     (0.48)		$      0.57		$      2.27
Adjusted diluted (loss) income per share(1)		$     (0.21)		$      0.04		$      0.37		$      3.13
Common share information:
Basic weighted average shares		172		189		177		201
Diluted weighted average shares		172		189		177		203
Diluted shares for adjusted diluted (loss) income per share		172		190		179		203
See end of press release for footnote explanations.

 

Table 2 -- Results of Operations by Segment
		Three months ended						Twelve months ended
		December 31,				Better /		December 31,				Better /
In millions		2023		2022		(Worse)		2023		2022		(Worse)
Segment Revenues:
Polyurethanes		$       895		$     1,071		(16 %)		$     3,865		$     5,067		(24 %)
Performance Products		260		307		(15 %)		1,178		1,713		(31 %)
Advanced Materials		251		278		(10 %)		1,092		1,277		(14 %)
Total Reportable Segments' Revenues		1,406		1,656		(15 %)		6,135		8,057		(24 %)
Intersegment Eliminations		(3)		(6)		n/m		(24)		(34)		n/m
Total Revenues		$     1,403		$     1,650		(15 %)		$     6,111		$     8,023		(24 %)
Segment Adjusted EBITDA(1):
Polyurethanes		$         13		$         37		(65 %)		$       248		$       628		(61 %)
Performance Products		28		61		(54 %)		201		469		(57 %)
Advanced Materials		38		41		(7 %)		186		233		(20 %)
Total Reportable Segments' Adjusted EBITDA(1)		79		139		(43 %)		635		1,330		(52 %)
Corporate, LIFO and other		(35)		(52)		33 %		(163)		(175)		7 %
Total Adjusted EBITDA(1)		$         44		$         87		(49 %)		$       472		$     1,155		(59 %)
n/m = not meaningful

 

Table 3 -- Factors Impacting Sales Revenue
		Three months ended
		December 31, 2023 vs. 2022
		Average Selling Price(a)
		Local		Exchange		Sales		Sales Mix
		Currency		Rate		Volume(b)		& Other		Total
Polyurethanes		(15 %)		1 %		(1 %)		(1 %)		(16 %)
Performance Products		(17 %)		1 %		(1 %)		2 %		(15 %)
Advanced Materials		(4 %)		2 %		(5 %)		(3 %)		(10 %)
		Twelve months ended
		December 31, 2023 vs. 2022
		Average Selling Price(a)
		Local		Exchange		Sales		Sales Mix
		Currency		Rate		Volume(b)		& Other		Total
Polyurethanes		(10 %)		(1 %)		(10 %)		(3 %)		(24 %)
Performance Products		(8 %)		0 %		(24 %)		1 %		(31 %)
Advanced Materials		1 %		0 %		(18 %)		3 %		(14 %)
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.

 

Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
						Income Tax				Net				Diluted (Loss) Income
		EBITDA				Benefit				(Loss) Income				Per Share
		Three months ended				Three months ended				Three months ended				Three months ended
		December 31,				December 31,				December 31,				December 31,
In millions, except per share amounts		2023		2022		2023		2022		2023		2022		2023		2022
Net Loss		$         (59)		$         (74)						$         (59)		$         (74)		$      (0.34)		$      (0.39)
Net income attributable to noncontrolling interests		(12)		(17)						(12)		(17)		(0.07)		(0.09)
Net loss attributable to Huntsman Corporation		(71)		(91)						(71)		(91)		(0.41)		(0.48)
Interest expense, net from continuing operations		17		16
Income tax (benefit) expense from continuing operations		(2)		31		$           2		$         (31)
Income tax expense from discontinued operations(3)		3		5
Depreciation and amortization from continuing operations		70		74
Depreciation and amortization from discontinued operations(3)		-		1
Business acquisition and integration expenses and purchase accounting inventory adjustments		1		1		(1)		1		-		2		-		0.01
EBITDA / (Income) loss from discontinued operations(3)		(1)		12		N/A		N/A		2		18		0.01		0.10
Establishment of significant deferred tax asset valuation allowance		-		-		14		49		14		49		0.08		0.26
Loss (gain) on sale of business/assets		1		(27)		-		6		1		(21)		0.01		(0.11)
Fair value adjustments to Venator investment, net		-		3		-		-		-		3		-		0.02
Certain legal and other settlements and related expenses (income)		2		(8)		(1)		2		1		(6)		0.01		(0.03)
Certain non-recurring information technology project implementation costs		-		1		(1)		-		(1)		1		(0.01)		0.01
Amortization of pension and postretirement actuarial losses		12		17		(4)		(4)		8		13		0.05		0.07
Restructuring, impairment and plant closing and transition costs		12		52		(2)		(12)		10		40		0.06		0.21
Adjusted(1)		$          44		$          87		$           7		$          11		(36)		8		$      (0.21)		$       0.04
Adjusted income tax benefit(1)										(7)		(11)
Net income attributable to noncontrolling interests										12		17
Adjusted pre-tax (loss) income (1)										$         (31)		$          14
Adjusted effective tax rate(4)										23 %		n/m
Effective tax rate										3 %		n/m
						Income Tax								Diluted Income
		EBITDA				Expense				Net Income				Per Share
		Twelve months ended				Twelve months ended				Twelve months ended				Twelve months ended
		December 31,				December 31,				December 31,				December 31,
In millions, except per share amounts		2023		2022		2023		2022		2023		2022		2023		2022
Net income		$        153		$        523						$        153		$        523		$       0.86		$       2.58
Net income attributable to noncontrolling interests		(52)		(63)						(52)		(63)		(0.29)		(0.31)
Net income attributable to Huntsman Corporation		101		460						101		460		0.57		2.27
Interest expense, net from continuing operations		65		62
Income tax expense from continuing operations		64		186		$         (64)		$       (186)
Income tax expense from discontinued operations(3)		17		19
Depreciation and amortization from continuing operations		278		281
Depreciation and amortization from discontinued operations(3)		-		12
Business acquisition and integration expenses and purchase accounting inventory adjustments		4		12		(1)		(2)		3		10		0.02		0.05
Costs associated with the Albemarle Settlement, net		-		3		-		(1)		-		2		-		0.01
EBITDA / Income from discontinued operations(3)		(135)		(43)		N/A		N/A		(118)		(12)		(0.66)		(0.06)
Establishment of significant deferred tax asset valuation allowance		-		-		14		49		14		49		0.08		0.24
Income from transition services arrangements		-		(2)		-		-		-		(2)		-		(0.01)
Fair value adjustments to Venator investment, net		5		12		-		-		5		12		0.03		0.06
Certain legal and other settlements and related expenses		6		7		(1)		(2)		5		5		0.03		0.02
Certain non-recurring information technology project implementation costs		5		5		(1)		(1)		4		4		0.02		0.02
Amortization of pension and postretirement actuarial losses		37		49		(6)		(11)		31		38		0.17		0.19
Restructuring, impairment and plant closing and transition costs		25		96		(3)		(23)		22		73		0.12		0.36
Plant incident remediation credits		-		(4)		-		1		-		(3)		-		(0.01)
Adjusted(1)		$        472		$     1,155		$         (62)		$       (176)		67		636		$       0.37		$       3.13
Adjusted income tax expense(1)										62		176
Net income attributable to noncontrolling interests										52		63
Adjusted pre-tax income(1)										$        181		$        875
Adjusted effective tax rate(4)										34 %		20 %
Effective tax rate										65 %		27 %
n/m = not meaningful
See end of press release for footnote explanations.

 

Table 5 -- Balance Sheets
		December 31,		December 31,
In millions		2023		2022
Cash		$              540		$              654
Accounts and notes receivable, net		753		834
Inventories		867		995
Other current assets		154		190
Current assets held for sale(3)		-		472
Property, plant and equipment, net		2,376		2,377
Other noncurrent assets		2,558		2,698
Total assets		$            7,248		$            8,220
Accounts payable		$              719		$              961
Other current liabilities		441		480
Current portion of debt		12		66
Current liabilities held for sale(3)		-		194
Long-term debt		1,676		1,671
Other noncurrent liabilities		922		1,008
Huntsman Corporation stockholders' equity		3,251		3,624
Noncontrolling interests in subsidiaries		227		216
Total liabilities and equity		$            7,248		$            8,220

 

Table 6 -- Outstanding Debt
			December 31,		December 31,
In millions			2023		2022
Debt:
Revolving credit facility			$                 -		$                55
Accounts receivable programs			169		166
Senior notes			1,471		1,455
Variable interest entities			26		35
Other debt			22		26
Total debt - excluding affiliates			1,688		1,737
Total cash			540		654
Net debt - excluding affiliates(5)			$            1,148		$            1,083
See end of press release for footnote explanations.

 

Table 7 -- Summarized Statement of Cash Flows
		Three months ended				Twelve months ended
		December 31,				December 31,
In millions		2023		2022		2023		2022
Total cash at beginning of period		$           496		$           515		$           654		$         1,041
Net cash provided by operating activities from continuing operations		166		297		251		892
Net cash (used in) provided by operating activities from discontinued operations(3)		(2)		13		(42)		22
Net cash (used in) provided by investing activities from continuing operations		(86)		(84)		309		(260)
Net cash used in investing activities from discontinued operations(3)		-		(7)		(4)		(19)
Net cash used in financing activities		(39)		(89)		(620)		(994)
Effect of exchange rate changes on cash		5		9		(8)		(28)
Total cash at end of period		$           540		$           654		$           540		$           654
Free cash flow from continuing operations(2):
Net cash provided by operating activities from continuing operations		$           166		$           297		$           251		$           892
Capital expenditures		(83)		(86)		(230)		(272)
Free cash flow from continuing operations(2)		$             83		$           211		$             21		$           620
Supplemental cash flow information:
Cash paid for interest		$            (25)		$            (25)		$            (68)		$            (66)
Cash paid for income taxes		(15)		(23)		(97)		(194)
Cash paid for restructuring and integration		(8)		(13)		(59)		(56)
Cash paid for pensions		(9)		(13)		(50)		(48)
Depreciation and amortization from continuing operations		70		74		278		281
Change in primary working capital:
Accounts and notes receivable		$             86		$           206		$           103		$           146
Inventories		92		122		125		(6)
Accounts payable		(15)		29		(224)		(84)
Total change in primary working capital		$           163		$           357		$               4		$             56
See end of press release for footnote explanations.

 

Footnotes
(1)	We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments.  We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business.  We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss).  Additional information with respect to our use of each of these financial measures follows:
	Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.
	Adjusted EBITDA is computed by eliminating the following from net income (loss):  (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.
	Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above.  The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.
	We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.
(2)	Management internally uses free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
(3)	During the first quarter 2023, we completed the divestiture of our Textile Effects business, which is reported as discontinued operations on the income and cash flow statements and held for sale on the December 31, 2022 balance sheet.
(4)	We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.
	Our forward-looking adjusted effective tax rate is calculated based on our forecast effective tax rate, and the range of our forward-looking adjusted effective tax rate equals the range of our forecast effective tax rate. We disclose forward-looking adjusted effective tax rate because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted effective tax rate represents the forecast effective tax rate on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our effective tax rate to differ.
(5)	Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.

About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2023 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 60 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com. 

Social Media:
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Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman

Forward-Looking Statements: 
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, increased energy costs in Europe, inflation and resulting monetary tightening in the US, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

 

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SOURCE Huntsman Corporation

What was Huntsman Corporation's net loss in the fourth quarter of 2023?

Huntsman Corporation reported a net loss of $71 million in the fourth quarter of 2023.

How much did Huntsman Corporation repurchase in shares in the fourth quarter of 2023?

Huntsman Corporation repurchased approximately 2.1 million shares for approximately $50 million in the fourth quarter of 2023.

What was the percentage change in adjusted net income for Huntsman Corporation in the fourth quarter of 2023 compared to the prior year period?

Huntsman Corporation's adjusted net income declined from $8 million in the prior year period to a loss of $36 million in the fourth quarter of 2023.

How much was the adjusted EBITDA for Huntsman Corporation in the fourth quarter of 2023?

Huntsman Corporation reported an adjusted EBITDA of $44 million in the fourth quarter of 2023.

What was the change in revenues for Huntsman Corporation in the fourth quarter of 2023 compared to the prior year?

Huntsman Corporation's revenues decreased from $1,650 million in the prior year to $1,403 million in the fourth quarter of 2023.