Huntsman Announces Third Quarter 2022 Earnings; Repurchased over $750 million of Shares in First Nine Months of 2022
11/04/2022 - 06:00 AM
Third Quarter Highlights
Third quarter 2022 net income of $115 million compared to net income of $225 million in the prior year period; third quarter 2022 diluted earnings per share of $0.50 compared to diluted earnings per share of $0.94 in the prior year period. Third quarter 2022 adjusted net income of $141 million compared to adjusted net income of $226 million in the prior year period; third quarter 2022 adjusted diluted earnings per share of $0.71 compared to adjusted diluted earnings per share of $1.02 in the prior year period. Third quarter 2022 adjusted EBITDA of $271 million compared to adjusted EBITDA of $349 million in the prior year period. Third quarter 2022 net cash provided by operating activities from continuing operations was $285 million . Free cash flow from continuing operations was $228 million for the third quarter 2022 compared to free cash flow from continuing operations of $106 million in the prior year period. Repurchased approximately 8.9 million shares for approximately $251 million in the third quarter 2022. On August 9, 2022 Huntsman announced it entered into a definitive agreement to sell its Textile Effects division for a total enterprise value of $718 million , which includes the assumption of approximately $125 million in net underfunded liabilities as of December 31, 2021 . The Textile Effects division is now reported as discontinued operations on the income and cash flow statements and held for sale on the balance sheet. Expands cost improvement initiatives to $280 million to address the European energy crisis and the Company's long-term competitiveness in the region.
Three months ended
Nine months ended
September 30,
September 30,
In millions, except per share amounts
2022
2021
2022
2021
Revenues
$ 2,011
$ 2,097
$ 6,373
$ 5,558
Net income
$ 115
$ 225
$ 597
$ 497
Adjusted net income (1)
$ 141
$ 226
$ 628
$ 531
Diluted income per share
$ 0.50
$ 0.94
$ 2.66
$ 2.02
Adjusted diluted income per share(1)
$ 0.71
$ 1.02
$ 3.03
$ 2.39
Adjusted EBITDA(1)
$ 271
$ 349
$ 1,068
$ 919
Net cash provided by operating activities from continuing operations
$ 285
$ 179
$ 595
$ 182
Free cash flow from continuing operations(2)
$ 228
$ 106
$ 409
$ (59)
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas , Nov. 4, 2022 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported third quarter 2022 results with revenues of $2,011 million , net income of $115 million , adjusted net income of $141 million and adjusted EBITDA of $271 million .
Peter R. Huntsman , Chairman, President, and CEO, commented:
"Third quarter adjusted EBITDA was within our updated guidance and we delivered strong free cash flow. During the quarter, we announced an agreement to sell our Textile Effects division for a total enterprise value of $718 million . We also continued repurchasing shares and have now repurchased more than $750 million of Huntsman stock this year as we track towards our previously announced target of $1 billion for the full year. Likewise, our cost reduction plans continue to move apace and have already reached an annual run rate of approximately $160 million of the $240 million we expect to achieve by the end of 2023.
"The global business environment has become increasingly difficult with growth slowing across many of our end markets. Specifically in Europe , the inflationary impact from record high energy prices combined with declining demand is pressuring our European facilities and margins in ways no one anticipated. We believe that stability will eventually return, but a 'new normal' will not include favorable energy prices and competitiveness the EU once enjoyed. To mitigate these market conditions, in the short term, we have significantly reduced our production rates to reflect this new reality of slower European demand and higher costs and, to address the longer term issues in Europe , we are committing to further realign our cost structure above and beyond our previously announced cost optimization programs with additional restructuring in Europe .
"Specifically, we have identified an incremental $40 million of costs as we realign our business services and production facilities around these new market realities. These changes respond to the new market realities, allowing us to compete more effectively, have a stronger financial return, and provide customers better reliability and service. These cost improvement initiatives have already started, and we will continue to review our business structure and manufacturing footprint for additional opportunities. We expect this initial $40 million of business restructuring to be completed by the end of 2023."
Segment Analysis for 3Q22 Compared to 3Q21
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended September 30, 2022 compared to the same period of 2021 was primarily due to lower sales volumes and the negative impact of weaker major international currencies against the U.S. dollar, partially offset by higher MDI average selling prices. Sales volumes decreased primarily due to lower demand, particularly in our European and construction markets. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes, lower MDI margins in Europe and Asia, the negative impact of weaker major international currencies against the U.S. dollar and lower equity earnings from our minority-owned joint venture in China , partially offset by higher MDI margins in the Americas and lower fixed costs.
Performance Products
The increase in revenues in our Performance Products segment for the three months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased primarily due to commercial excellence programs and in response to an increase in raw material costs. Sales volumes decreased primarily due to a shift in business strategy as well as lower demand, particularly in Europe. The increase in segment adjusted EBITDA was primarily due to increased revenues and margins, partially offset by higher costs.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2022 compared to the same period of 2021 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased largely in response to higher raw material, energy and logistics costs as well as improved sales mix. Sales volumes decreased primarily due to deselection of lower margin business. The increase in segment adjusted EBITDA was primarily due to higher sales prices and improved sales mix.
Corporate, LIFO and other
For the three months ended September 30, 2022 , adjusted EBITDA from Corporate and other was a loss of $35 million as compared to a loss of $48 million for the same period of 2021.
Liquidity and Capital Resources
During the three months ended September 30, 2022 , our free cash flow from continuing operations was $228 million as compared to $106 million in the same period of 2021. As of September 30, 2022 , we had approximately $1.9 billion of combined cash and unused borrowing capacity.
During the three months ended September 30, 2022 , we spent $57 million on capital expenditures for continuing operations as compared to $73 million in the same period of 2021. For 2022, we expect to spend approximately $280 million on capital expenditures for continuing operations.
Income Taxes
In the third quarter of 2022, both our effective tax rate and our adjusted effective tax rate was 21% . We expect our 2022 adjusted effective tax rate to be approximately 22% to 24% .
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2022 financial results on Friday, November 4, 2022 at 8:00 a.m. ET .
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=Wb0ErzBk
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 fourth quarter 2022, a member of management is expected to present at: Morgan Stanley Investor Conference on November 9, 2022 Citi Investor Conference on November 29, 2022
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
Nine months ended
September 30,
September 30,
In millions, except per share amounts
2022
2021
2022
2021
Revenues
$ 2,011
$ 2,097
$ 6,373
$ 5,558
Cost of goods sold
1,662
1,660
5,017
4,397
Gross profit
349
437
1,356
1,161
Operating expenses, net
199
208
621
597
Restructuring, impairment and plant closing costs (credits)
12
(1)
36
34
Operating income
138
230
699
530
Interest expense, net
(16)
(15)
(46)
(52)
Equity in income of investment in unconsolidated affiliates
21
34
55
118
Fair value adjustments to Venator investment, net
(7)
(3)
(9)
(28)
Loss on early extinguishment of debt
-
-
-
(27)
Other income, net
10
7
23
21
Income from continuing operations before income taxes
146
253
722
562
Income tax expense
(30)
(34)
(155)
(101)
Income from continuing operations
116
219
567
461
(Loss) income from discontinued operations, net of tax(3)
(1)
6
30
36
Net income
115
225
597
497
Net income attributable to noncontrolling interests, net of tax
(15)
(16)
(46)
(49)
Net income attributable to Huntsman Corporation
$ 100
$ 209
$ 551
$ 448
Adjusted EBITDA(1)
$ 271
$ 349
$ 1,068
$ 919
Adjusted net income (1)
$ 141
$ 226
$ 628
$ 531
Basic income per share
$ 0.51
$ 0.95
$ 2.69
$ 2.03
Diluted income per share
$ 0.50
$ 0.94
$ 2.66
$ 2.02
Adjusted diluted income per share(1)
$ 0.71
$ 1.02
$ 3.03
$ 2.39
Common share information:
Basic weighted average shares
198
219
205
220
Diluted weighted average shares
199
221
207
222
Diluted shares for adjusted diluted income per share
199
221
207
222
See end of press release for footnote explanations.
Table 2 -- Results of Operations by Segment
Three months ended
Nine months ended
September 30,
Better /
September 30,
Better /
In millions
2022
2021
(Worse)
2022
2021
(Worse)
Segment Revenues:
Polyurethanes
$ 1,257
$ 1,403
(10 %)
$ 3,996
$ 3,626
10 %
Performance Products
434
399
9 %
1,406
1,075
31 %
Advanced Materials
328
304
8 %
999
881
13 %
Total Reportable Segments' Revenue
2,019
2,106
(4 %)
6,401
5,582
15 %
Intersegment Eliminations
(8)
(9)
n/m
(28)
(24)
n/m
Total Revenues
$ 2,011
$ 2,097
(4 %)
$ 6,373
$ 5,558
15 %
Segment Adjusted EBITDA(1) :
Polyurethanes
$ 138
$ 246
(44 %)
$ 591
$ 661
(11 %)
Performance Products
110
103
7 %
408
254
61 %
Advanced Materials
58
48
21 %
192
150
28 %
Total Reportable Segments' Adjusted EBITDA(1)
306
397
(23 %)
1,191
1,065
12 %
Corporate, LIFO and other
(35)
(48)
27 %
(123)
(146)
16 %
Total Adjusted EBITDA(1)
$ 271
$ 349
(22 %)
$ 1,068
$ 919
16 %
n/m = not meaningful
See end of press release for footnote explanations.
Table 3 -- Factors Impacting Sales Revenue
Three months ended
September 30, 2022 vs. 2021
Average Selling Price(a)
Local
Exchange
Sales Mix
Sales
Currency
Rate
& Other
Volume(b)
Total
Polyurethanes
12 %
(5 %)
(1 %)
(16 %)
(10 %)
Performance Products
23 %
(4 %)
3 %
(13 %)
9 %
Advanced Materials
16 %
(7 %)
15 %
(16 %)
8 %
Nine months ended
September 30, 2022 vs. 2021
Average Selling Price(a)
Local
Exchange
Sales Mix
Sales
Currency
Rate
& Other
Volume(b)
Total
Polyurethanes
21 %
(4 %)
(1 %)
(6 %)
10 %
Performance Products
34 %
(3 %)
4 %
(4 %)
31 %
Advanced Materials
19 %
(5 %)
16 %
(17 %)
13 %
(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
Diluted Income
EBITDA
Expense
Net Income
Per Share
Three months ended
Three months ended
Three months ended
Three months ended
September 30,
September 30,
September 30,
September 30,
In millions, except per share amounts
2022
2021
2022
2021
2022
2021
2022
2021
Net income
$ 115
$ 225
$ 115
$ 225
$ 0.58
$ 1.02
Net income attributable to noncontrolling interests
(15)
(16)
(15)
(16)
(0.08)
(0.07)
Net income attributable to Huntsman Corporation
100
209
100
209
0.50
0.94
Interest expense from continuing operations
16
15
Income tax expense from continuing operations
30
34
$ (30)
$ (34)
Income tax expense from discontinued operations(3)
7
9
Depreciation and amortization from continuing operations
72
68
Depreciation and amortization from discontinued operations(3)
3
4
Business acquisition and integration expenses and purchase accounting inventory adjustments
1
5
(1)
(2)
-
3
-
0.01
Costs associated with the Albemarle Settlement, net
1
-
(1)
-
-
-
-
-
EBITDA / Income from discontinued operations, net of tax(3)
(9)
(19)
N/A
N/A
1
(6)
0.01
(0.03)
Loss on sale of businesses/assets
16
-
(4)
-
12
-
0.06
-
Income from transition services arrangements
-
(2)
-
-
-
(2)
-
(0.01)
Fair value adjustments to Venator Investment
7
3
-
-
7
3
0.04
0.01
Certain legal and other settlements and related expenses
1
-
(1)
-
-
-
-
-
Certain non-recurring information technology project implementation costs
1
2
-
-
1
2
0.01
0.01
Amortization of pension and postretirement actuarial losses
10
19
(2)
(4)
8
15
0.04
0.07
Restructuring, impairment and plant closing and transition costs
14
-
(3)
-
11
-
0.06
-
Plant incident remediation costs
1
2
-
-
1
2
0.01
0.01
Adjusted(1)
$ 271
$ 349
$ (42)
$ (40)
$ 141
$ 226
$ 0.71
$ 1.02
Adjusted income tax expense (benefit)(1)
$ 42
$ 40
Net income attributable to noncontrolling interests, net of tax
15
16
Adjusted pre-tax income (1)
$ 198
$ 282
Adjusted effective tax rate(4)
21 %
14 %
Effective tax rate
21 %
13 %
Income Tax
Diluted Income
EBITDA
Expense
Net Income
Per Share
Nine months ended
Nine months ended
Nine months ended
Nine months ended
September 30,
September 30,
September 30,
September 30,
In millions, except per share amounts
2022
2021
2022
2021
2022
2021
2022
2021
Net income
$ 597
$ 497
$ 597
$ 497
$ 2.88
$ 2.24
Net income attributable to noncontrolling interests
(46)
(49)
(46)
(49)
(0.22)
(0.22)
Net income attributable to Huntsman Corporation
551
448
551
448
2.66
2.02
Interest expense from continuing operations
46
52
Income tax expense from continuing operations
155
101
$ (155)
$ (101)
Income tax expense from discontinued operations(3)
14
18
Depreciation and amortization from continuing operations
207
205
Depreciation and amortization from discontinued operations(3)
11
14
Business acquisition and integration expenses and purchase accounting inventory adjustments
11
19
(3)
(4)
8
15
0.04
0.07
Costs associated with the Albemarle Settlement, net
3
-
(1)
-
2
-
0.01
-
EBITDA / Income from discontinued operations, net of tax(3)
(55)
(68)
N/A
N/A
(30)
(36)
(0.14)
(0.16)
Loss (gain) on sale of businesses/assets
27
(30)
(6)
4
21
(26)
0.10
(0.12)
Income from transition services arrangements
(2)
(6)
-
1
(2)
(5)
(0.01)
(0.02)
Fair value adjustments to Venator Investment
9
28
-
-
9
28
0.04
0.13
Loss on early extinguishment of debt
-
27
-
(6)
-
21
-
0.09
Certain legal settlements and related expenses
15
10
(4)
(3)
11
7
0.05
0.03
Certain non-recurring information technology project implementation costs
4
6
(1)
(1)
3
5
0.01
0.02
Amortization of pension and postretirement actuarial losses
32
56
(7)
(13)
25
43
0.12
0.19
Restructuring, impairment and plant closing and transition costs
44
36
(11)
(8)
33
28
0.16
0.13
Plant incident remediation (credits) costs
(4)
3
1
-
(3)
3
(0.01)
0.01
Adjusted(1)
$ 1,068
$ 919
$ (187)
$ (131)
$ 628
$ 531
$ 3.03
$ 2.39
Adjusted income tax expense(1)
$ 187
$ 131
Net income attributable to noncontrolling interests, net of tax
46
49
Adjusted pre-tax income(1)
$ 861
$ 711
Adjusted effective tax rate(4)
22 %
18 %
Effective tax rate
21 %
18 %
N/A = not applicable
See end of press release for footnote explanations.
Table 5 -- Selected Balance Sheet Items
September 30,
December 31,
In millions
2022
2021
Cash
$ 515
$ 1,041
Accounts and notes receivable, net
1,004
1,015
Inventories
1,079
1,038
Receivable associated with the Albemarle Settlement
-
333
Other current assets
115
155
Current assets held for sale
483
346
Property, plant and equipment, net
2,288
2,443
Other noncurrent assets
2,648
2,839
Noncurrent assets held for sale
-
182
Total assets
$ 8,132
$ 9,392
Accounts payable
$ 898
$ 1,114
Other current liabilities
443
762
Current portion of debt
12
12
Current liabilities held for sale
242
163
Long-term debt
1,476
1,538
Other noncurrent liabilities
1,077
1,093
Noncurrent liabilities held for sale
-
151
Huntsman Corporation stockholders' equity
3,774
4,378
Noncontrolling interests in subsidiaries
210
181
Total liabilities and equity
$ 8,132
$ 9,392
Table 6 -- Outstanding Debt
September 30,
December 31,
In millions
2022
2021
Debt:
Revolving credit facility
$ -
$ -
Accounts receivable programs
-
-
Senior notes
1,423
1,473
Variable interest entities
38
45
Other debt
27
32
Total debt - excluding affiliates
1,488
1,550
Total cash
515
1,041
Net debt - excluding affiliates(5)
$ 973
$ 509
See end of press release for footnote explanations.
Table 7 -- Summarized Statement of Cash Flows
Three months ended
Nine months ended
September 30,
September 30,
In millions
2022
2021
2022
2021
Total cash at beginning of period
$ 608
$ 510
$ 1,041
$ 1,593
Net cash provided by operating activities from continuing operations
285
179
595
182
Net cash provided by (used in) operating activities from discontinued operations(3)
3
7
9
(20)
Net cash used in investing activities from continuing operations
(56)
(67)
(176)
(430)
Net cash used in investing activities from discontinued operations(3)
(3)
(3)
(12)
(9)
Net cash used in financing activities
(296)
(118)
(905)
(809)
Effect of exchange rate changes on cash
(26)
(3)
(37)
(2)
Total cash at end of period
$ 515
$ 505
$ 515
$ 505
Free cash flow from continuing operations(2) :
Net cash provided by operating activities from continuing operations
$ 285
$ 179
$ 595
$ 182
Capital expenditures from continuing operations
(57)
(73)
(186)
(241)
Free cash flow from continuing operations
$ 228
$ 106
$ 409
$ (59)
Supplemental cash flow information:
Cash paid for interest
$ (8)
$ (10)
$ (41)
$ (57)
Cash paid for income taxes
(17)
(7)
(171)
(83)
Cash paid for restructuring and integration
(18)
(11)
(44)
(28)
Cash paid for pensions
(12)
(17)
(38)
(45)
Depreciation and amortization from continuing operations
72
68
207
205
Change in primary working capital:
Accounts and notes receivable
$ 69
$ (143)
$ (60)
$ (335)
Inventories
72
(13)
(128)
(270)
Accounts payable
(80)
(1)
(113)
134
Total change in primary working capital
$ 61
$ (157)
$ (301)
$ (471)
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 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, net of tax; (b) interest; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses (gains); (f) restructuring, impairment and plant closing costs (credits); 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 interest; (b) amortization of pension and postretirement actuarial losses (gains); (c) restructuring, impairment and plant closing costs (credits); 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 third quarter 2022, we entered into an agreement to sell our Textile Effects business, which is now reported as discontinued operations on the income and cash flow statements and held for sale on the balance sheet.
(4)
We believe 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 4for 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 2021 revenues of approximately $8 billion . 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 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com .
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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, including the review of the Textile Effects Division, 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, ongoing impact of COVID-19 on our operations and financial results, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, timing of proposed transactions including the sale of our Textile Effects business, 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, 2021 , 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