Huntsman Announces Fourth Quarter and Full Year 2021 Earnings; Fourth Quarter Buybacks of over $100 million and Dividend Increased 13%

Rhea-AI Summary

Huntsman Corporation reported strong fourth quarter 2021 results, achieving $2,307 million in revenues and net income of $607 million, a significant increase from $360 million in Q4 2020. Adjusted diluted EPS rose to $0.95 from $0.51. The company experienced a 45% increase in adjusted EBITDA, reaching $349 million. Free cash flow for the quarter was $698 million, supported by a $332.5 million arbitration settlement. A 13% dividend increase was also announced, reflecting a commitment to shareholder returns. Huntsman anticipates further growth in 2022.

Positive

• Fourth quarter net income of $607 million, a 69% increase year-over-year.
• Adjusted diluted EPS increased to $0.95 from $0.51 year-over-year.
• Free cash flow reached $698 million, significantly higher than $88 million in Q4 2020.
• Announced a 13% increase in quarterly dividend.
• Expected growth in earnings and adjusted EBITDA margins for 2022.

Negative

• Despite substantial growth, the effective tax rate increased to 14%, potentially affecting net income margins.
• Operating expenses increased, impacting overall profitability.

THE WOODLANDS, Texas, Feb. 15, 2022 /PRNewswire/ --

Fourth Quarter Highlights

• Fourth quarter 2021 net income of $607 million compared to net income of $360 million in the prior year period; fourth quarter 2021 diluted earnings per share of $2.73 compared to diluted earnings per share of $1.54 in the prior year period.
• Fourth quarter 2021 adjusted net income of $207 million compared to adjusted net income of $113 million in the prior year period; fourth quarter 2021 adjusted diluted earnings per share of $0.95 compared to adjusted diluted earnings per share of $0.51 in the prior year period.
• Fourth quarter 2021 adjusted EBITDA of $349 million compared to adjusted EBITDA of $240 million in the prior year period.
• Fourth quarter 2021 net cash provided by operating activities from continuing operations was $790 million. Free cash flow from continuing operations was $698 million for the fourth quarter 2021, which includes a $332.5 million cash benefit from the Albemarle settlement.
• Repurchased approximately 3.1 million shares for approximately $101 million in the fourth quarter 2021.
• On February 14, 2022, the Board approved a 13% increase to the quarterly dividend.
• In December 2021, we initiated a strategic review of our Textile Effects segment, including a possible sale of the segment.
• Received first payment from Albemarle arbitration award of approximately $332.5 million on December 2, 2021. The final payment of $332.5 million will be received by early May 2022. In total, the Company is expected to receive pre-tax proceeds of approximately $465 million after legal fees.

 

		Three months ended				Twelve months ended
		December 31,				December 31,
In millions, except per share amounts		2021		2020		2021		2020
Revenues		$     2,307		$     1,668		$     8,453		$     6,018
Net income		$        607		$        360		$     1,104		$     1,066
Adjusted net income (1)		$        207		$        113		$        784		$        218
Diluted income per share		$       2.73		$       1.54		$       4.72		$       4.66
Adjusted diluted income per share(1)		$       0.95		$       0.51		$       3.54		$       0.98
Adjusted EBITDA(1)		$        349		$        240		$     1,343		$        647
Net cash provided by operating activities from continuing operations		$        790		$        167		$        953		$        277
Free cash flow from continuing operations(2)		$        698		$          88		$        611		$          28
See end of press release for footnote explanations and reconciliations of non-GAAP measures.

Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2021 results with revenues of $2,307 million, net income of $607 million, adjusted net income of $207 million and adjusted EBITDA of $349 million. 

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

"We concluded 2021 with the best year in our history with our current portfolio of businesses. The transformation of our portfolio has enabled our company to generate not only our highest ever adjusted EBITDA margins but consistent profit margins quarter on quarter throughout 2021, a hallmark of a more differentiated chemical business. We remain committed to a balanced capital deployment as we repurchased over $200 million of our own shares in the second half of the year and we have just announced a 13% increase to our quarterly dividend. While we view 2021 as a highly successful year for Huntsman, we see this is as just the beginning and we expect to build upon this momentum.

In 2022, as we outlined at our Investor Day, we expect to grow earnings further, expand adjusted EBITDA margins and deliver improved free cash flow and cost optimization. This year in the second quarter we will complete our Geismar Louisiana, MDI splitter project which will expand our differentiated Polyurethanes business in the Americas, and we will continue to progress our previously announced investments targeting electric vehicle batteries, semi-conductors, and polyurethane catalysts.

Following our portfolio transformation, we are now a focused, differentiated chemical company with a strong balance sheet providing financial flexibility to grow the company through organic investments and select bolt-on M&A while ensuring that we can provide strong returns of capital to our shareholders.

We continue to seek opportunities for optimization as evidenced by our recent announcement on Textile Effects. In addition, to align our leadership team to the goals we set out at our Investor Day in November, we have implemented a multi-year compensation program for the top 80 senior leaders in our company, that focuses on the delivery of improving EBITDA margin, free cash flow and cost optimization.

Our Board of Directors is fully aligned to our strategic intent and brings the relevant skills and experiences to help us achieve our targets. We expect 2022 to be another strong year for Huntsman and I look forward to updating you as the year progresses."

Segment Analysis for 4Q21 Compared to 4Q20

Polyurethanes

The increase in revenues in our Polyurethanes segment for the three months ended December 31, 2021 compared to the same period in 2020 was primarily due to higher MDI average selling prices and higher sales volumes. MDI average selling prices increased in all regions. Sales volumes increased primarily due to growth in the Americas region and across multiple markets. The increase in segment adjusted EBITDA was primarily due to higher MDI volumes and higher equity earnings.

Performance Products

The increase in revenues in our Performance Products segment for three months ended December 31, 2021, compared to the same period in 2020 was primarily due to higher average selling prices and higher sales volumes.  Average selling prices increased primarily due to stronger demand and in response to increased raw material costs. Sales volumes increased largely due to stronger demand. The increase in segment adjusted EBITDA was primarily due to increased revenue and margins, partially offset by increased fixed costs.

Advanced Materials

The increase in revenues in our Advanced Materials segment for the three months ended December 31, 2021 compared to the same period in 2020 was primarily due to higher average selling prices, higher sales volumes and the favorable net impact of the Gabriel acquisition and India-based DIY divestiture.  Excluding the Gabriel acquisition and India-based DIY divestiture, sales volumes increased across all markets, primarily in relation to the ongoing recovery from the global economic slowdown. Average selling prices increased largely in response to higher raw material costs and due to the impact of a weaker U.S. dollar against major international currencies. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefits, including synergies, from our recent acquisitions, partially offset by higher fixed costs.

Textile Effects

The increase in revenues in our Textile Effects segment for the three months ended December 31, 2021 compared to the same period in 2020 was due to higher average selling prices, partially offset by lower sales volumes.  Average selling prices increased in response to increases in raw material and logistics costs.  Sales volumes decreased mainly due to a deselection of lower margin products and markets.  Segment adjusted EBITDA increased primarily due to higher sales revenue, offset by higher direct and fixed costs.

Corporate, LIFO and other

For the three months ended December 31, 2021, adjusted EBITDA from Corporate and other decreased by $3 million to a loss of $50 million from a loss of $47 million for the same period of 2020.

Liquidity and Capital Resources

During the three months ended December 31, 2021, our free cash flow from continuing operations was $698 million as compared to $88 million in the prior year period.  During the three months ended December 31, 2021, our cash flows benefitted from $332.5 million received from our Albemarle arbitration award.  As of December 31, 2021, we had approximately $2.5 billion of combined cash and unused borrowing capacity.

During the three months ended December 31, 2021, we spent $92 million on capital expenditures as compared to $79 million in the same period of 2020.  For the year ended December 31, 2021, we spent $342 million on capital expenditures.  For 2022, we expect to spend approximately $300 million on capital expenditures.

Income Taxes

In the fourth quarter 2021, our effective tax rate was 14% and our adjusted effective tax rate was 19%.  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 fourth quarter 2021 financial results on Tuesday, February 15, 2022 at 10:00 a.m. ET.

Webcast link: https://themediaframe.com/mediaframe/webcast.html?webcastid=yuDF4WHL

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 2022, a member of management is expected to present at:
Alembic Global Advisors Deer Valley Chemical Conference on March 3-4, 2022
RBC Capital Markets Chemicals & Packaging Virtual Conference on March 8, 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				Twelve months ended
		December 31,				December 31,
In millions, except per share amounts		2021		2020		2021		2020
Revenues		$     2,307		$     1,668		$     8,453		$     6,018
Cost of goods sold		1,838		1,306		6,678		4,918
Gross profit		469		362		1,775		1,100
Operating expenses (credits)		248		(42)		940		618
Restructuring, impairment and plant closing costs		6		15		40		49
Operating income		215		389		795		433
Interest expense, net		(15)		(23)		(67)		(86)
Equity in income of investment in unconsolidated affiliates		25		17		143		42
Fair value adjustments to Venator investment and related loss on disposal		-		12		(28)		(88)
Loss on early extinguishment of debt		-		-		(27)		-
Income associated with the Albemarle Settlement, net		465		-		465		-
Other income, net		9		9		32		36
Income from continuing operations before income taxes		699		404		1,313		337
Income tax expense		(95)		(37)		(209)		(46)
Income from continuing operations		604		367		1,104		291
Income (loss) from discontinued operations, net of tax(3)		3		(7)		-		775
Net income		607		360		1,104		1,066
Net income attributable to noncontrolling interests, net of tax		(10)		(17)		(59)		(32)
Net income attributable to Huntsman Corporation		$        597		$        343		$     1,045		$     1,034
Adjusted EBITDA(1)		$        349		$        240		$     1,343		$        647
Adjusted net income (1)		$        207		$        113		$        784		$        218
Basic income per share		$       2.76		$       1.56		$       4.77		$       4.69
Diluted income per share		$       2.73		$       1.54		$       4.72		$       4.66
Adjusted diluted income per share(1)		$       0.95		$       0.51		$       3.54		$       0.98
Common share information:
Basic weighted average shares		216		220		219		221
Diluted weighted average shares		219		222		221		222
Diluted shares for adjusted diluted income per share		219		222		221		222
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		2021		2020		(Worse)		2021		2020		(Worse)
Segment Revenues:
Polyurethanes		$     1,393		$     1,030		35%		$     5,019		$3,584		40%
Performance Products		410		265		55%		1,485		1,023		45%
Advanced Materials		317		207		53%		1,198		839		43%
Textile Effects		195		173		13%		783		597		31%
Total Reportable Segments' Revenue		2,315		1,675		38%		8,485		6,043		40%
Intersegment Eliminations		(8)		(7)		n/m		(32)		(25)		n/m
Total Revenues		$     2,307		$     1,668		38%		$     8,453		$6,018		40%
Segment Adjusted EBITDA(1):
Polyurethanes		$        218		$        201		8%		$        879		$   472		86%
Performance Products		105		41		156%		359		164		119%
Advanced Materials		54		27		100%		204		130		57%
Textile Effects		22		18		22%		97		42		131%
Total Reportable Segments' Adjusted EBITDA		399		287		39%		1,539		808		90%
Corporate, LIFO and other		(50)		(47)		(6%)		(196)		(161)		(22%)
Total Adjusted EBITDA(1)		$        349		$        240		45%		$     1,343		$   647		108%
n/m = not meaningful
See end of press release for footnote explanations.

 

Table 3 – Factors Impacting Sales Revenue
		Three months ended
		December 31, 2021 vs. 2020
		Average Selling Price(a)
		Local		Exchange		Sales Mix		Sales
		Currency		Rate		& Other		Volume(b)		Total
Polyurethanes		30%		0%		3%		2%		35%
Performance Products		53%		0%		(1%)		3%		55%
Advanced Materials		20%		(1%)		32%		2%		53%
Textile Effects		19%		0%		1%		(7%)		13%
		Twelve months ended
		December 31, 2021 vs. 2020
		Average Selling Price(a)
		Local		Exchange		Sales Mix		Sales
		Currency		Rate		& Other		Volume(b)		Total
Polyurethanes		30%		2%		4%		4%		40%
Performance Products		35%		3%		(4%)		11%		45%
Advanced Materials		13%		3%		17%		10%		43%
Textile Effects		5%		3%		3%		20%		31%
(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) Benefit				Net 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		2021		2020		2021		2020		2021		2020		2021		2020
Net income		$        607		$        360						$        607		$        360		$       2.77		$       1.62
Net income attributable to noncontrolling interests		(10)		(17)						(10)		(17)		(0.04)		(0.08)
Net income attributable to Huntsman Corporation		597		343						597		343		2.73		1.54
Interest expense,net from continuing operations		15		23
Income tax expense from continuing operations		95		37		$         (95)		$         (37)
Income tax (benefit) expense from discontinued operations(3)		(2)		3
Depreciation and amortization from continuing operations		77		77
Business acquisition and integration expenses and purchase accounting inventory adjustments		3		1		(2)		-		1		1		-		-
Income associated with the Albemarle Settlement, net		(465)		-		55		-		(410)		-		(1.87)		-
EBITDA / (Income) loss from discontinued operations, net of tax(3)		(1)		4		N/A		N/A		(3)		7		(0.01)		0.03
Gain on sale of businesses/assets		-		(279)		(1)		31		(1)		(248)		-		(1.12)
Income from transition services arrangements		(2)		(1)		1		1		(1)		-		-		-
Fair value adjustments to Venator investment and related loss on disposal(a)		-		(12)		-		(9)		-		(21)		-		(0.09)
Certain legal and other settlements and related expenses		3		3		-		(1)		3		2		0.01		0.01
Certain non-recurring information technology project implementation costs		2		3		(1)		(1)		1		2		-		0.01
Amortization of pension and postretirement actuarial losses		21		19		(4)		(5)		17		14		0.08		0.06
Restructuring, impairment and plant closing and transition costs		9		18		(3)		(6)		6		12		0.03		0.05
Plant incident remediation (credits) costs		(3)		1		-		-		(3)		1		(0.01)		-
Adjusted(1)		$        349		$        240		$         (50)		$         (27)		$        207		$        113		$       0.95		$       0.51
Adjusted income tax expense (benefit)(1)										$          50		$          27
Net income attributable to noncontrolling interests, net of tax										10		17
Adjusted pre-tax income (1)										$        267		$        157
Adjusted effective tax rate(4)										19%		17%
Effective tax rate										14%		9%
						Income Tax								Diluted Income
		EBITDA				(Expense) Benefit				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		2021		2020		2021		2020		2021		2020		2021		2020
Net income		$      1,104		$      1,066						$      1,104		$      1,066		$       4.99		$       4.80
Net income attributable to noncontrolling interests		(59)		(32)						(59)		(32)		(0.27)		(0.14)
Net income attributable to Huntsman Corporation		1,045		1,034						1,045		1,034		4.72		4.66
Interest expense,net from continuing operations		67		86
Income tax expense from continuing operations		209		46		$       (209)		$         (46)
Income tax expense from discontinued operations(3)		3		242
Depreciation and amortization from continuing operations		296		283
Business acquisition and integration expenses and purchase accounting inventory adjustments		22		31		(6)		(6)		16		25		0.07		0.11
Income associated with the Albemarle Settlement, net		(465)		-		55		-		(410)		-		(1.85)		-
EBITDA / Income from discontinued operations, net of tax(3)		(3)		(1,017)		N/A		N/A		-		(775)		-		(3.49)
Gain on sale of businesses/assets		(30)		(280)		3		31		(27)		(249)		(0.12)		(1.12)
Income from transition services arrangements		(8)		(7)		2		2		(6)		(5)		(0.03)		(0.02)
Fair value adjustments to Venator investment and related loss on disposal(a)		28		88		-		(9)		28		79		0.13		0.36
Loss on early extinguishment of debt		27		-		(6)		-		21		-		0.09		-
Certain legal and other settlements and related expenses		13		5		(3)		(1)		10		4		0.05		0.02
Certain non-recurring information technology project implementation costs		8		6		(2)		(1)		6		5		0.03		0.02
Amortization of pension and postretirement actuarial losses		86		76		(19)		(17)		67		59		0.30		0.27
Restructuring, impairment and plant closing and transition costs		45		52		(11)		(13)		34		39		0.15		0.18
Plant incident remediation costs		-		2		-		-		-		2		-		0.01
Adjusted(1)		$      1,343		$        647		$       (196)		$         (60)		$        784		$        218		$       3.54		$       0.98
Adjusted income tax expense(1)										$        196		$          60
Net income attributable to noncontrolling interests, net of tax										59		32
Adjusted pre-tax income(1)										$      1,039		$        310
Adjusted effective tax rate(4)										19%		19%
Effective tax rate										16%		14%
(a) Represents the changes in market value in Huntsman's remaining interest in Venator.
N/A = not applicable
See end of press release for footnote explanations.

 

Table 5 – Selected Balance Sheet Items
		December 31,		December 31,
In millions		2021		2020
Cash		$            1,041		$            1,593
Accounts and notes receivable, net		1,186		910
Inventories		1,201		848
Receivable associated with the Albemarle Settlement		333		-
Other current assets		167		217
Property, plant and equipment, net		2,576		2,505
Other noncurrent assets		2,888		2,640
Total assets		$            9,392		$            8,713
Accounts payable		$            1,208		$               876
Other current liabilities		831		510
Current portion of debt		12		593
Long-term debt		1,538		1,528
Other noncurrent liabilities		1,244		1,533
Huntsman Corporation stockholders' equity		4,378		3,519
Noncontrolling interests in subsidiaries		181		154
Total liabilities and equity		$            9,392		$            8,713

 

Table 6 – Outstanding Debt
		December 31,		December 31,
In millions		2021		2020
Debt:
Revolving credit facility		$                  -		$                  -
Accounts receivable programs		-		-
Senior notes		1,473		2,047
Variable interest entities		45		50
Other debt		32		24
Total debt - excluding affiliates		1,550		2,121
Total cash		1,041		1,593
Net debt - excluding affiliates(5)		$               509		$               528
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		2021		2020		2021		2020
Total cash at beginning of period		$            505		$         1,168		$         1,593		$            525
Net cash provided by operating activities from continuing operations		790		167		953		277
Net cash used in operating activities from discontinued operations(3)		-		(2)		(1)		(24)
Net cash (used in) provided by investing activities		(85)		357		(524)		1,462
Net cash provided by investing activities from discontinued operations(3)		-		1		-		1
Net cash used in financing activities		(168)		(109)		(977)		(655)
Effect of exchange rate changes on cash		(1)		11		(3)		7
Total cash at end of period		$         1,041		$         1,593		$         1,041		$         1,593
Free cash flow from continuing operations(2):
Net cash provided by operating activities		$            790		$            167		$            953		$            277
Capital expenditures		(92)		(79)		(342)		(249)
Free cash flow from continuing operations		$            698		$              88		$            611		$              28
Supplemental cash flow information:
Cash paid for interest		$             (25)		$             (41)		$             (82)		$             (90)
Cash paid for income taxes		(23)		(74)		(106)		(316)
Cash paid for restructuring and integration		(7)		(3)		(35)		(27)
Cash paid for pensions		(14)		(28)		(59)		(101)
Depreciation and amortization		77		77		296		283
Change in primary working capital:
Accounts and notes receivable		$              27		$              (3)		$           (315)		$            100
Inventories		(38)		(9)		(367)		145
Accounts payable		217		117		342		32
Total change in primary working capital		$            206		$            105		$           (340)		$            277
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 2019, we entered into an agreement to sell our Chemical Intermediates Businesses. Results from these businesses, including the associated gain on sale, was treated as discontinued operations until the completion of the sale on January 3, 2020.
(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 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 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.   

Social Media:
Twitter: www.twitter.com/Huntsman_Corp
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, 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"). In addition, there can be no assurance that the review of the Textile Effects Division will result in one or more transactions or other strategic change or outcome. Significant risks and uncertainties may relate to, but are not limited to, 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, 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, 2020, 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.

Additional Information and Where to Find It:
The Company has filed a preliminary proxy statement and accompanying WHITE proxy card with the SEC with respect to the Company's 2022 Annual Meeting of Stockholders (the "2022 Annual Meeting"), and prior to the 2022 Annual Meeting, the Company intends to file a definitive proxy statement and accompanying WHITE proxy card with the SEC. The Company's shareholders are strongly encouraged to read the definitive proxy statement, the accompanying WHITE proxy card and other documents filed with the SEC carefully in their entirety when they become available because they will contain important information. The Company's shareholders will be able to obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC free of charge at the SEC's website at www.sec.gov. Copies will also be available free of charge at the Company's website at www.huntsman.com.  

Certain Information Regarding Participants:
The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company's shareholders in connection with the matters to be considered at the 2022 Annual Meeting. Information about the Company's directors and executive officers is available in the Company's (a) annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 12, 2021 and (b) proxy statement filed with the SEC on March 18, 2021 with respect to the Company's 2021 Annual Meeting of Stockholders. To the extent holdings of the Company's securities by such directors or executive officers have changed since the amounts printed in the proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the 2022 Annual Meeting.

 

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SOURCE Huntsman Corporation

FAQ

What were Huntsman's revenues for the fourth quarter of 2021?

Huntsman reported revenues of $2,307 million for Q4 2021.

How did Huntsman's net income change in Q4 2021 compared to Q4 2020?

Net income increased to $607 million in Q4 2021 from $360 million in Q4 2020.

What was Huntsman's diluted earnings per share for the fourth quarter of 2021?

The diluted earnings per share for Q4 2021 were $2.73.

What is Huntsman's dividend increase for 2022?

Huntsman announced a 13% increase in its quarterly dividend.

What are Huntsman's projections for 2022?

Huntsman expects growth in earnings, adjusted EBITDA margins, and improved free cash flow in 2022.