Huntsman Announces Second Quarter 2023 Earnings
Second Quarter Highlights
- Second quarter 2023 net income attributable to Huntsman of
compared to$19 million in the prior year period; second quarter 2023 diluted earnings per share of$228 million compared to$0.11 in the prior year period.$1.10 - Second quarter 2023 adjusted net income attributable to Huntsman of
compared to$39 million in the prior year period; second quarter 2023 adjusted diluted earnings per share of$250 million compared to$0.22 in the prior year period.$1.21 - Second quarter 2023 adjusted EBITDA of
compared to$156 million in the prior year period.$410 million - Second quarter 2023 net cash provided by operating activities from continuing operations was
. Free cash flow from continuing operations was a use of cash of$40 million for the second quarter 2023 compared to a source of cash of$11 million in the prior year period.$178 million - Repurchased approximately 3.8 million shares for approximately
in the second quarter 2023.$98 million
Three months ended | Six months ended | |||||||
June 30, | June 30, | |||||||
In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||
Revenues | $ 1,596 | $ 2,170 | $ 3,202 | $ 4,362 | ||||
Net income attributable to Huntsman Corporation | $ 19 | $ 228 | $ 172 | $ 451 | ||||
Adjusted net income (1) | $ 39 | $ 250 | $ 76 | $ 487 | ||||
Diluted income per share | $ 0.11 | $ 1.10 | $ 0.94 | $ 2.14 | ||||
Adjusted diluted income per share(1) | $ 0.22 | $ 1.21 | $ 0.42 | $ 2.31 | ||||
Adjusted EBITDA(1) | $ 156 | $ 410 | $ 292 | $ 797 | ||||
Net cash provided by (used in) operating activities from continuing operations | $ 40 | $ 243 | $ (82) | $ 310 | ||||
Free cash flow from continuing operations(2) | $ (11) | $ 178 | $ (179) | $ 181 | ||||
See end of press release for footnote explanations and reconciliations of non-GAAP measures. |
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During the quarter, business activity in each of our core regions remained under pressure, although we did see demand fundamentals in many of our core markets stabilize, albeit at a lower level than the prior year. We continued to drive efficiencies in our cost structure which will ensure we are well positioned to improve profitability once demand returns to a more normalized level. We remain positive on the long-term trends and value we will capture in energy efficiency and lightweighting in the construction, transportation, and industrial markets. Over the past several years we have made a significant effort to reduce leverage and drive capital discipline. The output of this effort is now allowing us to return significant amounts of capital to shareholders during a year which for the chemical industry may end up being just as, if not more, challenging than the pandemic year 2020. Our financial strength is also allowing us to evaluate both organic and in-organic investment opportunities to strengthen our Company for the long-term, however, we will continue to be disciplined with our available capital and protect our investment grade rating."
Segment Analysis for 2Q23 Compared to 2Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, lower MDI average selling prices and the negative impact of foreign currency exchange rate movements against the
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes and reduced average selling prices, partially offset by improved sales mix. Sales volumes decreased in all regions primarily due to slowing construction activity, and reduced demand in coatings and adhesives, lubes and other industrial markets. The decrease in segment adjusted EBITDA was primarily due to decreased sales volumes and lower average selling prices.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2023 compared to the same period of 2022 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased primarily due to reduced customer demand in our infrastructure markets and the deselection of lower margin business. Average selling prices increased largely due to improved sales mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended June 30, 2023, adjusted EBITDA from Corporate and other was a loss of
Liquidity and Capital Resources
During the three months ended June 30, 2023, our free cash flow from continuing operations was a use of cash of
During the three months ended June 30, 2023, we spent
Income Taxes
In the second quarter of 2023, our effective tax rate was
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2023 financial results on Tuesday, August 1, 2023, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=dGLJi95S
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 third quarter 2023, a member of management is expected to present at:
UBS Chemical Conference on September 6, 2023
Jefferies Industrials Conference on September 7, 2023
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 | Six months ended | |||||||
June 30, | June 30, | |||||||
In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||
Revenues | $ 1,596 | $ 2,170 | $ 3,202 | $ 4,362 | ||||
Cost of goods sold | 1,342 | 1,678 | 2,679 | 3,355 | ||||
Gross profit | 254 | 492 | 523 | 1,007 | ||||
Operating expenses, net | 196 | 190 | 411 | 422 | ||||
Restructuring, impairment and plant closing costs | 8 | 24 | 1 | 24 | ||||
Operating income | 50 | 278 | 111 | 561 | ||||
Interest expense, net | (15) | (16) | (33) | (30) | ||||
Equity in income of investment in unconsolidated affiliates | 28 | 19 | 40 | 34 | ||||
Other (expense) income, net | (2) | 13 | (2) | 11 | ||||
Income from continuing operations before income taxes | 61 | 294 | 116 | 576 | ||||
Income tax expense | (28) | (65) | (39) | (125) | ||||
Income from continuing operations | 33 | 229 | 77 | 451 | ||||
(Loss) income from discontinued operations, net of tax(3) | (2) | 13 | 120 | 31 | ||||
Net income | 31 | 242 | 197 | 482 | ||||
Net income attributable to noncontrolling interests | (12) | (14) | (25) | (31) | ||||
Net income attributable to Huntsman Corporation | $ 19 | $ 228 | $ 172 | $ 451 | ||||
Adjusted EBITDA(1) | $ 156 | $ 410 | $ 292 | $ 797 | ||||
Adjusted net income (1) | $ 39 | $ 250 | $ 76 | $ 487 | ||||
Basic income per share | $ 0.11 | $ 1.11 | $ 0.95 | $ 2.16 | ||||
Diluted income per share | $ 0.11 | $ 1.10 | $ 0.94 | $ 2.14 | ||||
Adjusted diluted income per share(1) | $ 0.22 | $ 1.21 | $ 0.42 | $ 2.31 | ||||
Common share information: | ||||||||
Basic weighted average shares | 179 | 205 | 181 | 209 | ||||
Diluted weighted average shares | 180 | 207 | 182 | 211 | ||||
Diluted shares for adjusted diluted income per share | 180 | 207 | 182 | 211 | ||||
See end of press release for footnote explanations. |
Table 2 – Results of Operations by Segment | ||||||||||||
Three months ended | Six months ended | |||||||||||
June 30, | Better / | June 30, | Better / | |||||||||
In millions | 2023 | 2022 | (Worse) | 2023 | 2022 | (Worse) | ||||||
Segment Revenues: | ||||||||||||
Polyurethanes | $ 1,012 | $ 1,353 | (25 %) | $ 2,003 | $ 2,739 | (27 %) | ||||||
Performance Products | 307 | 492 | (38 %) | 641 | 972 | (34 %) | ||||||
Advanced Materials | 284 | 336 | (15 %) | 573 | 671 | (15 %) | ||||||
Total Reportable Segments' Revenues | 1,603 | 2,181 | (27 %) | 3,217 | 4,382 | (27 %) | ||||||
Intersegment Eliminations | (7) | (11) | n/m | (15) | (20) | n/m | ||||||
Total Revenues | $ 1,596 | $ 2,170 | (26 %) | $ 3,202 | $ 4,362 | (27 %) | ||||||
Segment Adjusted EBITDA(1): | ||||||||||||
Polyurethanes | $ 88 | $ 229 | (62 %) | $ 154 | $ 453 | (66 %) | ||||||
Performance Products | 55 | 152 | (64 %) | 126 | 298 | (58 %) | ||||||
Advanced Materials | 51 | 67 | (24 %) | 99 | 134 | (26 %) | ||||||
Total Reportable Segments' Adjusted EBITDA(1) | 194 | 448 | (57 %) | 379 | 885 | (57 %) | ||||||
Corporate, LIFO and other | (38) | (38) | 0 % | (87) | (88) | 1 % | ||||||
Total Adjusted EBITDA(1) | $ 156 | $ 410 | (62 %) | $ 292 | $ 797 | (63 %) | ||||||
n/m = not meaningful | ||||||||||||
See end of press release for footnote explanations. |
Table 3 – Factors Impacting Sales Revenue | ||||||||||
Three months ended | ||||||||||
June 30, 2023 vs. 2022 | ||||||||||
Average Selling Price(a) | ||||||||||
Local | Exchange | Sales | Sales Mix | |||||||
Currency | Rate | Volume(b) | & Other | Total | ||||||
Polyurethanes | (10 %) | (1 %) | (10 %) | (4 %) | (25 %) | |||||
Performance Products | (8 %) | 0 % | (31 %) | 1 % | (38 %) | |||||
Advanced Materials | 1 % | (1 %) | (19 %) | 4 % | (15 %) | |||||
Six months ended | ||||||||||
June 30, 2023 vs. 2022 | ||||||||||
Average Selling Price(a) | ||||||||||
Local | Exchange | Sales | Sales Mix | |||||||
Currency | Rate | Volume(b) | & Other | Total | ||||||
Polyurethanes | (6 %) | (2 %) | (16 %) | (3 %) | (27 %) | |||||
Performance Products | (4 %) | 0 % | (31 %) | 1 % | (34 %) | |||||
Advanced Materials | 3 % | (2 %) | (20 %) | 4 % | (15 %) | |||||
(a) Excludes sales from tolling arrangements, by-products and raw materials. | ||||||||||
(b) Excludes sales from by-products and raw materials. |
Table 4 – Reconciliation of | ||||||||||||||||
Income Tax | Diluted Income | |||||||||||||||
EBITDA | Expense | Net Income | Per Share | |||||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||
Net income | $ 31 | $ 242 | $ 31 | $ 242 | $ 0.18 | $ 1.17 | ||||||||||
Net income attributable to noncontrolling interests | (12) | (14) | (12) | (14) | (0.07) | (0.07) | ||||||||||
Net income attributable to Huntsman Corporation | 19 | 228 | 19 | 228 | 0.11 | 1.10 | ||||||||||
Interest expense, net from continuing operations | 15 | 16 | ||||||||||||||
Income tax expense from continuing operations | 28 | 65 | $ (28) | $ (65) | ||||||||||||
Income tax expense from discontinued operations(3) | 1 | 2 | ||||||||||||||
Depreciation and amortization from continuing operations | 70 | 68 | ||||||||||||||
Depreciation and amortization from discontinued operations(3) | - | 4 | ||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | 2 | 4 | (1) | (2) | 1 | 2 | 0.01 | 0.01 | ||||||||
Costs associated with the Albemarle Settlement, net | - | 1 | - | - | - | 1 | - | - | ||||||||
EBITDA / Loss (income) from discontinued operations(3) | 1 | (19) | N/A | N/A | 2 | (13) | 0.01 | (0.06) | ||||||||
(Gain) loss on sale of business/assets | (1) | 7 | - | (1) | (1) | 6 | (0.01) | 0.03 | ||||||||
Income from transition services arrangements | - | (1) | - | - | - | (1) | - | - | ||||||||
Fair value adjustments to Venator investment, net | 4 | - | - | - | 4 | - | 0.02 | - | ||||||||
Certain legal and other settlements and related expenses | 1 | 2 | - | 1 | 1 | 3 | 0.01 | 0.01 | ||||||||
Certain non-recurring information technology project implementation costs | 1 | 1 | (1) | (1) | - | - | - | - | ||||||||
Amortization of pension and postretirement actuarial losses | 7 | 10 | (1) | (2) | 6 | 8 | 0.03 | 0.04 | ||||||||
Restructuring, impairment and plant closing and transition costs | 8 | 27 | (1) | (7) | 7 | 20 | 0.04 | 0.10 | ||||||||
Plant incident remediation credits | - | (5) | - | 1 | - | (4) | - | (0.02) | ||||||||
Adjusted(1) | $ 156 | $ 410 | $ (32) | $ (76) | $ 39 | $ 250 | $ 0.22 | $ 1.21 | ||||||||
Adjusted income tax expense(1) | $ 32 | $ 76 | ||||||||||||||
Net income attributable to noncontrolling interests | 12 | 14 | ||||||||||||||
Adjusted pre-tax income (1) | $ 83 | $ 340 | ||||||||||||||
Adjusted effective tax rate(4) | 39 % | 22 % | ||||||||||||||
Effective tax rate | 46 % | 22 % | ||||||||||||||
Income Tax | Diluted Income | |||||||||||||||
EBITDA | Expense | Net Income | Per Share | |||||||||||||
Six months ended | Six months ended | Six months ended | Six months ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||
Net income | $ 197 | $ 482 | $ 197 | $ 482 | $ 1.08 | $ 2.29 | ||||||||||
Net income attributable to noncontrolling interests | (25) | (31) | (25) | (31) | (0.14) | (0.15) | ||||||||||
Net income attributable to Huntsman Corporation | 172 | 451 | 172 | 451 | 0.94 | 2.14 | ||||||||||
Interest expense, net from continuing operations | 33 | 30 | ||||||||||||||
Income tax expense from continuing operations | 39 | 125 | $ (39) | $ (125) | ||||||||||||
Income tax expense from discontinued operations(3) | 16 | 7 | ||||||||||||||
Depreciation and amortization from continuing operations | 139 | 135 | ||||||||||||||
Depreciation and amortization from discontinued operations(3) | - | 8 | ||||||||||||||
Business acquisition and integration expenses and purchase accounting inventory adjustments | 3 | 10 | (1) | (2) | 2 | 8 | 0.01 | 0.04 | ||||||||
Income associated with the Albemarle Settlement, net | - | 2 | - | - | - | 2 | - | 0.01 | ||||||||
EBITDA / Income from discontinued operations(3) | (136) | (46) | N/A | N/A | (120) | (31) | (0.66) | (0.15) | ||||||||
(Gain) loss on sale of business/assets | (1) | 11 | - | (2) | (1) | 9 | (0.01) | 0.04 | ||||||||
Income from transition services arrangements | - | (2) | - | - | - | (2) | - | (0.01) | ||||||||
Fair value adjustments to Venator Investment | 5 | 2 | - | - | 5 | 2 | 0.03 | 0.01 | ||||||||
Certain legal settlements and related expenses | 2 | 14 | - | (3) | 2 | 11 | 0.01 | 0.05 | ||||||||
Certain non-recurring information technology project implementation costs | 3 | 3 | (1) | (1) | 2 | 2 | 0.01 | 0.01 | ||||||||
Amortization of pension and postretirement actuarial losses | 15 | 22 | (2) | (5) | 13 | 17 | 0.07 | 0.08 | ||||||||
Restructuring, impairment and plant closing and transition costs | 2 | 30 | (1) | (8) | 1 | 22 | 0.01 | 0.10 | ||||||||
Plant incident remediation credits | - | (5) | - | 1 | - | (4) | - | (0.02) | ||||||||
Adjusted(1) | $ 292 | $ 797 | $ (44) | $ (145) | $ 76 | $ 487 | $ 0.42 | $ 2.31 | ||||||||
Adjusted income tax expense(1) | $ 44 | $ 145 | ||||||||||||||
Net income attributable to noncontrolling interests | 25 | 31 | ||||||||||||||
Adjusted pre-tax income(1) | $ 145 | $ 663 | ||||||||||||||
Adjusted effective tax rate(4) | 30 % | 22 % | ||||||||||||||
Effective tax rate | 34 % | 22 % | ||||||||||||||
N/A = not applicable | ||||||||||||||||
See end of press release for footnote explanations. |
Table 5 – Selected Balance Sheet Items | ||||
June 30, | December 31, | |||
In millions | 2023 | 2022 | ||
Cash | $ 502 | $ 654 | ||
Accounts and notes receivable, net | 861 | 834 | ||
Inventories | 1,012 | 995 | ||
Other current assets | 145 | 190 | ||
Current assets held for sale(3) | - | 472 | ||
Property, plant and equipment, net | 2,354 | 2,377 | ||
Other noncurrent assets | 2,679 | 2,698 | ||
Total assets | $ 7,553 | $ 8,220 | ||
Accounts payable | $ 745 | $ 961 | ||
Other current liabilities | 420 | 480 | ||
Current portion of debt | 11 | 66 | ||
Current liabilities held for sale(3) | - | 194 | ||
Long-term debt | 1,562 | 1,671 | ||
Other noncurrent liabilities | 969 | 1,008 | ||
Huntsman Corporation stockholders' equity | 3,615 | 3,624 | ||
Noncontrolling interests in subsidiaries | 231 | 216 | ||
Total liabilities and equity | $ 7,553 | $ 8,220 |
Table 6 – Outstanding Debt | ||||
June 30, | December 31, | |||
In millions | 2023 | 2022 | ||
Debt: | ||||
Revolving credit facility | $ - | $ 55 | ||
Accounts receivable programs | 55 | 166 | ||
Senior notes | 1,465 | 1,455 | ||
Variable interest entities | 31 | 35 | ||
Other debt | 22 | 26 | ||
Total debt - excluding affiliates | 1,573 | 1,737 | ||
Total cash | 502 | 654 | ||
Net debt - excluding affiliates(5) | $ 1,071 | $ 1,083 | ||
See end of press release for footnote explanations. |
Table 7 – Summarized Statement of Cash Flows | ||||||||
Three months ended | Six months ended | |||||||
June 30, | June 30, | |||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||
Total cash at beginning of period | $ 615 | $ 807 | $ 654 | $ 1,041 | ||||
Net cash provided by (used in) operating activities from continuing operations | 40 | 243 | (82) | 310 | ||||
Net cash (used in) provided by operating activities from discontinued operations(3) | (4) | (12) | (36) | 6 | ||||
Net cash (used in) provided by investing activities from continuing operations | (49) | (60) | 444 | (120) | ||||
Net cash used in investing activities from discontinued operations(3) | - | (4) | (4) | (9) | ||||
Net cash used in financing activities | (85) | (357) | (464) | (609) | ||||
Effect of exchange rate changes on cash | (15) | (9) | (10) | (11) | ||||
Total cash at end of period | $ 502 | $ 608 | $ 502 | $ 608 | ||||
Free cash flow from continuing operations(2): | ||||||||
Net cash provided by (used in) operating activities from continuing operations | $ 40 | $ 243 | $ (82) | $ 310 | ||||
Capital expenditures | (51) | (65) | (97) | (129) | ||||
Free cash flow from continuing operations(2) | $ (11) | $ 178 | $ (179) | $ 181 | ||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ (24) | $ (24) | $ (34) | $ (33) | ||||
Cash paid for income taxes | (33) | (122) | (62) | (154) | ||||
Cash paid for restructuring and integration | (16) | (13) | (38) | (25) | ||||
Cash paid for pensions | (9) | (13) | (20) | (24) | ||||
Depreciation and amortization from continuing operations | 70 | 68 | 139 | 135 | ||||
Change in primary working capital: | ||||||||
Accounts and notes receivable | $ 23 | $ (10) | $ - | $ (129) | ||||
Inventories | 27 | (42) | (23) | (200) | ||||
Accounts payable | (123) | (110) | (198) | (33) | ||||
Total change in primary working capital | $ (73) | $ (162) | $ (221) | $ (362) | ||||
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 |
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 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 interest; (b) amortization of pension and postretirement actuarial losses (gains); (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 |
(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 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 |
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 2022 revenues of approximately
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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, 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
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SOURCE Huntsman Corporation