- Huntsman Corp (NYSE: HUN) reported Q1 2023 revenues declined 27% Y/Y to $1.61 billion, missing the consensus of $1.68 billion.
- Reveneus fell across the segments - Polyurethanes (-28% Y/Y), Performance Products (-30% Y/Y) and Advanced Materials (-14% Y/Y).
- Sales volumes were down 21% Y/Y in Polyurethanes, 31% in Performance Products and 21% in Advanced Materials segments.
- Adjusted EPS declined to $0.20 from $1.10 a year ago and exceeded the consensus of $0.16.
- Adjusted EBITDA decreased 65% Y/Y to $136 million in the quarter.
- Net cash used in operating activities stood at $(122) million vs. cash flow from operating activities of $67 million a year ago.
- Free cash outflow was (168) million for the first quarter of 2023 vs. FCF of $3 million the prior year.
- The cash balance came in at $615 million at the end of the quarter.
- Repurchases: The company bought back shares worth $101 million in Q1 2023.
- In Q1, Huntsman divested its Textile Effects division for $593 million.
- "The headwinds on demand we saw the past two quarters have continued into the second quarter, specifically in North American construction, but we have seen sequential improvements in China and Europe, and we will be primed for an overall business recovery as construction demand and inventory levels continue to normalize." said Peter R. Huntsman, Chairman, President, and CEO.
- Price Action: HUN shares closed higher by 0.84% at $26.46 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in