Company News
August 2, 2022
Leggett & Platt Results
Leggett & Platt Cuts FY22 Guidance Citing Macroeconomic Uncertainties
Shivani KumaresanTue, August 2, 2022 at 8:36 AM·1 min readIn this article:
LEG+0.73%Watchlist
- Leggett & Platt Inc (NYSE: LEG) reported second-quarter FY22 sales growth of 5% year-on-year to $1.33 billion, in line with the consensus. Organic sales rose 5%.
- Trade sales from Bedding products rose 1% Y/Y to $612.5 million, Specialized Products increased 8% to $260.1 million, and Furniture, Flooring & Textile Products rose 10% to $461.6 million.
- Gross profit for the quarter was $268.4 million, with a profit margin of 20.1%.
- The company held $269.9 million in cash and equivalents as of June 30, 2022. Net cash from operating activities in the quarter jumped 119.5% Y/Y to $90 million.
- EBITDA fell 2% Y/Y to $187.5 million, and the adjusted EBITDA margin contracted 100 basis points Y/Y to 14.1%.
- EPS of $0.70 matched the consensus of $0.70.
- “We are lowering our full-year guidance to reflect macroeconomic uncertainties including impacts of inflation, tightening monetary policy, and softening consumer demand continuing through the back half of the year,” said President and CEO Mitch Dolloff.
- Outlook: Leggett lowered FY22 sales guidance to $5.2 billion – $5.4 billion from $5.3 billion – $5.6 billion, against the consensus of $5.3 billion.
- The company cut FY22 EPS outlook to $2.65 – $2.80 from $2.70 – $3.00, versus the consensus of $2.72.
https://finance.yahoo.com/news/leggett-platt-cuts-fy22-guidance-123631528.html
August 2, 2022
Covestro Q2 Results
Germany’s Covestro Q2 net income falls sharply amid higher feedstock, energy prices
Author: Nurluqman Suratman
2022/08/02
SINGAPORE (ICIS)–Covestro’s second-quarter net income fell by 55.7% after earnings were hit by higher raw material and energy prices, the German chemicals major said on Tuesday.
| € million | Q2 2022 | Q2 2021 | % change | H1 2022 | H1 2021 | % change |
| Sales | 4,703 | 3,956 | 18.9% | 9,386 | 7,263 | 29.2% |
| EBITDA | 547 | 817 | -33.0% | 1,353 | 1,560 | -13.3% |
| EBIT | 307 | 607 | -49.4% | 896 | 1,163 | -23.0% |
| Net income | 199 | 449 | -55.7% | 615 | 842 | -27.0% |
– Q2 group sales were supported by higher average selling prices.
– Q2 EBITDA losses due to higher feedstock and energy prices were partially offset by a higher selling price level.
OUTLOOK
Covestro last week adjusted its outlook for the year as a result of recent significant further increase in energy costs and a further weakening of the global economy.
“In this second half of the year, the macroeconomic risks have once again increased significantly, particularly with regard to the very high energy costs and uncertainties in gas supply at our German sites,” said Thomas Toepfer, the CFO of Covestro.
The company is initiating various measures to reduce its gas requirements in Germany in the short term, such as by switching to oil-based steam generators.
Covestro is also “continuously working to improve existing production technologies and roll out new ones in order to further reduce gas and
energy consumption”.
“If gas supplies are rationed in the further course of the year, this could result in partial load operation or a complete shutdown of individual Covestro production facilities, depending on the level of the cutback,” it said.
“Due to the close links between the chemical industry and downstream sectors, a further deterioration of the situation is likely to result in the collapse of entire supply and production chains,” Covestro added
August 2, 2022
Covestro Q2 Results
Germany’s Covestro Q2 net income falls sharply amid higher feedstock, energy prices
Author: Nurluqman Suratman
2022/08/02
SINGAPORE (ICIS)–Covestro’s second-quarter net income fell by 55.7% after earnings were hit by higher raw material and energy prices, the German chemicals major said on Tuesday.
| € million | Q2 2022 | Q2 2021 | % change | H1 2022 | H1 2021 | % change |
| Sales | 4,703 | 3,956 | 18.9% | 9,386 | 7,263 | 29.2% |
| EBITDA | 547 | 817 | -33.0% | 1,353 | 1,560 | -13.3% |
| EBIT | 307 | 607 | -49.4% | 896 | 1,163 | -23.0% |
| Net income | 199 | 449 | -55.7% | 615 | 842 | -27.0% |
– Q2 group sales were supported by higher average selling prices.
– Q2 EBITDA losses due to higher feedstock and energy prices were partially offset by a higher selling price level.
OUTLOOK
Covestro last week adjusted its outlook for the year as a result of recent significant further increase in energy costs and a further weakening of the global economy.
“In this second half of the year, the macroeconomic risks have once again increased significantly, particularly with regard to the very high energy costs and uncertainties in gas supply at our German sites,” said Thomas Toepfer, the CFO of Covestro.
The company is initiating various measures to reduce its gas requirements in Germany in the short term, such as by switching to oil-based steam generators.
Covestro is also “continuously working to improve existing production technologies and roll out new ones in order to further reduce gas and
energy consumption”.
“If gas supplies are rationed in the further course of the year, this could result in partial load operation or a complete shutdown of individual Covestro production facilities, depending on the level of the cutback,” it said.
“Due to the close links between the chemical industry and downstream sectors, a further deterioration of the situation is likely to result in the collapse of entire supply and production chains,” Covestro added
August 2, 2022
Huntsman Q2 Results
Huntsman Announces Second Quarter 2022 Earnings; $501 million of Buybacks in First Half of 2022
Download as PDF August 02, 2022 6:00am EDT
Related Documents
Audio Earnings WebcastEarnings Slides PDF
Second Quarter Highlights
- Second quarter 2022 net income of $242 million compared to net income of $172 million in the prior year period; second quarter 2022 diluted earnings per share of $1.10 compared to diluted earnings per share of $0.70 in the prior year period.
- Second quarter 2022 adjusted net income of $265 million compared to adjusted net income of $191 million in the prior year period; second quarter 2022 adjusted diluted earnings per share of $1.28 compared to adjusted diluted earnings per share of $0.86 in the prior year period.
- Second quarter 2022 adjusted EBITDA of $432 million compared to adjusted EBITDA of $334 million in the prior year period.
- Second quarter 2022 net cash provided by operating activities from continuing operations was $231 million. Free cash flow from continuing operations was $162 million for the second quarter 2022 compared to an outflow of $83 million in the prior year period.
- Repurchased approximately 8.4 million shares for approximately $291 million in the second quarter 2022.
THE WOODLANDS, Texas, Aug. 2, 2022 /PRNewswire/ —
| Three months ended | Six months ended | |||||||
| June 30, | June 30, | |||||||
| In millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | ||||
| Revenues | $ 2,362 | $ 2,024 | $ 4,751 | $ 3,861 | ||||
| Net income | $ 242 | $ 172 | $ 482 | $ 272 | ||||
| Adjusted net income (1) | $ 265 | $ 191 | $ 521 | $ 338 | ||||
| Diluted income per share | $ 1.10 | $ 0.70 | $ 2.14 | $ 1.07 | ||||
| Adjusted diluted income per share(1) | $ 1.28 | $ 0.86 | $ 2.47 | $ 1.52 | ||||
| Adjusted EBITDA(1) | $ 432 | $ 334 | $ 847 | $ 623 | ||||
| Net cash provided by (used in) operating activities from continuing operations | $ 231 | $ (7) | $ 316 | $ (23) | ||||
| Free cash flow from continuing operations(2) | $ 162 | $ (83) | $ 178 | $ (197) | ||||
| See end of press release for footnote explanations and reconciliations of non-GAAP measures. |
Huntsman Corporation (NYSE: HUN) today reported second quarter 2022 results with revenues of $2,362 million, net income of $242 million, adjusted net income of $265 million and adjusted EBITDA of $432 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
“Second quarter EBITDA margins exceeded 18% on the back of our value over volume strategy, improved pricing, and solid cost control. We remain well ahead or on track to meet the targets that we presented at our Investor Day in November 2021, despite an increasingly challenging economic environment due to extremely high European natural gas prices, headwinds in China associated with government-mandated shutdowns and monetary tightening in the United States. In addition to the positive results, we repurchased approximately $500 million in shares in the first six months of the year and our balance sheet remains extremely strong with a net leverage ratio of 0.6x.
“Regardless of any macro headwinds that may impact the chemical industry in the coming quarters, our priorities around cost control, a focus on downstream businesses and returning capital to shareholders will remain unchanged. Our balance sheet and cash generation places us in an enviable position to take advantage of opportunities as they present themselves to invest in our core businesses.” Segment Analysis for 2Q22 Compared to 2Q21
Polyurethanes
The increase in revenues in our Polyurethanes segment for the three months ended June 30, 2022 compared to the same period of 2021 was primarily due to higher MDI average selling prices, partially offset by lower sales volumes. MDI average selling prices increased in all our regions. Sales volumes decreased primarily due to the extended government-mandated COVID lockdown in Shanghai, China and lower demand, partially offset by favorable comparisons in Europe due to the scheduled turnaround at our Rotterdam, Netherlands facility in the second quarter of 2021. The increase in segment adjusted EBITDA was primarily due to higher MDI margins and a gain from an insurance settlement, partially offset by lower sales volumes, 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.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended June 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 base resins business. The increase in segment adjusted EBITDA was primarily due to higher sales prices and improved sales mix.
August 2, 2022
Huntsman Q2 Results
Huntsman Announces Second Quarter 2022 Earnings; $501 million of Buybacks in First Half of 2022
Download as PDF August 02, 2022 6:00am EDT
Related Documents
Audio Earnings WebcastEarnings Slides PDF
Second Quarter Highlights
- Second quarter 2022 net income of $242 million compared to net income of $172 million in the prior year period; second quarter 2022 diluted earnings per share of $1.10 compared to diluted earnings per share of $0.70 in the prior year period.
- Second quarter 2022 adjusted net income of $265 million compared to adjusted net income of $191 million in the prior year period; second quarter 2022 adjusted diluted earnings per share of $1.28 compared to adjusted diluted earnings per share of $0.86 in the prior year period.
- Second quarter 2022 adjusted EBITDA of $432 million compared to adjusted EBITDA of $334 million in the prior year period.
- Second quarter 2022 net cash provided by operating activities from continuing operations was $231 million. Free cash flow from continuing operations was $162 million for the second quarter 2022 compared to an outflow of $83 million in the prior year period.
- Repurchased approximately 8.4 million shares for approximately $291 million in the second quarter 2022.
THE WOODLANDS, Texas, Aug. 2, 2022 /PRNewswire/ —
| Three months ended | Six months ended | |||||||
| June 30, | June 30, | |||||||
| In millions, except per share amounts | 2022 | 2021 | 2022 | 2021 | ||||
| Revenues | $ 2,362 | $ 2,024 | $ 4,751 | $ 3,861 | ||||
| Net income | $ 242 | $ 172 | $ 482 | $ 272 | ||||
| Adjusted net income (1) | $ 265 | $ 191 | $ 521 | $ 338 | ||||
| Diluted income per share | $ 1.10 | $ 0.70 | $ 2.14 | $ 1.07 | ||||
| Adjusted diluted income per share(1) | $ 1.28 | $ 0.86 | $ 2.47 | $ 1.52 | ||||
| Adjusted EBITDA(1) | $ 432 | $ 334 | $ 847 | $ 623 | ||||
| Net cash provided by (used in) operating activities from continuing operations | $ 231 | $ (7) | $ 316 | $ (23) | ||||
| Free cash flow from continuing operations(2) | $ 162 | $ (83) | $ 178 | $ (197) | ||||
| See end of press release for footnote explanations and reconciliations of non-GAAP measures. |
Huntsman Corporation (NYSE: HUN) today reported second quarter 2022 results with revenues of $2,362 million, net income of $242 million, adjusted net income of $265 million and adjusted EBITDA of $432 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
“Second quarter EBITDA margins exceeded 18% on the back of our value over volume strategy, improved pricing, and solid cost control. We remain well ahead or on track to meet the targets that we presented at our Investor Day in November 2021, despite an increasingly challenging economic environment due to extremely high European natural gas prices, headwinds in China associated with government-mandated shutdowns and monetary tightening in the United States. In addition to the positive results, we repurchased approximately $500 million in shares in the first six months of the year and our balance sheet remains extremely strong with a net leverage ratio of 0.6x.
“Regardless of any macro headwinds that may impact the chemical industry in the coming quarters, our priorities around cost control, a focus on downstream businesses and returning capital to shareholders will remain unchanged. Our balance sheet and cash generation places us in an enviable position to take advantage of opportunities as they present themselves to invest in our core businesses.” Segment Analysis for 2Q22 Compared to 2Q21
Polyurethanes
The increase in revenues in our Polyurethanes segment for the three months ended June 30, 2022 compared to the same period of 2021 was primarily due to higher MDI average selling prices, partially offset by lower sales volumes. MDI average selling prices increased in all our regions. Sales volumes decreased primarily due to the extended government-mandated COVID lockdown in Shanghai, China and lower demand, partially offset by favorable comparisons in Europe due to the scheduled turnaround at our Rotterdam, Netherlands facility in the second quarter of 2021. The increase in segment adjusted EBITDA was primarily due to higher MDI margins and a gain from an insurance settlement, partially offset by lower sales volumes, 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.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended June 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 base resins business. The increase in segment adjusted EBITDA was primarily due to higher sales prices and improved sales mix.
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