Urethane Blog
Huntsman Q4 Earnings
February 22, 2024
Huntsman Announces Fourth Quarter 2023 Earnings
February 21, 2024 4:45pm EST
Fourth Quarter Highlights
- Fourth quarter 2023 net loss attributable to Huntsman of $71 million compared to a net loss of $91 million in the prior year period; fourth quarter 2023 diluted loss per share of $0.41 compared to a diluted loss per share $0.48 in the prior year period.
- Fourth quarter 2023 adjusted net loss attributable to Huntsman of $36 million compared to adjusted net income of $8 million in the prior year period; fourth quarter 2023 adjusted diluted loss per share of $0.21 compared to adjusted diluted income per share of $0.04 in the prior year period.
- Fourth quarter 2023 adjusted EBITDA of $44 million compared to $87 million in the prior year period.
- Fourth quarter 2023 net cash provided by operating activities from continuing operations was $166 million. Free cash flow from continuing operations was $83 million for the fourth quarter 2023 compared to $211 million in the prior year period.
- Repurchased approximately 2.1 million shares for approximately $50 million in the fourth quarter 2023.
- The Board of Directors approved a 5% increase to the quarterly dividend.
| Three months ended | Twelve months ended | |||||||
| December 31, | December 31, | |||||||
| In millions, except per share amounts | 2023 | 2022 | 2023 | 2022 | ||||
| Revenues | $ 1,403 | $ 1,650 | $ 6,111 | $ 8,023 | ||||
| Net (loss) income attributable to Huntsman Corporation | $ (71) | $ (91) | $ 101 | $ 460 | ||||
| Adjusted net (loss) income (1) | $ (36) | $ 8 | $ 67 | $ 636 | ||||
| Diluted (loss) income per share | $ (0.41) | $ (0.48) | $ 0.57 | $ 2.27 | ||||
| Adjusted diluted (loss) income per share(1) | $ (0.21) | $ 0.04 | $ 0.37 | $ 3.13 | ||||
| Adjusted EBITDA(1) | $ 44 | $ 87 | $ 472 | $ 1,155 | ||||
| Net cash provided by operating activities from continuing operations | $ 166 | $ 297 | $ 251 | $ 892 | ||||
| Free cash flow from continuing operations(2) | $ 83 | $ 211 | $ 21 | $ 620 | ||||
| See end of press release for footnote explanations and reconciliations of non-GAAP measures. |
THE WOODLANDS, Texas, Feb. 21, 2024 /PRNewswire/ — Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2023 results with revenues of $1,403 million, net loss attributable to Huntsman of $71 million, adjusted net loss attributable to Huntsman of $36 million and adjusted EBITDA of $44 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
“In early 2024 we have seen a moderate improvement from the lows experienced in the fourth quarter 2023, and while we are yet to see a clear inflexion point in demand, we remain positive about the future. We are well positioned to benefit significantly from volume leverage once our end markets improve and as we continue to control our cost base. While the exact timing of a recovery remains uncertain, we are confident that construction spending and industrial activity in our core markets will return to past cycle averages and the world will continue to value energy efficiency and light weighting which impacts two-thirds of our total sales.
“The portfolio changes we have made over the past several years have placed Huntsman in a position to withstand one of the toughest demand environments we have seen in well over a decade. The financial strength of our Company remains our priority as we consider both internal and external investments as well as returning cash to shareholders through our dividend and buybacks.”
Segment Analysis for 4Q23 Compared to 4Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended December 31, 2023 compared to the same period of 2022 was primarily due to lower MDI average selling prices and lower sales volumes combined with an adverse sales mix. MDI average selling prices decreased due to less favorable supply and demand dynamics. Sales volumes decreased primarily due to an unplanned outage impact in our Rotterdam facility. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins.
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