Huntsman posts $83 million profit for first quarter 2021
Huntsman Corp. said Friday reported a profit for the first three months of 2021.
The Woodlands chemical-maker said it earned a first-quarter profit of $83 million, compared to a $705 million profit during the same period in 2020. Revenues rose 16 percent to $1.84 billion in the period from $1.59 billion in the first quarter of 2020.
President and CEO Peter Huntsman said in the Friday release that the company thrived, despite challenges from February’s winter storm, due to each of its business segments exceeding the company’s expectations as economic recovery accelerated through the quarter.
For example, revenue for the company’s polyurethanes segment rose 20 percent to $1.1 billion for the period compared to $888 million for the first quarter of 2020.
The increase was largely due to high selling prices for the chemical methylene diphenyl diisocyanate, which is used primarily in the production of rigid polyurethane foams used for insulation for homes and refrigerators. MDI average selling prices increased mostly in China and Europe, according to the release.
“Furthermore, the seasonal expected use of cash in the first quarter was less than anticipated due to the better than expected operating results and lower net working capital levels,” Huntsman said in the release. “Our balance sheet leverage and liquidity remain strong and gives us ample flexibility to continue to develop and expand our core businesses through both internal investments and acquisitions in line with our strategy. Because of our strong balance sheet and confidence in the consistent generation of solid free cash flow, I am pleased we can increase our quarterly dividend by 15%. The year has started off well and if current trends hold, we expect 2021 to be a very good year for the company.”« Previous Post Next Post »