Huntsman Updates Guidance
June 22, 2020Huntsman Updates its Second Quarter Outlook; To Discuss Second Quarter 2020Results on July 28, 2020THE WOODLANDS, Texas, June 22, 2020 /PRNewswire/ —
Huntsman Corporation (NYSE:HUN) today reaffirmed its overall general outlook for the second quarter 2020 and announced that overall sales for the quarter are expected to be down between approximately 30 to 35 percent versus last year. Huntsman noted that the sales trendsshowed improvement from April to May, and it expects to see this continued improvement through June.
Results in its Polyurethanes division are expected to be modestly better than expected as trends in China and in U.S. construction, including spray foam, are better than originally anticipated.
The better-than-expected results in Polyurethanes are being mostly offset by weaker-than-anticipated results in Huntsman’s Textiles Effects division due largely to the prolonged impact of mandated shutdowns in key textile manufacturing regions, and the expected recovery in the industry may not begin until the third quarter due to the continued lockdowns. Huntsman anticipates that adjusted EBITDA in its Textiles Effects division will likely be slightly negative for the second quarter. Huntsman expects that results in the Performance Products division will be in-line with the prior outlook, but the results in the Advanced Materials division may fall a little short of expectations as a result of a deeper trough in Aerospace, Europe, and India than anticipated at the time of its last quarterly earnings call.
Huntsman Corporation will hold a conference call on Tuesday, July 28, 2020, at 10:00 a.m.ET to discuss its second quarter 2020 financial results, which will be released at approximately 6:00 a.m. ET that day.« Previous Post Next Post »