THE WOODLANDS, Texas,
Oct. 30, 2018 /PRNewswire/
--
Third Quarter 2018 Highlights
- Adjusted EBITDA was $374 million
compared to $340 million in the prior
year period and $415 million in the
prior quarter.
- Net loss of $8 million compared
to a net income of $179 million in
the prior year period and $623
million in the prior quarter. Adjusted net income of
$202 million compared to adjusted net
income of $164 million in the prior
year period and $246 million in the
prior quarter
- Diluted loss per share was $0.05
compared to diluted income per share of $0.60 in the prior year period and $1.71 in the prior quarter.
- Adjusted diluted income per share was $0.84 compared to $0.67 in the prior year period and $1.01 in the prior quarter.
- Net cash provided by operating activities was $295 million. Free cash flow generation was
$226 million.
- Balance sheet continues to strengthen with a net leverage of
1.3x.
- Completed cumulative share repurchases of approximately
$175 million through the end of third
quarter 2018.
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
In millions, except
per share amounts
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$2,444
|
|
$2,169
|
|
$
2,404
|
|
$7,143
|
|
$6,155
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
(8)
|
|
$
179
|
|
$
623
|
|
$
965
|
|
$
454
|
Adjusted net
income(1)
|
|
$
202
|
|
$
164
|
|
$
246
|
|
$
685
|
|
$
418
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income
per share
|
|
$ (0.05)
|
|
$
0.60
|
|
$
1.71
|
|
$
2.79
|
|
$
1.60
|
Adjusted diluted
income per share(1)
|
|
$
0.84
|
|
$
0.67
|
|
$
1.01
|
|
$
2.82
|
|
$
1.72
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$
374
|
|
$
340
|
|
$
415
|
|
$1,194
|
|
$
899
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
|
|
|
|
|
|
|
|
from continuing
operations
|
|
$
295
|
|
$
261
|
|
$
228
|
|
$
634
|
|
$
538
|
Free cash
flow(2)
|
|
$
226
|
|
$
227
|
|
$
174
|
|
$
456
|
|
$
404
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Huntsman Corporation (NYSE: HUN) today reported third quarter
2018 results with revenues of $2,444
million, net loss of $8
million, adjusted net income of $202
million and adjusted EBITDA of $374
million.
Peter R. Huntsman, Chairman,
President and CEO, commented:
"This was a solid quarter overall for our Company, which
demonstrated the consistency of our downstream and differentiated
businesses. Expected adjustments to short term fundamentals
in component MDI provided us an opportunity to show the strength of
our unique downstream urethanes portfolio and strategy. In
spite of the uncertainty around global trade and certain pockets of
softer demand mostly seen in China, long term fundamentals remain
intact. We are confident and on track to deliver on our 2020
targets that we laid out at our Investor Day on May 23, 2018. Our free cash flow remains
strong with a good performance in the third quarter and our balance
sheet continues to strengthen with net leverage improving to 1.3
times, well within investment grade metrics. We are committed
to our balanced and opportunistic approach to capital allocation by
growing our downstream differentiated portfolio of businesses and
repurchasing shares to create long term value for our
shareholders."
Segment Analysis for 3Q18 Compared to 3Q17
Polyurethanes
The increase in revenues in our Polyurethanes segment for the
three months ended September 30, 2018
compared to the same period of 2017 was due to higher average
selling prices and higher sales volumes. Differentiated MDI average
selling prices increased due to strong end-market demand, partially
offset by a decline in component MDI prices compared to the prior
year period. MTBE average selling prices increased primarily
as a result of higher pricing for high octane gasoline. MDI sales
volumes increased due to higher demand across most major markets.
MTBE sales volumes increased due to the impact of hurricane related
production outages during the third quarter of 2017. The modest
increase in segment adjusted EBITDA was primarily due to higher MDI
volumes and higher MTBE earnings due to hurricane related
production outages in the third quarter of 2017, partially offset
by lower component MDI margins.
Performance Products
The increase in revenues in our Performance Products segment for
the three months ended September 30,
2018 compared to the same period of 2017 was due to higher
average selling prices and higher sales volumes. Average selling
prices increased primarily due to strong market conditions across
several of our derivatives businesses and in response to higher raw
material costs. Sales volumes increased primarily due to the impact
of hurricane related production outages during the third quarter of
2017. The increase in segment adjusted EBITDA was primarily due to
higher average selling prices, higher sales volumes and the impact
of hurricane related production outages during the third quarter of
2017.
Advanced Materials
The increase in revenues in our Advanced Materials segment for
the three months ended September 30,
2018, compared to the same period in 2017 was due to higher
sales volumes and higher average selling prices. Sales volumes
increased across most markets in our core specialty business as
well as in our commodity business. Average selling prices increased
in response to higher raw material costs, partially offset by the
impact of a stronger U.S. dollar against major international
currencies. Segment adjusted EBITDA remained flat primarily due to
higher specialty sales volumes, offset by higher raw material and
fixed costs.
Textile Effects
The increase in revenues in our Textile Effects segment for the
three months ended September 30,
2018 compared to the same period of 2017 was due to higher
average selling prices, partially offset by lower sales volumes.
Average selling prices increased in response to higher raw material
costs, partially offset by the impact of a stronger U.S. dollar
against major international currencies. Sales volumes decreased
primarily due to the impact from supply constraints in China, a de-selection of certain product
ranges, and a temporary transition in distribution channels within
a few regions. The increase in segment adjusted EBITDA was
primarily due to higher average selling prices, partially offset by
higher raw material costs, higher selling, general and
administrative costs and lower sales volumes.
Corporate, LIFO and other
For the three months ended September 30, 2018, segment
adjusted EBITDA from Corporate and other for Huntsman Corporation
decreased $4 million to a loss of
$47 million from a loss of
$43 million in the same period in
2017, primarily due to an increase on LIFO inventory reserves.
Liquidity, Capital Resources and Outstanding Debt
During the quarter we generated free cash flow of $226 million compared to $227 million a year ago. As of September 30, 2018, we had $1,529 million of combined cash and unused
borrowing capacity.
During the three months ended September
30, 2018, we spent $71 million
on capital expenditures compared to $58
million in the same period of 2017. We expect to spend
approximately $300 million to
$320 million on capital expenditures
in 2018.
Through the end of the third quarter 2018, we have spent
approximately $175 million to
repurchase approximately 5.9 million shares, including
approximately $37 million spent to
acquire approximately 1.3 million shares within the third
quarter. As of the end of the third quarter 2018, we have
approximately $825 million remaining
on our existing multiyear share repurchase authorization.
Income Taxes
During the three months ended September
30, 2018, we recorded income tax expense of $27 million compared to $35 million during the same period in 2017.
In the third quarter 2018, our adjusted effective tax rate was 20%.
We expect our 2018 adjusted effective tax rate will be
approximately 19% - 21%. We expect our long-term adjusted
effective tax rate will be approximately 23% - 25%.
Venator
Our former Pigments and Additives segment, now known as Venator,
remains classified as held for sale on our balance sheet and
treated as discontinued operations on our income statement.
Huntsman currently owns 53% of Venator's outstanding
shares.
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2018
financial results on Tuesday, October 30,
2018 at 11:00 a.m. ET.
Call-in numbers for
the conference call:
|
U.S.
participants
|
(888) 713 -
4199
|
International
participants
|
(617) 213 -
4861
|
Passcode
|
909 665
63#
|
In order to facilitate the registration process, you may use the
following link to pre-register for the conference call. Callers who
pre-register will be given a unique PIN to gain immediate access to
the call and bypass the live operator. You may pre-register at any
time, including up to and after the call start time. To
pre-register, please go to:
https://www.theconferencingservice.com/prereg/key.process?key=PG84X93EM
Webcast Information
The conference call will be available via webcast and can be
accessed from the company's website at ir.huntsman.com.
Replay Information
The conference call will be available for replay beginning
October 30, 2018 and ending
November 6, 2018.
Call-in numbers for
the replay:
|
U.S.
participants
|
(888) 286 -
8010
|
International
participants
|
(617) 801 -
6888
|
Replay
code
|
72981885
|
Upcoming Conferences
During the fourth quarter 2018 a member of management is
expected to present at:
Morgan Stanley's Global Chemicals and Agriculture Conference on
November 14, 2018
Citi's Basic Materials Conference on November 27, 2018
A webcast of the presentation, if applicable, along with
accompanying materials will be available at ir.huntsman.com.
Table 1 – Results of
Operations
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$2,444
|
|
$2,169
|
|
$7,143
|
|
$6,155
|
Cost of goods
sold
|
|
1,920
|
|
1,697
|
|
5,524
|
|
4,857
|
Gross
profit
|
|
524
|
|
472
|
|
1,619
|
|
1,298
|
Operating
expenses
|
|
251
|
|
238
|
|
747
|
|
677
|
Restructuring,
impairment and plant closing costs
|
|
5
|
|
1
|
|
8
|
|
13
|
Expenses associated
with the merger
|
|
1
|
|
12
|
|
2
|
|
18
|
Operating
income
|
|
267
|
|
221
|
|
862
|
|
590
|
Interest
expense
|
|
(30)
|
|
(39)
|
|
(86)
|
|
(134)
|
Equity in income of
investment in unconsolidated affiliates
|
|
14
|
|
1
|
|
45
|
|
4
|
Loss on early
extinguishment of debt
|
|
-
|
|
(35)
|
|
(3)
|
|
(36)
|
Other income,
net
|
|
5
|
|
3
|
|
20
|
|
7
|
Income before
income taxes
|
|
256
|
|
151
|
|
838
|
|
431
|
Income tax
expense
|
|
(27)
|
|
(35)
|
|
(84)
|
|
(78)
|
Income from
continuing operations
|
|
229
|
|
116
|
|
754
|
|
353
|
(Loss) income from
discontinued operations, net of tax(3)
|
|
(237)
|
|
63
|
|
211
|
|
101
|
Net (loss)
income
|
|
(8)
|
|
179
|
|
965
|
|
454
|
Net income
attributable to noncontrolling interests, net of tax
|
|
(3)
|
|
(32)
|
|
(288)
|
|
(64)
|
Net (loss) income
attributable to Huntsman Corporation
|
|
$
(11)
|
|
$
147
|
|
$
677
|
|
$
390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$
374
|
|
$
340
|
|
$1,194
|
|
$
899
|
Adjusted net
income(1)
|
|
$
202
|
|
$
164
|
|
$
685
|
|
$
418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)
income per share
|
|
$ (0.05)
|
|
$
0.62
|
|
$
2.83
|
|
$
1.64
|
Diluted (loss)
income per share
|
|
$ (0.05)
|
|
$
0.60
|
|
$
2.79
|
|
$
1.60
|
Adjusted diluted
income per share(1)
|
|
$
0.84
|
|
$
0.67
|
|
$
2.82
|
|
$
1.72
|
|
|
|
|
|
|
|
|
|
Common share
information:
|
|
|
|
|
|
|
|
|
Basic weighted
average shares
|
|
238
|
|
239
|
|
239
|
|
238
|
Diluted weighted
average shares
|
|
241
|
|
244
|
|
243
|
|
244
|
Diluted shares for
adjusted diluted income per share
|
|
241
|
|
244
|
|
243
|
|
244
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
Table 2 – Results of
Operations by Segment
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Nine months
ended
|
|
|
|
|
September
30,
|
|
Better
/
|
|
September
30,
|
|
Better
/
|
In
millions
|
|
2018
|
|
2017
|
|
(Worse)
|
|
2018
|
|
2017
|
|
(Worse)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$
1,355
|
|
$
1,197
|
|
13%
|
|
$
3,890
|
|
$
3,172
|
|
23%
|
Performance
Products
|
|
599
|
|
501
|
|
20%
|
|
1,795
|
|
1,595
|
|
13%
|
Advanced
Materials
|
|
279
|
|
263
|
|
6%
|
|
850
|
|
782
|
|
9%
|
Textile
Effects
|
|
204
|
|
193
|
|
6%
|
|
631
|
|
586
|
|
8%
|
Corporate and
eliminations
|
|
7
|
|
15
|
|
n/m
|
|
(23)
|
|
20
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
2,444
|
|
$
2,169
|
|
13%
|
|
$
7,143
|
|
$
6,155
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
$
247
|
|
$
245
|
|
1%
|
|
$
777
|
|
$
556
|
|
40%
|
Performance
Products
|
|
93
|
|
63
|
|
48%
|
|
289
|
|
249
|
|
16%
|
Advanced
Materials
|
|
56
|
|
56
|
|
0%
|
|
177
|
|
166
|
|
7%
|
Textile
Effects
|
|
25
|
|
19
|
|
32%
|
|
80
|
|
64
|
|
25%
|
Corporate, LIFO and
other
|
|
(47)
|
|
(43)
|
|
(9)%
|
|
(129)
|
|
(136)
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
374
|
|
$
340
|
|
10%
|
|
$
1,194
|
|
$
899
|
|
33%
|
n/m = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations
|
|
|
|
|
|
|
Table 3 – Factors
Impacting Sales Revenue
|
|
|
|
Three months
ended
|
|
|
|
September 30, 2018
vs. 2017
|
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
|
|
|
Currency
|
|
Rate
|
|
&
Other
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
5%
|
|
0%
|
|
(2)%
|
|
10%
|
|
13%
|
|
Polyurethanes,
adj
|
|
4%
|
|
0%
|
|
6%
|
|
3%
|
|
13%
|
(c)(d)
|
Performance
Products
|
|
6%
|
|
(1)%
|
|
(6)%
|
|
21%
|
|
20%
|
|
Performance
Products, adj
|
|
6%
|
|
(1)%
|
|
(3)%
|
|
(1)%
|
|
1%
|
(c)(e)
|
Advanced
Materials
|
|
5%
|
|
(1)%
|
|
(3)%
|
|
5%
|
|
6%
|
|
Textile
Effects
|
|
12%
|
|
(2)%
|
|
0%
|
|
(4)%
|
|
6%
|
|
Total
Company
|
|
5%
|
|
(1)%
|
|
(4)%
|
|
13%
|
|
13%
|
|
Total Company,
adj
|
|
4%
|
|
(1)%
|
|
3%
|
|
2%
|
|
8%
|
(c)(d)(e)
|
|
|
Nine months
ended
|
|
|
|
September 30, 2018
vs. 2017
|
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
Mix
|
|
Sales
|
|
|
|
|
|
Currency
|
|
Rate
|
|
&
Other
|
|
Volume(b)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
9%
|
|
3%
|
|
0%
|
|
11%
|
|
23%
|
|
Polyurethanes,
adj
|
|
9%
|
|
3%
|
|
3%
|
|
6%
|
|
21%
|
(c)(d)
|
Performance
Products
|
|
6%
|
|
2%
|
|
(2)%
|
|
7%
|
|
13%
|
|
Performance
Products, adj
|
|
6%
|
|
2%
|
|
(2)%
|
|
1%
|
|
7%
|
(c)(e)
|
Advanced
Materials
|
|
4%
|
|
3%
|
|
1%
|
|
1%
|
|
9%
|
|
Textile
Effects
|
|
5%
|
|
2%
|
|
0%
|
|
1%
|
|
8%
|
|
Total
Company
|
|
6%
|
|
3%
|
|
(2)%
|
|
9%
|
|
16%
|
|
Total Company,
adj
|
|
6%
|
|
3%
|
|
1%
|
|
4%
|
|
14%
|
(c)(d)(e)
|
|
(a) Excludes sales
from tolling arrangements, by-products and raw
materials.
|
(b) Excludes sales
from by-products and raw materials.
|
(c) Pro forma
adjusted to exclude the impact from Hurricane Harvey in
3Q17.
|
(d) Pro forma adjusted to
exclude the impact from unplanned outages in 2Q18 and 3Q18 at
Rotterdam onset by third party constraints.
|
(e) Pro forma
adjusted to exclude the impact from maintenance outages in
2Q18.
|
Table 4 –
Reconciliation of U.S. GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
|
|
|
|
Diluted
(Loss) Income
|
|
|
EBITDA
|
|
(Expense)
Benefit
|
|
Net (Loss)
Income
|
|
Per
Share
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
(8)
|
|
$179
|
|
|
|
|
|
$
(8)
|
|
$
179
|
|
$(0.03)
|
|
$0.73
|
Net income
attributable to noncontrolling interests
|
|
(3)
|
|
(32)
|
|
|
|
|
|
(3)
|
|
(32)
|
|
(0.01)
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Huntsman Corporation
|
|
(11)
|
|
147
|
|
|
|
|
|
(11)
|
|
147
|
|
(0.05)
|
|
0.60
|
Interest expense from
continuing operations
|
|
30
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense from
discontinued operations(3)
|
|
10
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
from continuing operations
|
|
27
|
|
35
|
|
$
(27)
|
|
$
(35)
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense from discontinued operations(3)
|
|
(52)
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from continuing operations
|
|
85
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from discontinued operations(3)
|
|
-
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses and purchase accounting adjustments
|
|
2
|
|
10
|
|
-
|
|
(3)
|
|
2
|
|
7
|
|
0.01
|
|
0.03
|
EBITDA / Income from
discontinued operations, net of tax(3)
|
|
279
|
|
(97)
|
|
N/A
|
|
N/A
|
|
237
|
|
(63)
|
|
0.98
|
|
(0.26)
|
Noncontrolling
interest of discontinued operations(1)(3)
|
|
(21)
|
|
12
|
|
N/A
|
|
N/A
|
|
(21)
|
|
12
|
|
(0.09)
|
|
0.05
|
Release of
significant income tax valuation allowances (a)
|
|
N/A
|
|
N/A
|
|
(24)
|
|
-
|
|
(24)
|
|
-
|
|
(0.10)
|
|
-
|
Loss on early
extinguishment of debt
|
|
-
|
|
35
|
|
-
|
|
(12)
|
|
-
|
|
23
|
|
-
|
|
0.09
|
Expenses associated
with merger, net of tax
|
|
1
|
|
12
|
|
-
|
|
(1)
|
|
1
|
|
11
|
|
-
|
|
0.05
|
Certain legal and
other settlements and related expenses
|
|
1
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net plant incident
costs
|
|
-
|
|
13
|
|
-
|
|
(4)
|
|
-
|
|
9
|
|
-
|
|
0.04
|
Amortization of
pension and postretirement actuarial losses
|
|
18
|
|
19
|
|
(4)
|
|
(3)
|
|
14
|
|
16
|
|
0.06
|
|
0.07
|
Restructuring,
impairment and plant closing and transition costs
|
|
5
|
|
1
|
|
(1)
|
|
1
|
|
4
|
|
2
|
|
0.02
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$
374
|
|
$340
|
|
$
(57)
|
|
$
(57)
|
|
$ 202
|
|
$
164
|
|
$ 0.84
|
|
$0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense(1)
|
|
|
|
|
|
|
|
|
|
$
57
|
|
$
57
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
3
|
|
32
|
|
|
|
|
Noncontrolling
interest of discontinued operations(1)(3)
|
|
|
|
|
|
|
|
|
|
21
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 283
|
|
$
241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate(4)
|
|
|
|
|
|
|
|
|
|
20%
|
|
24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
|
|
|
|
|
|
|
11%
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
|
|
|
|
Diluted
Income
|
|
|
EBITDA
|
|
Expense
|
|
Net
Income
|
|
Per
Share
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
In millions, except
per share amounts
|
|
2018
|
|
2018
|
|
2018
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
623
|
|
|
|
|
|
|
|
$ 623
|
|
|
|
$ 2.57
|
|
|
Net income
attributable to noncontrolling interests
|
|
(209)
|
|
|
|
|
|
|
|
(209)
|
|
|
|
(0.86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Huntsman Corporation
|
|
414
|
|
|
|
|
|
|
|
414
|
|
|
|
1.71
|
|
|
Interest expense from
continuing operations
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense from
discontinued operations(3)
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
from continuing operations
|
|
4
|
|
|
|
$
(4)
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
from discontinued operations(3)
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from continuing operations
|
|
83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses and purchase accounting adjustments
|
|
7
|
|
|
|
(2)
|
|
|
|
5
|
|
|
|
0.02
|
|
|
EBITDA / Income from
discontinued operations, net of tax(3)
|
|
(429)
|
|
|
|
N/A
|
|
|
|
(334)
|
|
|
|
(1.38)
|
|
|
Noncontrolling
interest of discontinued operations(1)(3)
|
|
188
|
|
|
|
N/A
|
|
|
|
188
|
|
|
|
0.77
|
|
|
U.S. tax reform
impact on tax expense
|
|
N/A
|
|
|
|
49
|
|
|
|
49
|
|
|
|
0.20
|
|
|
Release of
significant income tax valuation allowances (a)
|
|
N/A
|
|
|
|
(95)
|
|
|
|
(95)
|
|
|
|
(0.39)
|
|
|
Loss on early
extinguishment of debt
|
|
3
|
|
|
|
(1)
|
|
|
|
2
|
|
|
|
0.01
|
|
|
Expenses associated
with merger
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
Certain legal and
other settlements and related costs
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
Amortization of
pension and postretirement actuarial losses
|
|
18
|
|
|
|
(4)
|
|
|
|
14
|
|
|
|
0.06
|
|
|
Restructuring,
impairment and plant closing and transition costs
|
|
1
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$
415
|
|
|
|
$
(57)
|
|
|
|
$ 246
|
|
|
|
$ 1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense(1)
|
|
|
|
|
|
|
|
|
|
$
57
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
209
|
|
|
|
|
|
|
Noncontrolling
interest of discontinued operations(1)(3)
|
|
|
|
|
|
|
|
|
|
(188)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate(4)
|
|
|
|
|
|
|
|
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
|
|
|
|
|
|
|
1%
|
|
|
|
|
|
|
Table 4 –
Reconciliation of U.S. GAAP to Non-GAAP Measures (cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Tax
|
|
|
|
|
|
Diluted
Income
|
|
|
EBITDA
|
|
(Expense)
Benefit
|
|
Net
Income
|
|
Per
Share
|
|
|
Nine months
ended
|
|
Nine months
ended
|
|
Nine months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
In millions, except
per share amounts
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
965
|
|
$454
|
|
|
|
|
|
$ 965
|
|
$
454
|
|
$ 3.97
|
|
$1.86
|
Net income
attributable to noncontrolling interests
|
|
(288)
|
|
(64)
|
|
|
|
|
|
(288)
|
|
(64)
|
|
(1.19)
|
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Huntsman Corporation
|
|
677
|
|
390
|
|
|
|
|
|
677
|
|
390
|
|
2.79
|
|
1.60
|
Interest expense from
continuing operations
|
|
86
|
|
134
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense from
discontinued operations(3)
|
|
30
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
from continuing operations
|
|
84
|
|
78
|
|
(84)
|
|
(78)
|
|
|
|
|
|
|
|
|
Income tax expense
from discontinued operations(3)
|
|
52
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from continuing operations
|
|
250
|
|
235
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from discontinued operations(3)
|
|
-
|
|
68
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration expenses and purchase accounting adjustments
|
10
|
|
17
|
|
(2)
|
|
(4)
|
|
8
|
|
13
|
|
0.03
|
|
0.05
|
EBITDA / Income from
discontinued operations, net of tax(3)
|
|
(293)
|
|
(218)
|
|
N/A
|
|
N/A
|
|
(211)
|
|
(101)
|
|
(0.87)
|
|
(0.41)
|
Noncontrolling
interest of discontinued operations(1)(3)
|
|
222
|
|
18
|
|
N/A
|
|
N/A
|
|
222
|
|
18
|
|
0.91
|
|
0.07
|
U.S. tax reform
impact on tax expense
|
|
N/A
|
|
N/A
|
|
49
|
|
-
|
|
49
|
|
-
|
|
0.20
|
|
-
|
Release of
significant income tax valuation allowances (a)
|
|
N/A
|
|
N/A
|
|
(119)
|
|
-
|
|
(119)
|
|
-
|
|
(0.49)
|
|
-
|
Gain on disposition
of businesses/assets
|
|
-
|
|
(8)
|
|
-
|
|
-
|
|
-
|
|
(8)
|
|
-
|
|
(0.03)
|
Loss on early
extinguishment of debt
|
|
3
|
|
36
|
|
(1)
|
|
(12)
|
|
2
|
|
24
|
|
0.01
|
|
0.10
|
Expenses associated
with merger
|
|
2
|
|
18
|
|
-
|
|
(1)
|
|
2
|
|
17
|
|
0.01
|
|
0.07
|
Certain legal and
other settlements and related expenses
|
|
9
|
|
1
|
|
(2)
|
|
-
|
|
7
|
|
1
|
|
0.03
|
|
-
|
Net plant incident
costs
|
|
-
|
|
13
|
|
-
|
|
(4)
|
|
-
|
|
9
|
|
-
|
|
0.04
|
Amortization of
pension and postretirement actuarial losses
|
|
53
|
|
55
|
|
(12)
|
|
(11)
|
|
41
|
|
44
|
|
0.17
|
|
0.18
|
Restructuring,
impairment and plant closing and transition costs
|
|
9
|
|
13
|
|
(2)
|
|
(2)
|
|
7
|
|
11
|
|
0.03
|
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$1,194
|
|
$899
|
|
$(173)
|
|
$(112)
|
|
$ 685
|
|
$
418
|
|
$ 2.82
|
|
$1.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense(1)
|
|
|
|
|
|
|
|
|
|
$ 173
|
|
$
112
|
|
|
|
|
Net income
attributable to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
288
|
|
64
|
|
|
|
|
Noncontrolling
interest of discontinued operations(1)(3)
|
|
|
|
|
|
|
|
|
|
(222)
|
|
(18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$ 924
|
|
$
576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate(4)
|
|
|
|
|
|
|
|
|
|
19%
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
|
|
|
|
|
|
|
10%
|
|
18%
|
|
|
|
|
|
|
(a)
|
During the nine
months ended September 30, 2018, we released $119 million of
valuation allowances in Switzerland, the U.K., and
Luxembourg. We eliminated the effect of this significant
change in tax valuation allowances from our presentation of
adjusted net income to allow investors to better compare our
ongoing financial performance from period to period. We do
not adjust for insignificant changes in tax valuation allowances
because we do not believe this provides more meaningful information
than is provided under GAAP.
|
|
See end of press
release for footnote explanations
|
Table 5 – Selected
Balance Sheet Items
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
December
31,
|
In
millions
|
|
2018
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
446
|
|
$
409
|
|
|
$
481
|
Accounts and notes
receivable, net
|
|
1,394
|
|
1,377
|
|
|
1,283
|
Inventories
|
|
1,231
|
|
1,178
|
|
|
1,073
|
Other current
assets
|
|
230
|
|
251
|
|
|
262
|
Current assets held
for sale
|
|
2,916
|
|
3,158
|
|
|
2,880
|
Property, plant and
equipment, net
|
|
3,004
|
|
3,014
|
|
|
3,098
|
Other noncurrent
assets
|
|
1,675
|
|
1,667
|
|
|
1,167
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
10,896
|
|
$11,054
|
|
|
$
10,244
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
998
|
|
$
993
|
|
|
$
964
|
Other current
liabilities
|
|
540
|
|
469
|
|
|
569
|
Current portion of
debt
|
|
200
|
|
255
|
|
|
40
|
Current liabilities
held for sale
|
|
1,564
|
|
1,578
|
|
|
1,692
|
Long-term
debt
|
|
2,277
|
|
2,311
|
|
|
2,258
|
Other noncurrent
liabilities
|
|
1,353
|
|
1,378
|
|
|
1,350
|
Total
equity
|
|
3,964
|
|
4,070
|
|
|
3,371
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
10,896
|
|
$11,054
|
|
|
$
10,244
|
Table 6 – Outstanding
Debt
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
In
millions
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt:
|
|
|
|
|
|
|
Revolving credit
facility
|
|
$
175
|
|
$
225
|
|
$
-
|
Accounts receivable
programs
|
|
269
|
|
268
|
|
180
|
Senior
notes
|
|
1,917
|
|
1,906
|
|
1,927
|
Variable interest
entities
|
|
94
|
|
97
|
|
107
|
Other debt
|
|
22
|
|
70
|
|
84
|
|
|
|
|
|
|
|
Total debt -
excluding affiliates
|
|
2,477
|
|
2,566
|
|
2,298
|
|
|
|
|
|
|
|
Total cash
|
|
446
|
|
409
|
|
481
|
|
|
|
|
|
|
|
Net debt -
excluding affiliates(5)
|
|
$
2,031
|
|
$
2,157
|
|
$
1,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LTM Adjusted
EBITDA(1)
|
|
$
1,554
|
|
$
1,520
|
|
$
1,259
|
LTM Net income
attributable to Huntsman Corporation
|
|
923
|
|
1,081
|
|
636
|
|
|
|
|
|
|
|
Net debt -
excluding affiliates / LTM Adjusted
EBITDA(1)(5)
|
|
1.3x
|
|
1.4x
|
|
1.4x
|
Total debt -
excluding affiliates / LTM Net income
|
|
2.7x
|
|
2.4x
|
|
3.6x
|
Table 7 – Summarized
Statement of Cash Flows
|
|
|
|
|
|
|
Three months
ended
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
In
millions
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
Total cash at
beginning of period(a)
|
|
$
763
|
|
$520
|
|
$
719
|
|
$
425
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities - continuing operations
|
|
295
|
|
261
|
|
634
|
|
538
|
Net cash (used in)
provided by operating activities - discontinued
operations(3)
|
|
(1)
|
|
88
|
|
300
|
|
205
|
Net cash used in
investing activities - continuing operations
|
|
(66)
|
|
(50)
|
|
(546)
|
|
(145)
|
Net cash used in
investing activities - discontinued
operations(3)
|
|
(104)
|
|
(61)
|
|
(265)
|
|
(49)
|
Net cash used in
financing activities
|
|
(181)
|
|
(125)
|
|
(117)
|
|
(349)
|
Effect of exchange
rate changes on cash
|
|
(9)
|
|
4
|
|
(28)
|
|
12
|
|
|
|
|
|
|
|
|
|
Total cash at end
of period(a)
|
|
$
697
|
|
$637
|
|
$
697
|
|
$
637
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information - continuing operations:
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
(14)
|
|
$ (30)
|
|
$
(73)
|
|
$ (122)
|
Cash (paid) received
for income taxes
|
|
(40)
|
|
(21)
|
|
(117)
|
|
36
|
Cash paid for capital
expenditures
|
|
(71)
|
|
(58)
|
|
(180)
|
|
(159)
|
Depreciation and
amortization
|
|
85
|
|
80
|
|
250
|
|
235
|
|
|
-
|
|
|
|
|
|
|
Changes in primary
working capital:
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
(35)
|
|
(28)
|
|
(129)
|
|
(148)
|
Inventories
|
|
(63)
|
|
19
|
|
(170)
|
|
(118)
|
Accounts
payable
|
|
12
|
|
16
|
|
62
|
|
95
|
|
|
|
|
|
|
|
|
|
Total cash (used in)
received from primary working capital
|
|
$
(86)
|
|
$
7
|
|
$
(237)
|
|
$ (171)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Free cash
flow(2):
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
295
|
|
$261
|
|
$
634
|
|
$
538
|
Capital
expenditures
|
|
(71)
|
|
(58)
|
|
(180)
|
|
(159)
|
All other investing
activities, excluding acquisition
|
|
|
|
|
|
|
|
|
and
disposition activities(b)
|
|
1
|
|
6
|
|
-
|
|
7
|
Non-recurring merger
costs(c)
|
|
1
|
|
18
|
|
2
|
|
18
|
|
|
|
|
|
|
|
|
|
Total free cash
flow
|
|
$
226
|
|
$227
|
|
$
456
|
|
$
404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
374
|
|
$340
|
|
$
1,194
|
|
$
899
|
Capital
expenditures
|
|
(71)
|
|
(58)
|
|
(180)
|
|
(159)
|
Capital
reimbursements
|
|
2
|
|
-
|
|
4
|
|
1
|
Interest
|
|
(14)
|
|
(30)
|
|
(73)
|
|
(122)
|
Income
taxes
|
|
(40)
|
|
(21)
|
|
(117)
|
|
36
|
Primary working
capital change
|
|
(86)
|
|
7
|
|
(237)
|
|
(171)
|
Restructuring
|
|
(1)
|
|
(7)
|
|
(7)
|
|
(26)
|
Pensions
|
|
(36)
|
|
(48)
|
|
(95)
|
|
(85)
|
Maintenance &
other
|
|
98
|
|
44
|
|
(33)
|
|
31
|
|
|
|
|
|
|
|
|
|
Total free cash
flow(2)
|
|
$
226
|
|
$227
|
|
$
456
|
|
$
404
|
|
|
(a)
|
Includes restricted
cash and cash held in discontinued operations.
|
(b)
|
Represents
"Acquisition of business, net of cash acquired", "Cash
received from purchase price adjustment for business acquired", and
"Proceeds from sale of
business/assets".
|
Footnotes
|
|
(1)
|
We use adjusted
EBITDA to measure the operating performance of our business and for
planning and evaluating the performance of our business
segments. We provide adjusted net income because we feel it
provides meaningful insight for the investment community into the
performance of our business. We believe that net income
(loss) is the performance measure calculated and presented in
accordance with generally accepted accounting principles in the
U.S. ("GAAP") that is most directly comparable to adjusted EBITDA
and adjusted net income (loss). Additional information with
respect to our use of each of these financial measures
follows:
|
|
|
|
Adjusted EBITDA,
adjusted net income (loss) and adjusted diluted income (loss) per
share, as used herein, are not necessarily comparable to other
similarly titled measures of other companies.
|
|
|
|
Adjusted EBITDA is
computed by eliminating the following from net income (loss):
(a) net income attributable to noncontrolling interests, net of
tax; (b) interest; (c) income taxes; (d) depreciation and
amortization (e) amortization of pension and postretirement
actuarial losses (gains); (f) restructuring, impairment and plant
closing costs (credits); and further adjusted for certain other
items set forth in reconciliation of adjusted EBITDA to net income
(loss) in Table 4 above.
|
|
|
|
Adjusted net income
(loss) and adjusted diluted income (loss) per share are computed by
eliminating the after tax impact of the following items from net
income (loss): (a) net income attributable to noncontrolling
interest; (b) amortization of pension and postretirement actuarial
losses (gains); (c) restructuring, impairment and plant closing
costs (credits); and further adjusted for certain other items set
forth in reconciliation of adjusted EBITDA to net income (loss) in
Table 4 above. The income tax impacts, if any, of each
adjusting item represent a ratable allocation of the total
difference between the unadjusted tax expense and the total
adjusted tax expense, computed without consideration of any
adjusting items using a with and without approach.
|
|
|
|
We do not provide
reconciliations for adjusted EBITDA, adjusted net income (loss) or
adjusted diluted income (loss) per share on a forward-looking basis
because we are unable to provide a meaningful or accurate
calculation or estimation of reconciling items and the information
is not available without unreasonable effort. This is due to the
inherent difficulty of forecasting the timing and amount of certain
items, such as, but not limited to, (a) business acquisition and
integration expenses and purchase accounting adjustments, (b)
merger costs, and (c) certain legal and other settlements and
related costs. Each of such adjustments has not yet occurred, are
out of our control and/or cannot be reasonably predicted. For the
same reasons, we are unable to address the probable significance of
the unavailable information.
|
|
|
(2)
|
Management internally
uses a free cash flow measure: (a) to evaluate the Company's
liquidity, (b) to evaluate strategic investments, (c) to plan stock
buyback and dividend levels and (d) to evaluate the Company's
ability to incur and service debt. Free cash flow is not a defined
term under U.S. GAAP, and it should not be inferred that the entire
free cash flow amount is available for discretionary expenditures.
The Company defines free cash flow as cash flow provided by
operating activities less cash flow used in investing activities,
excluding acquisition/disposition activities and non-recurring
separation costs. Free cash flow is typically derived directly from
the Company's condensed consolidated statement of cash flows;
however, it may be adjusted for items that affect comparability
between periods.
|
|
|
(3)
|
During the third
quarter of 2017 we separated our Pigments and Additives division
through an Initial Public Offering of Venator Materials PLC;
Additionally, during the first quarter 2010 we closed our
Australian styrenics operations. Results from these
associated businesses are treated as discontinued
operations.
|
|
|
(4)
|
We believe adjusted
effective tax rate provides improved comparability between periods
through the exclusion of certain items that management believes are
not indicative of the businesses' operational profitability and
that may obscure underlying business results and trends. In our
view, effective tax rate is the performance measure calculated and
presented in accordance with U.S. GAAP that is most directly
comparable to adjusted effective tax rate.
|
|
|
|
The reconciliation of
historical adjusted effective tax rate and effective tax rate is
set forth in Table 4 above. We do not provide reconciliations for
adjusted effective tax rate on a forward-looking basis because we
are unable to provide a meaningful or accurate calculation or
estimation of reconciling items and the information is not
available without unreasonable effort. This is due to the inherent
difficulty of forecasting the timing and amount of certain items,
such as, but not limited to, (a) business acquisition and
integration expenses, (b) merger costs, and (c) certain legal and
other settlements and related costs. Each of such adjustments has
not yet occurred, are out of our control and/or cannot be
reasonably predicted. For the same reasons, we are unable to
address the probable significance of the unavailable
information.
|
|
|
(5)
|
Net debt is a measure
we use to monitor how much debt we have after taking into account
our total cash. We use it as an indicator of our overall financial
position, and calculate it by taking our total debt, including the
current portion, and subtracting total cash.
|
About Huntsman:
Huntsman Corporation is a publicly
traded global manufacturer and marketer of differentiated and
specialty chemicals with 2017 revenues more than $8 billion. Our chemical products number in
the thousands and are sold worldwide to manufacturers serving a
broad and diverse range of consumer and industrial end markets. We
operate more than 75 manufacturing, R&D and operations
facilities in approximately 30 countries and employ approximately
10,000 associates within our four distinct business divisions. For
more information about Huntsman, please visit the company's website
at www.huntsman.com.
Social Media:
Twitter:
www.twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
Certain information in
this release constitutes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements are
based on management's current beliefs and expectations. The
forward-looking statements in this release are subject to
uncertainty and changes in circumstances and involve risks and
uncertainties that may affect the company's operations, markets,
products, services, prices and other factors as discussed under the
caption "Risk Factors" in the Huntsman companies' filings with the
U.S. Securities and Exchange Commission. Significant risks and
uncertainties may relate to, but are not limited to, volatile
global economic conditions, cyclical and volatile product markets,
disruptions in production at manufacturing facilities,
reorganization or restructuring of Huntsman's operations, including
any delay of, or other negative developments affecting the ability
to implement cost reductions and manufacturing optimization
improvements in Huntsman businesses and realize anticipated cost
savings, and other financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. The company
assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise
required by applicable laws.
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SOURCE Huntsman Corporation