Huntsman(HUN)2024-08-05 21:01Financial Performance - Second quarter 2024 net income attributable to Huntsman was 19 million in the prior year period, with diluted income per share rising to 0.11[2][4] - Adjusted net income for the second quarter 2024 was 39 million in the prior year, with adjusted diluted income per share decreasing to 0.22[2][4] - Second quarter 2024 adjusted EBITDA was 156 million in the same period last year, reflecting a decrease of 16%[2][4] - Revenues for the second quarter 2024 were 1,596 million in the prior year, marking a 1.4% decline[3][4] - Total revenues for the three months ended June 30, 2024, were 1,596 million for the same period in 2023[14] - Adjusted EBITDA for the three months ended June 30, 2024, was 156 million in the same period last year[14] - The company reported a net income of 31 million in the same period last year[18] - The company experienced a 4% decrease in total revenues for the six months ended June 30, 2024, compared to the same period in 2023[14] Segment Performance - The Polyurethanes segment saw a decrease in revenues primarily due to lower MDI average selling prices, despite higher sales volumes[5] - The Performance Products segment experienced a revenue decline due to lower average selling prices, although sales volumes increased due to improved industrial activity[6] - Polyurethanes segment revenues decreased by 1% to 1,012 million in 2023[14] - Performance Products segment revenues fell by 3% to 307 million in the prior year[14] - Advanced Materials segment revenues decreased by 2% to 284 million in 2023[14] - Total adjusted EBITDA for the six months ended June 30, 2024, was 292 million in the same period of 2023[14] Cash Flow and Capital Expenditures - Free cash flow from continuing operations was 11 million in the prior year[3][10] - Free cash flow from continuing operations was 11 million for the same period in 2023[25] - Net cash provided by operating activities from continuing operations was 40 million in the prior year[25] - The company expects to spend between 200 million on capital expenditures in 2024, with 59.145 million with an effective tax rate of 27%[20] Assets and Liabilities - Total assets increased to 7.248 billion at December 31, 2023[22] - Cash decreased from 335 million by June 30, 2024[22] - Total debt, excluding affiliates, rose to 1.688 billion[23] - The company reported a net debt of 1.148 billion[23] Company Overview and Risks - Huntsman Corporation's revenues for 2023 were approximately $6 billion from continuing operations[35] - The company operates over 60 manufacturing and R&D facilities across approximately 25 countries[35] - Huntsman Corporation employs around 6,000 associates within its continuing operations[35] - Significant risks include high energy costs in Europe, inflation, geopolitical instability, and volatile global economic conditions[37] - The company emphasizes that forward-looking statements are based on current expectations and various assumptions, which may involve risks and uncertainties[37] - The company does not undertake any obligation to update or revise forward-looking statements after the date made[37] - The company highlights potential disruptions in production and the impact of restructuring on operations and cost savings[37] - Forward-looking statements should be considered in light of the risks outlined in the Annual Report on Form 10-K for the year ended December 31, 2023[37]