First Quarter Highlights
- First quarter 2023 net income attributable to Huntsman of
$153 million compared to $223 million in the prior year period; first
quarter 2023 diluted earnings per share of $0.83 compared to $1.04 in the prior year period.
- First quarter 2023 adjusted net income of $37 million compared to $237 million in the prior year period; first
quarter 2023 adjusted diluted earnings per share of $0.20 compared to $1.10 in the prior year period.
- First quarter 2023 adjusted EBITDA of $136 million compared to $387 million in the prior year period.
- First quarter 2023 net cash used in operating activities from
continuing operations was $122
million. Free cash flow from continuing operations was a use
of cash of $168 million for the first
quarter 2023 compared to a source of cash of $3 million in the prior year period.
- Repurchased approximately 3.5 million shares for approximately
$101 million in the first quarter
2023.
- On February 28, 2023, Huntsman
completed the sale of the Textile Effects division to Archroma, a
portfolio company of SK Capital Partners. The agreed purchase price
was $593 million in cash plus assumed
pension liabilities.
|
|
Three months
ended
|
|
|
March
31,
|
In millions, except per
share amounts
|
|
2023
|
|
2022
|
|
|
|
|
|
Revenues
|
|
$ 1,606
|
|
$ 2,192
|
|
|
|
|
|
Net income attributable
to Huntsman Corporation
|
|
$ 153
|
|
$ 223
|
Adjusted net income
(1)
|
|
$
37
|
|
$ 237
|
|
|
|
|
|
Diluted income per
share
|
|
$ 0.83
|
|
$ 1.04
|
Adjusted diluted income
per share(1)
|
|
$ 0.20
|
|
$ 1.10
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$ 136
|
|
$ 387
|
|
|
|
|
|
Net cash (used in)
provided by operating activities from continuing
operations
|
|
$ (122)
|
|
$
67
|
Free cash flow from
continuing operations(2)
|
|
$ (168)
|
|
$
3
|
|
|
|
|
|
See end of press
release for footnote explanations and reconciliations of non-GAAP
measures.
|
|
|
|
THE
WOODLANDS, Texas, May 5, 2023
/PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported
first quarter 2023 results with revenues of $1,606 million, net income attributable to
Huntsman of $153 million, adjusted
net income of $37 million and
adjusted EBITDA of $136
million.
Peter R. Huntsman, Chairman,
President, and CEO, commented:
"The first quarter was in-line with our expectations as we
saw quarter over quarter improvement in all three of our business
segments. The headwinds on demand we saw the past two quarters have
continued into the second quarter, specifically in North American
construction, but we have seen sequential improvements in
China and Europe, and we will be primed for an overall
business recovery as construction demand and inventory levels
continue to normalize. Our balance sheet is strong and provides us
flexibility in the current environment to continue returning cash
to our shareholders as well to consider investments, including
bolt-on acquisitions, to strengthen our company for the long
term."
Segment Analysis for 1Q23 Compared to 1Q22
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the
three months ended March 31, 2023
compared to the same period of 2022 was primarily due to lower
sales volumes, lower MDI average selling prices and the negative
impact of weaker major international currencies against the U.S.
dollar. Sales volumes decreased primarily due to lower demand,
particularly in our European and Americas regions. The decrease in
segment adjusted EBITDA was primarily due to lower sales volumes,
lower MDI margins, the negative impact of weaker major
international currencies against the U.S. dollar and lower equity
earnings from our minority-owned joint venture in China, partially offset by cost savings
achieved from our cost optimization program.
Performance Products
The decrease in revenues in our Performance Products segment for
the three months ended March 31,
2023 compared to the same period of 2022 was primarily due
to lower sales volumes, partially offset by improved sales
mix. Sales volumes decreased in all regions primarily due to
slowing construction activity, reduced demand in coatings,
adhesives, lubes and other industrial markets as well as inventory
destocking. The decrease in segment adjusted EBITDA was primarily
due to decreased sales volumes.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for
the three months ended March 31, 2023
compared to the same period of 2022 was primarily due to lower
sales volumes, partially offset by higher average selling
prices. Sales volumes decreased primarily due to reduced
customer demand in our infrastructure markets and the deselection
of lower margin business. Average selling prices increased largely
in response to higher raw material, energy, and logistics costs as
well as improved sales mix. The decrease in segment adjusted
EBITDA was primarily due to lower sales volumes.
Corporate, LIFO and other
For the three months ended March 31,
2023, adjusted EBITDA from Corporate and other was a loss of
$49 million as compared to a loss of
$50 million for the same period of
2022.
Liquidity and Capital Resources
During the three months ended March 31,
2023, our free cash flow from continuing operations was a
use of cash of $168 million as
compared to a source of cash of $3
million in the same period of 2022. As of March 31, 2023, we had approximately $2 billion of combined cash and unused borrowing
capacity.
During the three months ended March 31,
2023, we spent $46 million on
capital expenditures from continuing operations as compared to
$64 million in the same period of
2022. During 2023, we expect to spend between $240 million to $250
million on capital expenditures.
Income Taxes
In the first quarter of 2023, our effective tax rate was 20% and
our adjusted effective tax rate was 19%. We expect our 2023
adjusted effective tax rate to be approximately 24% to 26%. We
expect our long-term adjusted effective tax rate to be
approximately 22% to 24%.
Earnings Conference Call Information
We will hold a conference call to discuss our first quarter 2023
financial results on Friday, May 5,
2023, at 10:00 a.m. ET.
Webcast link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=B4kYPWdx
Participant dial-in numbers:
Domestic
callers:
(877) 402-8037
International callers:
(201) 378-4913
The conference call will be accompanied by presentation slides
that will be accessible via the webcast link and Huntsman's
investor relations website, www.huntsman.com/investors. Upon
conclusion of the call, the webcast replay will be accessible via
Huntsman's website.
Upcoming Conferences
During the second
quarter 2023, a member of management is expected to present
at:
Goldman Sachs Industrials and Materials Conference on May 10, 2023
KeyBanc Materials Conference on May
31, 2023
Wells Fargo Industrials Conference on June
13, 2023
A webcast of the presentation, if applicable, along with
accompanying materials will be available at
www.huntsman.com/investors.
Table 1 – Results of
Operations
|
|
|
|
Three months
ended
|
|
|
|
March
31,
|
|
In millions, except per
share amounts
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Revenues
|
|
$ 1,606
|
|
$ 2,192
|
|
Cost of goods
sold
|
|
1,337
|
|
1,677
|
|
Gross
profit
|
|
269
|
|
515
|
|
Operating expenses,
net
|
|
215
|
|
232
|
|
Restructuring,
impairment and plant closing credits
|
|
(7)
|
|
-
|
|
Operating
income
|
|
61
|
|
283
|
|
Interest expense,
net
|
|
(18)
|
|
(14)
|
|
Equity in income of
investment in unconsolidated affiliates
|
|
12
|
|
15
|
|
Fair value adjustments
to Venator investment, net
|
|
(1)
|
|
(2)
|
|
Other income,
net
|
|
1
|
|
-
|
|
Income from
continuing operations before income taxes
|
|
55
|
|
282
|
|
Income tax
expense
|
|
(11)
|
|
(60)
|
|
Income from
continuing operations
|
|
44
|
|
222
|
|
Income from
discontinued operations, net of tax(3)
|
|
122
|
|
18
|
|
Net
income
|
|
166
|
|
240
|
|
Net income attributable
to noncontrolling interests
|
|
(13)
|
|
(17)
|
|
Net income
attributable to Huntsman Corporation
|
|
$ 153
|
|
$ 223
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
$ 136
|
|
$ 387
|
|
Adjusted net income
(1)
|
|
$
37
|
|
$ 237
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$ 0.84
|
|
$ 1.05
|
|
Diluted income per
share
|
|
$ 0.83
|
|
$ 1.04
|
|
Adjusted diluted
income per share(1)
|
|
$ 0.20
|
|
$ 1.10
|
|
|
|
|
|
|
|
Common share
information:
|
|
|
|
|
|
Basic weighted average
shares
|
|
183
|
|
213
|
|
Diluted weighted
average shares
|
|
184
|
|
215
|
|
Diluted shares for
adjusted diluted income per share
|
|
184
|
|
215
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations.
|
|
|
|
|
|
Table 2 – Results of
Operations by Segment
|
|
|
|
Three months
ended
|
|
|
|
|
March
31,
|
|
Better
/
|
In millions
|
|
2023
|
|
2022
|
|
(Worse)
|
|
|
|
|
|
|
|
Segment
Revenues:
|
|
|
|
|
|
|
Polyurethanes
|
|
$ 991
|
|
$ 1,386
|
|
(28 %)
|
Performance
Products
|
|
334
|
|
480
|
|
(30 %)
|
Advanced
Materials
|
|
289
|
|
335
|
|
(14 %)
|
Total Reportable
Segments' Revenues
|
|
1,614
|
|
2,201
|
|
(27 %)
|
|
|
|
|
|
|
|
Intersegment
Eliminations
|
|
(8)
|
|
(9)
|
|
n/m
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$ 1,606
|
|
$ 2,192
|
|
(27 %)
|
|
|
|
|
|
|
|
Segment Adjusted
EBITDA(1):
|
|
|
|
|
|
|
Polyurethanes
|
|
$
66
|
|
$ 224
|
|
(71 %)
|
Performance
Products
|
|
71
|
|
146
|
|
(51 %)
|
Advanced
Materials
|
|
48
|
|
67
|
|
(28 %)
|
Total Reportable
Segments' Adjusted EBITDA(1)
|
|
185
|
|
437
|
|
(58 %)
|
|
|
|
|
|
|
|
Corporate, LIFO and
other
|
|
(49)
|
|
(50)
|
|
2 %
|
|
|
|
|
|
|
|
Total Adjusted
EBITDA(1)
|
|
$ 136
|
|
$ 387
|
|
(65 %)
|
|
|
|
|
|
|
|
n/m = not
meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press
release for footnote explanations.
|
|
|
|
|
|
|
Table 3 – Factors
Impacting Sales Revenue
|
|
|
|
Three months
ended
|
|
|
March 31, 2023 vs.
2022
|
|
|
Average Selling
Price(a)
|
|
|
|
|
|
|
|
|
Local
|
|
Exchange
|
|
Sales
|
|
Sales
Mix
|
|
|
|
|
Currency
|
|
Rate
|
|
Volume(b)
|
|
&
Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes
|
|
(2 %)
|
|
(3 %)
|
|
(21 %)
|
|
(2 %)
|
|
(28 %)
|
Performance
Products
|
|
0 %
|
|
(1 %)
|
|
(31 %)
|
|
2 %
|
|
(30 %)
|
Advanced
Materials
|
|
6 %
|
|
(3 %)
|
|
(21 %)
|
|
4 %
|
|
(14 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes sales
from tolling arrangements, by-products and raw
materials.
|
|
|
|
|
(b) Excludes sales
from by-products and raw materials.
|
|
|
|
|
|
|
|
|
Table 4 –
Reconciliation of U.S. GAAP to Non-GAAP Measures
|
|
|
|
|
|
|
Income
Tax
|
|
|
|
|
|
Diluted
Income
|
|
|
EBITDA
|
|
(Expense)
Benefit
|
|
Net
Income
|
|
Per
Share
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
|
March
31,
|
In millions, except per
share amounts
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
166
|
|
$
240
|
|
|
|
|
|
$
166
|
|
$
240
|
|
$ 0.90
|
|
$ 1.11
|
Net income attributable
to noncontrolling interests
|
|
(13)
|
|
(17)
|
|
|
|
|
|
(13)
|
|
(17)
|
|
(0.07)
|
|
(0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Huntsman Corporation
|
|
153
|
|
223
|
|
|
|
|
|
153
|
|
223
|
|
0.83
|
|
1.04
|
Interest expense from
continuing operations
|
|
18
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense from
continuing operations
|
|
11
|
|
60
|
|
$
(11)
|
|
$
(60)
|
|
|
|
|
|
|
|
|
Income tax expense from
discontinued operations(3)
|
|
15
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from continuing operations
|
|
69
|
|
67
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization from discontinued operations(3)
|
|
-
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition
and integration expenses and purchase accounting inventory
adjustments
|
|
1
|
|
6
|
|
-
|
|
-
|
|
1
|
|
6
|
|
0.01
|
|
0.03
|
Income associated with
the Albemarle Settlement, net
|
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
0.00
|
EBITDA / Income from
discontinued operations, net of tax(3)
|
|
(137)
|
|
(27)
|
|
N/A
|
|
N/A
|
|
(122)
|
|
(18)
|
|
(0.66)
|
|
(0.08)
|
(Gain) loss on sale of
businesses/assets
|
|
-
|
|
4
|
|
-
|
|
(1)
|
|
-
|
|
3
|
|
-
|
|
0.01
|
Income from transition
services arrangements
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
-
|
|
(1)
|
|
-
|
|
(0.00)
|
Fair value adjustments
to Venator Investment
|
|
1
|
|
2
|
|
-
|
|
-
|
|
1
|
|
2
|
|
0.01
|
|
0.01
|
Certain legal
settlements and related expenses
|
|
1
|
|
12
|
|
-
|
|
(4)
|
|
1
|
|
8
|
|
0.01
|
|
0.04
|
Certain non-recurring
information technology project implementation costs
|
|
2
|
|
2
|
|
-
|
|
-
|
|
2
|
|
2
|
|
0.01
|
|
0.01
|
Amortization of pension
and postretirement actuarial losses
|
|
8
|
|
12
|
|
(1)
|
|
(3)
|
|
7
|
|
9
|
|
0.04
|
|
0.04
|
Restructuring,
impairment and plant closing and transition costs
|
|
(6)
|
|
3
|
|
-
|
|
(1)
|
|
(6)
|
|
2
|
|
(0.03)
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1)
|
|
$
136
|
|
$
387
|
|
$
(12)
|
|
$
(69)
|
|
$
37
|
|
$
237
|
|
$ 0.20
|
|
$ 1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax
expense(1)
|
|
|
|
|
|
|
|
|
|
$
12
|
|
$
69
|
|
|
|
|
Net income attributable
to noncontrolling interests, net of tax
|
|
|
|
|
|
|
|
|
|
13
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax
income(1)
|
|
|
|
|
|
|
|
|
|
$
62
|
|
$
323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective
tax rate(4)
|
|
|
|
|
|
|
|
|
|
19 %
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
|
|
|
|
|
|
|
|
20 %
|
|
21 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 – Selected
Balance Sheet Items
|
|
|
|
March
31,
|
|
December
31,
|
In millions
|
|
2023
|
|
2022
|
|
|
|
|
|
Cash
|
|
$
615
|
|
$
654
|
Accounts and notes
receivable, net
|
|
887
|
|
834
|
Inventories
|
|
1,048
|
|
995
|
Other current
assets
|
|
150
|
|
190
|
Current assets held for
sale(3)
|
|
-
|
|
472
|
Property, plant and
equipment, net
|
|
2,366
|
|
2,377
|
Other noncurrent
assets
|
|
2,697
|
|
2,698
|
|
|
|
|
|
Total
assets
|
|
$
7,763
|
|
$
8,220
|
|
|
|
|
|
Accounts
payable
|
|
$
857
|
|
$
961
|
Other current
liabilities
|
|
429
|
|
480
|
Current portion of
debt
|
|
11
|
|
66
|
Current liabilities
held for sale(3)
|
|
-
|
|
194
|
Long-term
debt
|
|
1,509
|
|
1,671
|
Other noncurrent
liabilities
|
|
967
|
|
1,008
|
Huntsman Corporation
stockholders' equity
|
|
3,763
|
|
3,624
|
Noncontrolling
interests in subsidiaries
|
|
227
|
|
216
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
7,763
|
|
$
8,220
|
Table 6 –
Outstanding Debt
|
|
|
|
March
31,
|
|
December
31,
|
In millions
|
|
2023
|
|
2022
|
|
|
|
|
|
Debt:
|
|
|
|
|
Revolving credit
facility
|
|
$
-
|
|
$
55
|
Accounts receivable
programs
|
|
-
|
|
166
|
Senior notes
|
|
1,462
|
|
1,455
|
Variable interest
entities
|
|
33
|
|
35
|
Other debt
|
|
25
|
|
26
|
|
|
|
|
|
Total debt -
excluding affiliates
|
|
1,520
|
|
1,737
|
|
|
|
|
|
Total cash
|
|
615
|
|
654
|
|
|
|
|
|
Net debt - excluding
affiliates(5)
|
|
$
905
|
|
$
1,083
|
|
|
|
|
|
See end of press
release for footnote explanations.
|
|
|
|
|
Table 7 – Summarized
Statement of Cash Flows
|
|
|
|
Three months
ended
|
|
|
March
31,
|
In millions
|
|
2023
|
|
2022
|
|
|
|
|
|
Total cash at
beginning of period
|
|
$
654
|
|
$
1,041
|
|
|
|
|
|
Net cash (used in)
provided by operating activities from continuing
operations
|
|
(122)
|
|
67
|
Net cash (used in)
provided by operating activities from discontinued
operations(3)
|
|
(32)
|
|
18
|
Net cash provided by
(used in) investing activities from continuing
operations
|
|
493
|
|
(60)
|
Net cash used in
investing activities from discontinued
operations(3)
|
|
(4)
|
|
(5)
|
Net cash used in
financing activities
|
|
(379)
|
|
(252)
|
Effect of exchange rate
changes on cash
|
|
5
|
|
(2)
|
|
|
|
|
|
Total cash at end of
period
|
|
$
615
|
|
$
807
|
|
|
|
|
|
Free cash flow from
continuing operations(2):
|
|
|
|
|
Net cash (used in)
provided by operating activities from continuing
operations
|
|
$
(122)
|
|
$
67
|
Capital
expenditures
|
|
(46)
|
|
(64)
|
|
|
|
|
|
Free cash flow from
continuing operations(2)
|
|
$
(168)
|
|
$
3
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
Cash paid for
interest
|
|
$
(10)
|
|
$
(9)
|
Cash paid for income
taxes
|
|
(29)
|
|
(32)
|
Cash paid for
restructuring and integration
|
|
(22)
|
|
(12)
|
Cash paid for
pensions
|
|
(11)
|
|
(11)
|
Depreciation and
amortization from continuing operations
|
|
69
|
|
67
|
|
|
|
|
|
Change in primary
working capital:
|
|
|
|
|
Accounts and notes
receivable
|
|
$
(23)
|
|
$
(119)
|
Inventories
|
|
(50)
|
|
(158)
|
Accounts
payable
|
|
(75)
|
|
77
|
Total change in primary
working capital
|
|
$
(148)
|
|
$
(200)
|
|
|
|
|
|
See end of press
release for footnote explanations.
|
|
|
|
|
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 and transition costs (credits); and further adjusted for
certain other items set forth in the reconciliation of net income
(loss) to adjusted EBITDA 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 and
transition costs (credits); and further adjusted for certain other
items set forth in the reconciliation of net income (loss) to
adjusted 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 may disclose
forward-looking adjusted EBITDA because we cannot adequately
forecast certain items and events that may or may not impact us in
the near future, such as business acquisition and integration
expenses and purchase accounting inventory adjustments, certain
legal and other settlements and related expenses, gains on sale of
businesses/assets and certain tax only items, including tax law
changes not yet enacted. Each of such adjustment has not yet
occurred, is out of our control and/or cannot be reasonably
predicted. In our view, our forward-looking adjusted EBITDA
represents the forecast net income on our underlying business
operations but does not reflect any adjustments related to the
items noted above that may occur and can cause our adjusted EBITDA
to differ.
|
|
|
(2)
|
Management internally
uses free cash flow measure: (a) to evaluate our liquidity, (b)
evaluate strategic investments, (c) plan stock buyback and dividend
levels and (d) evaluate our ability to incur and service debt. Free
cash flow is defined as net cash provided by operating activities
less capital expenditures. 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.
|
|
|
(3)
|
During the first
quarter 2023, we completed the divestiture of our Textile Effects
business, which is reported as discontinued operations on the
income and cash flow statements and held for sale on the December
31, 2022 balance sheet.
|
|
|
(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. Please see the reconciliation of our
net income to adjusted net income in Table 4 for details regarding
the tax impacts of our non-GAAP adjustments.
|
|
|
|
Our forward-looking
adjusted effective tax rate is calculated based on our forecast
effective tax rate, and the range of our forward-looking adjusted
effective tax rate equals the range of our forecast effective tax
rate. We disclose forward-looking adjusted effective tax rate
because we cannot adequately forecast certain items and events that
may or may not impact us in the near future, such as business
acquisition and integration expenses and purchase accounting
inventory adjustments, certain legal and other settlements and
related expenses, gains on sale of businesses/assets and certain
tax only items, including tax law changes not yet enacted. Each of
such adjustment has not yet occurred, is out of our control and/or
cannot be reasonably predicted. In our view, our forward-looking
adjusted effective tax rate represents the forecast effective tax
rate on our underlying business operations but does not reflect any
adjustments related to the items noted above that may occur and can
cause our effective tax rate to differ.
|
|
|
(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 2022 revenues
of approximately $8 billion from
our continuing operations. 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 60 manufacturing, R&D and operations
facilities in approximately 30 countries and
employ approximately 7,000 associates within our continuing
operations. 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:
This press
release includes "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 forward-looking statements
include statements concerning our plans, objectives, goals,
strategies, future events, future revenue or performance, capital
expenditures, financing needs, plans or intentions relating to
acquisitions, divestitures or strategic transactions, business
trends and any other information that is not historical
information. When used in this press release, the words
"estimates," "expects," "anticipates," "likely," "projects,"
"outlook," "plans," "intends," "believes," "forecasts," or future
or conditional verbs, such as "will," "should," "could" or "may,"
and variations of such words or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements, including, without limitation, management's examination
of historical operating trends and data, are based upon our current
expectations and various assumptions and beliefs. In particular,
such forward-looking statements are subject to uncertainty and
changes in circumstances and involve risks and uncertainties that
may affect the Company's operations, markets, products, prices and
other factors as discussed in the Company's filings with the
Securities and Exchange Commission (the "SEC"). Significant risks
and uncertainties may relate to, but are not limited to, increased
energy costs in Europe, inflation
and resulting monetary tightening in the US, geopolitical
instability, volatile global economic conditions, cyclical and
volatile product markets, disruptions in production at
manufacturing facilities, reorganization or restructuring of the
Company's operations, including any delay of, or other negative
developments affecting the ability to implement cost reductions and
manufacturing optimization improvements in the Company's businesses
and to realize anticipated cost savings, and other financial,
operational, economic, competitive, environmental, political,
legal, regulatory and technological factors. Any forward-looking
statement should be considered in light of the risks set forth
under the caption "Risk Factors" in our Annual Report on Form 10-K
for the year ended December 31, 2022,
which may be supplemented by other risks and uncertainties
disclosed in any subsequent reports filed or furnished by the
Company from time to time. All forward-looking statements apply
only as of the date made. Except as required by law, the Company
undertakes no obligation to update or revise forward-looking
statements to reflect events or circumstances that arise after the
date made or to reflect the occurrence of unanticipated
events.
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SOURCE Huntsman Corporation