News Releases

THE WOODLANDS, Texas, Oct. 29, 2021 /PRNewswire/ -- 

Third Quarter Highlights

  • Third quarter 2021 net income of $225 million compared to net income of $57 million in the prior year period; third quarter 2021 diluted earnings per share of $0.94 compared to diluted earnings per share of $0.22 in the prior year period.
  • Third quarter 2021 adjusted net income of $239 million compared to adjusted net income of $70 million in the prior year period; third quarter 2021 adjusted diluted earnings per share of $1.08 compared to adjusted diluted earnings per share of $0.32 in the prior year period.
  • Third quarter 2021 adjusted EBITDA of $371 million compared to $188 million in the prior year period.
  • Third quarter 2021 net cash provided by operating activities from continuing operations was $186 million. Free cash flow from continuing operations was $110 million for the third quarter 2021.
  • Balance sheet is strong with a net leverage of 0.9x and total liquidity of approximately $2 billion.
  • Repurchased approximately 4 million shares for approximately $102 million in the third quarter 2021.
  • On October 28, 2021, Huntsman won an arbitration award against Albemarle for fraud and breach of contract in excess of $600 million of which the Company expects to net in excess of $400 million after attorney's fees.

Three months ended

Nine months ended

September 30,

September 30,

In millions, except per share amounts

2021

2020

2021

2020

Revenues

$     2,285

$     1,510

$     6,146

$     4,350

Net income

$       225

$         57

$       497

$       706

Adjusted net income(1)

$       239

$         70

$       577

$       105

Diluted income per share

$      0.94

$      0.22

$      2.02

$      3.13

Adjusted diluted income per share(1)

$      1.08

$      0.32

$      2.60

$      0.47

Adjusted EBITDA(1)

$       371

$       188

$       994

$       407

Net cash provided by operating activities from continuing operations

$       186

$         65

$       163

$       110

Free cash flow from continuing operations(2)

$       110

$         11

$        (87)

$        (60)

Adjusted free cash flow from continuing operations(6)

$       110

$       189

$        (84)

$       128

See end of press release for footnote explanations and reconciliations of non-GAAP measures.

ag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆Huntsman Corporation (NYSE: HUN) today reported third quarter 2021 results with revenues of $2,285 million, net income of $225 million, adjusted net income of $239 million and adjusted EBITDA of $371 million. 

Peter R. Huntsman, Chairman, CEO and President, commented:

"We are pleased with the strong earnings we delivered in the third quarter.  Despite pockets of disruption in our supply chain and cost inflation, we see strong pent-up demand across most of our businesses with favorable pricing dynamics. In addition, we are benefiting from cost reduction programs and synergies from the acquisitions we completed over the past 18 months. As indicated in our second quarter earnings call, we resumed share repurchases and we used free cash flow generated in the quarter to repurchase approximately $102 million of our stock during the quarter at an average price of $25.64 per share.

Since 2017, we have divested approximately 40% of our portfolio, including much of our commodity product lines, while adding numerous differentiated and higher margin products to the portfolio through bolton acquisitions. Our investment grade balance sheet remains strong and, together with our cash generation, provides us with the opportunity to continue to return capital to shareholders and further our portfolio transformation with additional bolton acquisitions when they make strategic and financial sense. In addition, we are investing in high return organic projects that will increase our total returns and improve margins over the next 24 to 36 months.

I also want to recognize the efforts of our corporate leadership team as well as our Board of Directors in connection with our arbitration award announced yesterday afternoon. This was a multi-year effort that could not have been won without their support, integrity and cohesion. 

We have a bright future, remain focused on improving the quality of our margins, and look forward to discussing the Company's strategy at our Investor Day on November 9th in New York City."

Segment Analysis for 3Q21 Compared to 3Q20

Polyurethanes

The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2021, compared to the same period of 2020 was largely due to higher MDI average selling prices and slightly higher sales volumes. MDI average selling prices increased in all our regions. Sales volumes increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown, partially offset by the impact of Hurricane Ida at our Geismar, Louisiana facility that occurred in the third quarter of 2021. The increase in segment adjusted EBITDA was primarily due to higher MDI margins resulting from higher MDI pricing and slightly higher sales volumes as well as stronger earnings from our PO/MTBE joint venture in China, partially offset by higher raw material costs. 

Performance Products

The increase in revenues in our Performance Products segment for the three months ended September 30, 2021, compared to the same period of 2020 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown as well as in response to an increase in raw material costs. Sales volumes also increased primarily due to stronger demand. The increase in segment adjusted EBITDA was primarily due to increased revenue and margins, partially offset by increased fixed costs.

Advanced Materials

ag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2021, compared to the same period in 2020 was primarily due to higher sales volumes, higher average selling prices and the favorable net impact of the Gabriel Acquisition and the sale of the India-based DIY business. Excluding our recent acquisition and divestiture, sales volumes increased across all of our specialty markets, primarily in relation to the ongoing recovery from the global economic slowdown. Average selling prices increased largely in response to higher raw material costs. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefit from our recent acquisition.

Textile Effects

ag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆The increase in revenues in our Textile Effects segment for the three months ended September 30, 2021, compared to the same period of 2020 was due to higher sales volumes and higher average selling prices. Sales volumes increased primarily due to increased demand resulting from the ongoing recovery from the global economic slowdown, particularly in the North Asia and Americas regions. Average selling prices increased primarily in response to higher freight and logistics costs. The increase in segment adjusted EBITDA was primarily due to higher sales revenues, partially offset by higher fixed costs.

Corporate, LIFO and other

For the three months ended September 30, 2021, adjusted EBITDA from Corporate and other decreased by $11 million to a loss of $48 million from a loss of $37 million for the same period of 2020.

Liquidity and Capital Resources

During the three months ended September 30, 2021, our adjusted free cash flow from continuing operations was $110 million as compared to $189 million in the prior year period.  As of September 30, 2021, we had approximately $2 billion of combined cash and unused borrowing capacity.

During the three months ended September 30, 2021, we spent $76 million on capital expenditures as compared to $54 million in the same period of 2020.  For 2021, we expect to spend approximately $350 million on capital expenditures.

Income Taxes

In the third quarter 2021, our adjusted effective tax rate was 15%.  For 2021, our adjusted effective tax rate is expected to be approximately 19% to 20%.  We continue to expect our forward adjusted effective tax rate will be approximately 22% to 24% 

Albemarle Litigation

ag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆On October 28, 2021, a panel of three former federal judges sitting as arbitrators found that Albemarle (and its predecessor Rockwood) had defrauded Huntsman in connection with the sale of its pigments business in 2014, breached the contract under which the business was sold, and awarded Huntsman in excess of $600 million for the fraud and breach, inclusive of punitive damages and statutory interest at 9% of which the Company expects to net in excess of $400 million after attorney's fees. The award is subject to confirmation and limited appeal in the New York state court.

Earnings Conference Call Information

ag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆We will hold a conference call to discuss our third quarter 2021 financial results on Friday October 29, 2021 at 10:00 a.m. ET.

Webcast link:

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, am-mon.com/investorsag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆.  Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.

Upcoming Conferences

During the fourth quarter 2021, a member of management is expected to present at:
ag棋牌游戏-ag棋牌官网-ag棋牌娱乐-ag游戏大厅登陆Citi Virtual Conference on November 30, 2021.

A webcast of the presentation, if applicable, along with accompanying materials will be available at am-mon.com/investors.

 

Table 1 -- Results of Operations

Three months ended

Nine months ended

September 30,

September 30,

In millions, except per share amounts

2021

2020

2021

2020

Revenues

$     2,285

$     1,510

$     6,146

$     4,350

Cost of goods sold

1,802

1,231

4,840

3,612

Gross profit

483

279

1,306

738

Operating expenses

239

208

692

660

Restructuring, impairment and plant closing (credits) costs

(1)

12

34

34

Operating income

245

59

580

44

Interest expense

(15)

(24)

(52)

(63)

Equity in income of investment in unconsolidated affiliates

34

21

118

25

Fair value adjustments to Venator investment

(3)

6

(28)

(100)

Loss on early extinguishment of debt

-

-

(27)

-

Other income, net

7

10

23

27

Income (loss) from continuing operations before income taxes

268

72

614

(67)

Income tax expense

(38)

(15)

(114)

(9)

Income (loss) from continuing operations

230

57

500

(76)

(Loss) income from discontinued operations, net of tax(3)

(5)

-

(3)

782

Net income

225

57

497

706

Net income attributable to noncontrolling interests, net of tax

(16)

(9)

(49)

(15)

Net income attributable to Huntsman Corporation

$       209

$         48

$       448

$       691

Adjusted EBITDA(1)

$       371

$       188

$       994

$       407

Adjusted net income(1)

$       239

$         70

$       577

$       105

Basic income per share

$      0.95

$      0.22

$      2.03

$      3.13

Diluted income per share

$      0.94

$      0.22

$      2.02

$      3.13

Adjusted diluted income per share(1)

$      1.08

$      0.32

$      2.60

$      0.47

Common share information:

Basic weighted average shares

219

220

220

221

Diluted weighted average shares

221

221

222

221

Diluted shares for adjusted diluted income per share

221

221

222

222

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

2021

2020

(Worse)

2021

2020

(Worse)

Segment Revenues:

Polyurethanes

$     1,403

$       936

50%

$     3,626

$     2,554

42%

Performance Products

399

238

68%

1,075

758

42%

Advanced Materials

304

199

53%

881

632

39%

Textile Effects

188

142

32%

588

424

39%

Corporate and Eliminations

(9)

(5)

n/m

(24)

(18)

n/m

Total

$     2,285

$     1,510

51%

$     6,146

$     4,350

41%

Segment Adjusted EBITDA(1):

Polyurethanes

$       246

$       156

58%

$       661

$       271

144%

Performance Products

103

36

186%

254

123

107%

Advanced Materials

48

25

92%

150

103

46%

Textile Effects

22

8

175%

75

24

213%

Corporate, LIFO and other

(48)

(37)

(30%)

(146)

(114)

(28%)

Total

$       371

$       188

97%

$       994

$       407

144%

n/m = not meaningful

See end of press release for footnote explanations.

 

Table 3 -- Factors Impacting Sales Revenue

Three months ended

September 30, 2021 vs. 2020

Average Selling Price(a)

Local

Exchange

Sales Mix

Sales

Currency

Rate

& Other

Volume(b)

Total

Polyurethanes

40%

2%

6%

2%

50%

Performance Products

49%

2%

(8%)

25%

68%

Advanced Materials

23%

3%

24%

3%

53%

Textile Effects

15%

3%

(2%)

16%

32%

Nine months ended

September 30, 2021 vs. 2020

Average Selling Price(a)

Local

Exchange

Sales Mix

Sales

Currency

Rate

& Other

Volume(b)

Total

Polyurethanes

31%

3%

4%

4%

42%

Performance Products

29%

4%

(5%)

14%

42%

Advanced Materials

10%

5%

11%

13%

39%

Textile Effects

(1%)

3%

5%

32%

39%

(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

September 30,

September 30,

September 30,

September 30,

In millions, except per share amounts

2021

2020

2021

2020

2021

2020

2021

2020

Net income

$        225

$          57

$        225

$          57

$       1.02

$       0.26

Net income attributable to noncontrolling interests

(16)

(9)

(16)

(9)

(0.07)

(0.04)

Net income attributable to Huntsman Corporation

209

48

209

48

0.94

0.22

Interest expense from continuing operations

15

24

Income tax expense from continuing operations

38

15

$         (38)

$         (15)

Income tax expense from discontinued operations(3)

5

-

Depreciation and amortization from continuing operations

72

70

Business acquisition and integration expenses and purchase accounting inventory adjustments

5

9

(2)

(3)

3

6

0.01

0.03

EBITDA / Income from discontinued operations, net of tax(3)

-

-

 N/A 

 N/A 

5

-

0.02

-

Income from transition services arrangements

(2)

(1)

-

-

(2)

(1)

(0.01)

-

Fair value adjustments to Venator Investment(a)

3

(6)

-

-

3

(6)

0.01

(0.03)

Certain legal and other settlements and related income

-

(4)

-

1

-

(3)

-

(0.01)

Certain non-recurring information technology project implementation costs

2

1

-

-

2

1

0.01

-

Amortization of pension and postretirement actuarial losses

22

20

(5)

(4)

17

16

0.08

0.07

Restructuring, impairment and plant closing and transition costs

-

12

-

(3)

-

9

-

0.04

Plant incident remediation costs

2

-

-

-

2

-

0.01

-

Adjusted(1)

$        371

$        188

$         (45)

$         (24)

$        239

$          70

$       1.08

$       0.32

Adjusted income tax expense(1)

$          45

$          24

Net income attributable to noncontrolling interests, net of tax

16

9

Adjusted pre-tax income(1)

$        300

$        103

Adjusted effective tax rate(4)

15%

23%

Effective tax rate

14%

21%

 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

2021

2020

2021

2020

2021

2020

2021

2020

Net income

$        497

$        706

$        497

$        706

$       2.24

$       3.20

Net income attributable to noncontrolling interests

(49)

(15)

(49)

(15)

(0.22)

(0.07)

Net income attributable to Huntsman Corporation

448

691

448

691

2.02

3.13

Interest expense from continuing operations

52

63

Income tax expense from continuing operations

114

9

$       (114)

$          (9)

Income tax expense from discontinued operations(3)

5

239

Depreciation and amortization from continuing operations

219

206

Business acquisition and integration expenses and purchase accounting inventory adjustments

19

30

(4)

(6)

15

24

0.07

0.11

EBITDA / Income from discontinued operations, net of tax(3)

(2)

(1,021)

N/A

N/A

3

(782)

0.01

(3.54)

Gain on sale of businesses/assets

(30)

(1)

4

-

(26)

(1)

(0.12)

-

Income from transition services arrangements

(6)

(6)

1

1

(5)

(5)

(0.02)

(0.02)

Fair value adjustments to Venator Investment(a)

28

100

-

-

28

100

0.13

0.45

Loss on early extinguishment of debt

27

-

(6)

-

21

-

0.09

-

Certain legal settlements and related expenses

10

2

(3)

-

7

2

0.03

0.01

Certain non-recurring information technology project implementation costs

6

3

(1)

-

5

3

0.02

0.01

Amortization of pension and postretirement actuarial losses

65

57

(15)

(12)

50

45

0.23

0.20

Restructuring, impairment and plant closing and transition costs

36

34

(8)

(7)

28

27

0.13

0.12

Plant incident remediation costs

3

1

-

-

3

1

0.01

-

Adjusted(1)

$        994

$        407

$       (146)

$         (33)

$        577

$        105

$       2.60

$       0.47

Adjusted income tax expense(1)

$        146

$          33

Net income attributable to noncontrolling interests, net of tax

49

15

Adjusted pre-tax income(1)

$        772

$        153

Adjusted effective tax rate(4)

19%

22%

Effective tax rate

19%

(13%)

(a) Represents the changes in market value in Huntsman's remaining interesting in Venator.

N/A = not applicable

See end of press release for footnote explanations.

 

Table 5 -- Selected Balance Sheet Items

September 30,

December 31,

In millions

2021

2020

Cash

$              505

$            1,593

Accounts and notes receivable, net

1,239

910

Inventories

1,174

848

Other current assets

196

217

Property, plant and equipment, net

2,540

2,505

Other noncurrent assets

2,915

2,640

Total assets

$            8,569

$            8,713

Accounts payable

$              985

$              876

Other current liabilities

623

510

Current portion of debt

16

593

Long-term debt

1,567

1,528

Other noncurrent liabilities

1,424

1,533

Huntsman Corporation stockholders' equity

3,779

3,519

Noncontrolling interests in subsidiaries

175

154

Total liabilities and equity

$            8,569

$            8,713

 

Table 6 -- Outstanding Debt

September 30,

December 31,

In millions

2021

2020

Debt:

Revolving credit facility

$                 -

$                 -

Accounts receivable programs

-

-

Senior notes

1,484

2,047

Variable interest entities

66

50

Other debt

33

24

Total debt - excluding affiliates

1,583

2,121

Total cash

505

1,593

Net debt - excluding affiliates(5)

$            1,078

$              528

See end of press release for footnote explanations.

 

Table 7 -- Summarized Statement of Cash Flows

Three months ended

Nine months ended

September 30,

September 30,

In millions

2021

2020

2021

2020

Total cash at beginning of period

$           510

$         1,254

$         1,593

$           525

Net cash provided by operating activities from continuing operations

186

65

163

110

Net cash provided by (used in) operating activities from discontinued operations(3)

-

18

(1)

(22)

Net cash provided by (used in) provided by investing activities

(70)

(47)

(439)

1,105

Net cash used in financing activities

(118)

(129)

(809)

(546)

Effect of exchange rate changes on cash

(3)

7

(2)

(4)

Total cash at end of period

$           505

$         1,168

$           505

$         1,168

Free cash flow from continuing operations(2):

Net cash provided by operating activities

$           186

$             65

$           163

$           110

Capital expenditures

(76)

(54)

(250)

(170)

Free cash flow from continuing operations

110

11

(87)

(60)

Taxes paid on sale of Chemical Intermediates Businesses

-

178

3

188

Adjusted free cash flow from continuing operations(6):

$           110

$           189

$            (84)

$           128

Supplemental cash flow information:

Cash paid for interest

$            (10)

$              (9)

$            (57)

$            (49)

Cash paid for income taxes

(7)

(187)

(83)

(242)

Cash paid for restructuring and integration

(11)

(10)

(28)

(24)

Cash paid for pensions

(17)

(27)

(45)

(73)

Depreciation and amortization

72

70

219

206

Change in primary working capital:

Accounts and notes receivable

$          (128)

$            (76)

$          (342)

$           103

Inventories

3

75

(329)

154

Accounts payable

(48)

111

125

(85)

Total change in primary working capital

$          (173)

$           110

$          (546)

$           172

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 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 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 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 have 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 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 third quarter 2019, we entered into an agreement to sell our Chemical Intermediates Businesses. Results from these businesses, including the associated gain on sale, was treated as discontinued operations until the completion of the sale on January 3, 2020.

(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. 

(6)

Adjusted free cash flow is defined as free cash flow, as described above, adjusted by excluding the taxes paid in connection with the sale of our Chemical Intermediates Businesses and the sale of our India-based DIY business.  We believe that adjusted free cash flow provides a useful comparison from period to period because it excludes the impact of cash taxes unrelated to our operations. Additionally, the proceeds received from the sale of our Chemical Intermediates Businesses and the sale of our India-based DIY business were classified as cash provided by investing activities and therefore was not factored into our free cash flow.  As result, we believe the adjustment to exclude the taxes paid associated with these transactions provides a meaningful measure of our free cash flow.

About Huntsman:

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2020 revenues of approximately $6 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 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions. For more information about Huntsman, please visit the company's website at am-mon.com.

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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, timing of proposed transactions, 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

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