Huntsman Q3 2022 Earnings Report
Key Takeaways
Huntsman Corporation reported third quarter 2022 results with revenues of $2,011 million, net income of $115 million, adjusted net income of $141 million and adjusted EBITDA of $271 million. The company has repurchased more than $750 million of Huntsman stock this year and is tracking towards its previously announced target of $1 billion for the full year. Cost reduction plans continue to move apace and have already reached an annual run rate of approximately $160 million of the $240 million expected to be achieved by the end of 2023.
Third quarter adjusted EBITDA was within updated guidance and the company delivered strong free cash flow.
An agreement to sell the Textile Effects division for a total enterprise value of $718 million was announced.
The company has repurchased more than $750 million of Huntsman stock this year and is tracking towards its previously announced target of $1 billion for the full year.
Cost reduction plans continue to move apace and have already reached an annual run rate of approximately $160 million of the $240 million expected to be achieved by the end of 2023.
Huntsman
Huntsman
Forward Guidance
The global business environment has become increasingly difficult with growth slowing across many of our end markets. Specifically in Europe, the inflationary impact from record high energy prices combined with declining demand is pressuring our European facilities and margins in ways no one anticipated.