Huntsman announces third quarter 2018 results

Huntsman Corporation announced its third quarter 2018 performance report, with revenue of US$2.444 billion and a net loss of US$8 million, adjusted Net income was $202 million and adjusted EBITDA was $374 million.

Peter R. Huntsman, Chairman, President and Chief Executive Officer of Huntsman, commented: “The impact of our company’s success is “The quarter was overall solid, demonstrating the consistency of our downstream and differentiated businesses. The expected correction in the near-term fundamentals of the MDI market provides us with the opportunity to demonstrate our unique downstream polyurethanes portfolio and strategic advantages. Despite global trade, Uncertainty and weak demand in some parts of China, but long-term fundamentals remain unchanged. We are confident that we are on track to achieve the 2020 targets we set at our Investor Day on May 23, 2018. Our free cash flow remains strong, The third quarter was a good one, with our balance sheet continuing to strengthen and net leverage improving to 1.3x, fully in line with investment grade metrics. We are committed to a balanced and opportunistic approach by increasing our downstream differentiated business portfolio and repurchasing shares. Allocate capital to create long-term value for our shareholders.”

Polyurethane segment analysis for the third quarter of 2018 compared to the same period in the third quarter of 2017

In the three months ended September 30, 2018, Huntsman’s polyurethane division revenue increased compared with the same period in 2017, mainly due to Due to higher average selling prices and higher sales volume. Due to strong end market demand, the average selling price of differentiated MDI increased, which was partially offset by the decrease in MDI market price compared with the same period last year. MTBE average sales prices increased due to higher prices for high-octane gasoline. MDI sales increased due to increased demand in most major markets. MTBE sales increased due to the impact of hurricane-related production disruptions in 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 production disruptions due to hurricanes in the third quarter of 2017, partially offset by lower MDI margins.

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