Huntsman Corporation announced its financial results for the second quarter of 2024, revealing revenues of $1,574 million. The company reported a net income attributable to Huntsman of $22 million, an adjusted net income of $24 million, and an adjusted EBITDA of $131 million.
The decline in Huntsman’s polyurethanes business was slightly less severe, with revenues dropping 1.1% from $1.01 billion to $1.00 billion. This decrease was mainly due to lower average selling prices for MDI, despite higher sales volumes. The lower prices were attributed to less favorable supply and demand dynamics. Adjusted EBITDA for polyurethanes fell 9.1%, from $88 million to $80 million. This decline was driven by lower MDI prices and reduced equity earnings from a Chinese joint venture, though lower raw material costs and increased sales volumes partially mitigated the impact.
Our second quarter 2024 was consistent with our expectations and represented a $50 million adjusted EBITDA improvement compared to the first quarter. Our sales volumes improved 9% year over year and we expect our growth comparisons to continue to be favorable in the second half of the year. That said, we do not expect global economic activity to change substantially from the current levels through the remainder of the third quarter. We will continue to control our costs, focus on cash flow and drive stronger sales volumes compared to 2023 with higher overall utilization rates. Our balance sheet is strong, and we will remain disciplined in our approach to allocating capital to strengthen our company for the long-term and return cash to shareholders.
Source: Huntsman International LLC
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