Revenues Decline 5% for Huntsman in 2020 First Quarter
Huntsman’s Advanced Materials segment saw revenues decline 11% in the 2020 first quarter, to $241 million.
Huntsman Corp. recently reported its first quarter 2020 results with revenues of almost $1.6 billion (a 5% decline compared to the prior year quarter), net income of $708 million, adjusted net income of $65 million, and adjusted EBITDA of $165 million.
“Fortunately, we have been well prepared for this global economic crisis,” said Peter R. Huntsman, chairman, president, and CEO. “The ongoing transformation of our business has made us a much better Company. Our balance sheet is stronger than ever before, with significant cash and robust liquidity. Visibility has at no time been more difficult, but our portfolio of businesses has never been more differentiated. In this environment we are laser focused on what is in our control and protecting our balance sheet strength. Having learned from prior crises, we preemptively reduced unnecessary inventories and are reducing capital spending this year by 30%, or approximately $90 million, by delaying discretionary spending. We have proactively taken other measures, including suspending share repurchases, and various cost reduction measures yielding immediate benefit. We will accelerate our plans to achieve synergies with our recent and pending strategic bolt-on acquisitions and aggressively press forward with the global scale up of our differentiated platform. Our Company is ready and able to take advantage of opportunities to come, and I am confident that Huntsman will emerge from this global crisis a stronger Company.”