Huntsman Updates its Second Quarter Outlook; To Discuss Second Quarter 2020 Results on July 28, 2020
THE WOODLANDS, Texas, June 22, 2020 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reaffirmed its overall general outlook for the second quarter 2020 and announced that overall sales for the quarter are expected to be down between approximately 30 to 35 percent versus last year. Huntsman noted that the sales trends showed improvement from April to May, and it expects to see this continued improvement through June. Results in its Polyurethanes division are expected to be modestly better than expected as trends in China and in U.S. construction, including spray foam, are better than originally anticipated. The better-than-expected results in Polyurethanes are being mostly offset by weaker-than-anticipated results in Huntsman's Textiles Effects division due largely to the prolonged impact of mandated shutdowns in key textile manufacturing regions, and the expected recovery in the industry may not begin until the third quarter due to the continued lockdowns. Huntsman anticipates that adjusted EBITDA in its Textiles Effects division will likely be slightly negative for the second quarter. Huntsman expects that results in the Performance Products division will be in-line with the prior outlook, but the results in the Advanced Materials division may fall a little short of expectations as a result of a deeper trough in Aerospace, Europe, and India than anticipated at the time of its last quarterly earnings call.
Huntsman Corporation will hold a conference call on Tuesday, July 28, 2020, at 10:00 a.m. ET to discuss its second quarter 2020 financial results, which will be released at approximately 6:00 a.m. ET that day.
Participant dial-in numbers:
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, ir.huntsman.com. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately $7 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 www.huntsman.com.
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
Released June 22, 2020