Huntsman Corporation · NYSE:HUN
Huntsman — Q1 2024 Earnings Presentation
14 slides from Huntsman's earnings presentation, May 3, 2024
Slide 1: 1Q24 Earnings Summary
1Q24 Earnings Summary May 2, 2024 1
Slide 2: Earnings Summary Conference Call Details
1st Quarter 2024 Earnings Summary Conference Call Friday, May 3, 2024 9:00 a.m. ET Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tHuNeZ2X Participant dial-in numbers: Domestic callers: (877) 402-8037 International callers: (201) 378-4913 2
Slide 3: General Disclosure: Forward-Looking Statements
General Disclosure Forward-Looking Statements This presentation includes “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 forward- looking statements include statements concerning our plans, obj
Slide 4: Highlights
1Q24 Earnings Summary Highlights ($ in millions, except per share amounts) 1Q24 1Q23 Revenues $ 1,470 $ 1,606 Net (loss) income attributable to Huntsman Corporation $ (37) $ 153 Adjusted net (loss) income $ (11) $ 37 Diluted (loss) income per share $ (0.22) $ 0.83 Adjusted diluted (loss) income per
Slide 5: Polyurethanes
1Q24 Earnings Summary Polyurethanes Revenues Adjusted EBITDA 1Q 2024 LTM Adjusted EBITDA Margin $3.8B Sales Revenue $991 $66 $926 7% $221M Adj. EBITDA $39 4% 6% Adj. EBITDA Margin 1Q24 1Q23 1Q24 1Q23 Highlights 2Q24 Outlook 1Q24 Y/Y Change Volumes increased 9% year-over-year, driven by Second qu
Slide 6: Performance Products
1Q24 Earnings Summary Performance Products Revenues Adjusted EBITDA 1Q 2024 LTM $400 Adjusted EBITDA Margin $1.1B Sales Revenue $350 $334 $71 $300 $291 $250 $42 $172M Adj. EBITDA $200 21% 15% $150 $100 Adj. EBITDA Margin $50 14% $0 1Q24 1Q23 1Q24 1Q23 Highlights 2Q24 Outlook 1Q24 Y/Y Change Volume
Slide 7: Advanced Materials
1Q24 Earnings Summary Advanced Materials Revenues Adjusted EBITDA 1Q 2024 LTM $400 Adjusted EBITDA Margin $1.1B Sales Revenue $48 $43 $350 $289 $261 $181M $300 $250 Adj. EBITDA $200 16% 17% 17% $150 $100 Adj. EBITDA Margin $50 $0 1Q24 1Q23 1Q24 1Q23 Highlights 2Q24 Outlook 1Q24 Y/Y Change Volumes
Slide 8: Revenue Bridge
1Q24 Earnings Summary Revenue Bridge Year / Year Quarter / Quarter $94 $2 $71 $11 ($232) ($15) $1,606 $1,470 $1,470 $1,403 (1) (2) (2) (1) (2) (2) 1Q23 Revenue Volume Price & Mix FX 1Q24 Revenue 4Q23 Revenue Volume Price & Mix FX 1Q24 Revenue (1) Excludes sales volumes of byproducts and raw material
Slide 9: Adjusted EBITDA Bridge – By Division
1Q24 Earnings Summary Adjusted EBITDA Bridge – By Division Year / Year Quarter / Quarter ($27) $5 $14 $6 $26 ($8) ($29) $136 ($5) $81 $81 $44 1Q23 Adjusted Polyurethanes Performance Advanced Corporate and 1Q24 Adjusted 4Q23 Adjusted Polyurethanes Performance Advanced Corporate and 1Q24 Adjusted EBIT
Slide 10: Cash Flow and Liquidity Considerations
1Q24 Earnings Summary Cash Flow and Liquidity Considerations 1Q24 Commentary Earnings and Cash Flow 1Q23 1Q24 2023 LTM Adjusted EBITDA $136 $81 $472 $417 Investment grade balance sheet with $1.6 billion of liquidity at the close Cash Flow From Operations ($122) ($63) $251 $310 of the quarter Capit
Slide 11: 2Q24 Outlook Summary
1Q24 Earnings Summary 2Q24 Outlook Summary 2Q24 Adjusted EBITDA Polyurethanes $70M – $80M Performance Products $40M – $50M Advanced Materials $48M – $53M Corporate ~($43M) Total ~$115M – $140M 11 11
Slide 12: 2024 Additional Modeling Considerations
1Q24 Earnings Summary 2024 Additional Modeling Considerations Adjusted EBITDA/ Income Statement Cash Flow Full Year Corporate & Other ~$170M Dividends from Equity Affiliates ~$15M Tailwind YoY In Year Cost Savings Benefit ~$60M, excluding inflation Pension Contributions ~$15M Tailwind YoY Pension Ex
Slide 13: Financials and Reconciliation
1Q24 Earnings Summary Financials and Reconciliation USD In millions 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 1Q24 LTM Segment Revenues: Polyurethanes $ 1,386 $ 1,353 $ 1,257 $ 1,071 $ 5,067 $ 991 $ 1,012 $ 967 $ 895 $ 3,865 $ 926 $ 3,800 Performance Products 480 492 434 307 1,713 334 3
Slide 14: Financials and Reconciliation
1Q24 Earnings Summary Financials and Reconciliation USD In millions 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 1Q24 LTM Net income (loss) $ 240 $ 242 $ 115 $ (74) $ 523 $ 166 $ 31 $ 15 $ (59) $ 153 $ (23) $ (36) Net income attributable to noncontrolling interests (17) (14) (15) (17) (63)