Huntsman Corporation, a publicly traded global manufacturer and marketer of differentiated and specialty chemicals, has recently published its Third Quarter 2021 Earnings.
“We are pleased with the strong earnings we delivered in the third quarter. Despite pockets of disruption in our supply chain and cost inflation, we see strong pent-up demand across most of our businesses with favorable pricing dynamics. In addition, we are benefiting from cost reduction programs and synergies from the acquisitions we completed over the past 18 months. As indicated in our second quarter earnings call, we resumed share repurchases and we used free cash flow generated in the quarter to repurchase approximately $102 million of our stock during the quarter at an average price of $25.64 per share” said Peter R. Huntsman, Chairman, CEO and President, “We have a bright future, remain focused on improving the quality of our margins, and look forward to discussing the Company’s strategy at our Investor Day on November 9th in New York City.”
Third Quarter Highlights —
- Third quarter 2021 net income of $225 million compared to net income of $57 million in the prior year period; third quarter 2021 diluted earnings per share of $0.94 compared to diluted earnings per share of $0.22 in the prior year period.
- Third quarter 2021 adjusted net income of $239 million compared to adjusted net income of $70 million in the prior year period; third quarter 2021 adjusted diluted earnings per share of $1.08 compared to adjusted diluted earnings per share of $0.32 in the prior year period.
- Third quarter 2021 adjusted EBITDA of $371 million compared to $188 million in the prior year period.
- Third quarter 2021 net cash provided by operating activities from continuing operations was $186 million. Free cash flow from continuing operations was $110 million for the third quarter 2021.
- Balance sheet is strong with a net leverage of 0.9x and total liquidity of approximately $2 billion.
- Repurchased approximately 4 million shares for approximately $102 million in the third quarter 2021.
- On October 28, 2021, Huntsman won an arbitration award against Albemarle for fraud and breach of contract in excess of $600 million of which the Company expects to net in excess of $400 million after attorney’s fees.