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Huntsman Announces Second Quarter Results; Reports Attractive MDI Margin Growth, Improving Sequential TiO2 Prices and Substantial Improvement in Cash Generation

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THE WOODLANDS, Texas, July 27, 2016 /PRNewswire/ --

Second Quarter 2016 Highlights

  • Net income was $94 million compared to $39 million in the prior year period and $62 million in the prior quarter.
  • Adjusted EBITDA was $325 million compared to $385 million in the prior year period and $274 million in the prior quarter.
  • Diluted income per share was $0.36 compared to $0.12 in the prior year period and $0.24 in the prior quarter.
  • Adjusted diluted income per share was $0.53 compared to $0.63 in the prior year period and $0.37 in the prior quarter.
  • Net cash provided by operating activities was $355 million. Free cash flow generation was $282 million; we subsequently made a $100 million early repayment of debt in July 2016.

 

Three months ended

Six months ended


June 30,

March 31,

June 30,

In millions, except per share amounts

2016

2015

2016

2016

2015











Revenues

$2,544

$2,740

$    2,355

$  4,899

$  5,329











Net income

$     94

$     39

$        62

$     156

$       54

Adjusted net income(1)

$   126

$   155

$        88

$     214

$     253











Diluted income per share

$  0.36

$  0.12

$     0.24

$    0.60

$    0.14

Adjusted diluted income per share(1)

$  0.53

$  0.63

$     0.37

$    0.90

$    1.02











Adjusted EBITDA(1)

$   325

$   385

$      274

$     599

$     670











See end of press release for footnote explanations

Huntsman Corporation (NYSE: HUN) today reported second quarter 2016 results with revenues of $2,544 million, net income of $94 million and adjusted EBITDA of $325 million. 

Peter R. Huntsman, our President and CEO, commented:

"Our management team is focused on three primary strategic financial objectives.  1) Generating more than $350 million of free cash flow in 2016.  2) Growing margins and earnings in our downstream differentiated businesses.  3) Separating our TiO2 business through either a strategic combination or a spin-off.

"Our second quarter results demonstrate our commitment to these objectives.  I am delighted we generated $282 million of free cash flow during the quarter, in part due to our increased focus on inventory management and are on plan to exceed our $350 million target.  This enabled us to make a $100 million early repayment of debt in July.  Our MDI margins are expanding, our Performance Products margins are healthy and our Advanced Materials business is maintaining strong margins.  We are actively working toward a separation of our TiO2 business with a target of year-end or first quarter 2017.  TiO2 selling prices are rising and other business conditions are improving for our Pigments and Additives business.  In time, it should be well positioned for our planned separation.  We will provide more information regarding the separation on our second quarter earnings conference call.

"I am encouraged by our second quarter results.  We are well on track to successfully accomplish our objectives."

Segment Analysis for 2Q16 Compared to 2Q15

Polyurethanes

The decrease in revenues in our Polyurethanes division for the three months ended June 30, 2016 compared to the same period in 2015 was primarily due to lower average selling prices partially offset by higher sales volumes.  MDI average selling prices decreased in response to lower raw material costs.  MTBE average selling prices decreased primarily as a result of lower pricing for high octane gasoline.  MDI sales volumes increased due to higher demand in the Americas and European regions.  PO/MTBE sales volumes increased due to the impact of the prior year planned maintenance outage.  The increase in adjusted EBITDA was primarily due to the impact of the prior year planned PO/MTBE maintenance outage, estimated at $30 million, as well as higher MDI margins and sales volumes, partially offset by lower MTBE margins.

Performance Products

The decrease in revenues in our Performance Products division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower average selling prices and lower sales volumes.  Average selling prices decreased primarily in response to lower raw material costs and competitive market conditions.  Sales volumes decreased primarily due to softer demand in China and oilfield applications as well as competitive market conditions.  The decrease in adjusted EBITDA was primarily due to lower margins in our amines, maleic anhydride and upstream intermediates businesses.

Advanced Materials

The decrease in revenues in our Advanced Materials division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower sales volumes and lower average selling prices.  Sales volumes decreased primarily due to soft demand for low value business in our coatings and construction market, partially offset by growth in our aerospace market across all regions.  Average selling prices decreased in our Asia Pacific region primarily as a result of competitive pressure in our electrical and wind markets, partially offset by higher average selling prices in our European and Americas regions.  Adjusted EBITDA was unchanged as higher contribution margins from lower raw material costs were offset by lower sales volumes.

Textile Effects

The decrease in revenues in our Textile Effects division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower average selling prices partially offset by higher sales volumes.  Average selling prices decreased primarily due to lower raw material costs.  Sales volumes increased in key target countries such as Bangladesh and India.  The increase in adjusted EBITDA was primarily due to higher contribution margins from lower raw material costs.

Pigments and Additives

The decrease in revenues in our Pigments and Additives division for the three months ended June 30, 2016 compared to the same period in 2015 was due to lower average selling prices, partially offset by higher sales volumes.  Average selling prices decreased primarily as a result of competitive pressure however they increased compared to the prior quarter.  Sales volumes increased primarily due to increased end use demand.  The decrease in adjusted EBITDA was primarily due to lower contribution margins for titanium dioxide.

Corporate, LIFO and Other

Adjusted EBITDA from Corporate, LIFO and Other decreased by $14 million to a loss of $45 million for the three months ended June 30, 2016 compared to a loss of $31 million for the same period in 2015.  The decrease in adjusted EBITDA was primarily the result of a decrease in LIFO inventory valuation income and a decrease in income from benzene sales.

Liquidity, Capital Resources and Outstanding Debt

As of June 30, 2016, we had $1,213 million of combined cash and unused borrowing capacity compared to $1,023 million on December 31, 2015.

On April 1, 2016, we entered into a new $550 million 2016 term loan B due 2023.  Proceeds from the new term loan were used to repay in full our term loan B due 2017 and remaining term loan C due 2016.  We also extended the maturity of our revolving credit facility to 2021 and increased the amount to $650 million.

On July 22, 2016, we made a $100 million early repayment of debt on our term loan B due 2019.  We expect to record less than $1 million in early extinguishment of debt costs in the third quarter 2016.

Total capital expenditures for the three months and six months ended June 30, 2016 were $90 million and $189 million, respectively.  As part of our completed ethylene oxide expansion in Port Neches, Texas, we received $26 million of capital reimbursement during the second quarter of 2016 from our customer with whom we have a multi-year offtake agreement.  We expect to spend approximately $450 million annually on capital expenditures in 2016 and 2017. 

We expect our 2016 depreciation and amortization to be approximately $430 million.

Income Taxes

During the three months ended June 30, 2016, we recorded an income tax expense of $32 million.  During the same period we paid $16 million in cash for income taxes. 

We expect our 2016 adjusted effective tax rate to be approximately 25 – 30%.  Our MTBE earnings are taxed at the U.S. statutory rate of 35%, variability in our MTBE earnings will have a meaningful impact on where our adjusted tax rate will be within that range.  We expect our long term adjusted effective tax rate to be approximately 30%.

Earnings Conference Call Information

We will hold a conference call to discuss our second quarter 2016 financial results on Wednesday, July 27, 2016 at 11:00 a.m. ET.

Call-in numbers for the conference call:

U.S. participants

(888) 713 - 4218

International participants

(617) 213 - 4870

Passcode 

478 152 79#

In order to facilitate the registration process, you may use the following link to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. You may pre-register at any time, including up to and after the call start time. To pre-register, please go to: https://www.theconferencingservice.com/prereg/key.process?key=PMUG7QP3W 

Webcast Information

The conference call will be available via webcast and can be accessed from the company's website at ir.huntsman.com.

Replay Information

The conference call will be available for replay beginning July 27, 2016 and ending August 3, 2016.

Call-in numbers for the replay:

U.S. participants 

(888) 286 - 8010

International participants 

(617) 801 - 6888

Replay code 

27138577

Upcoming Conferences

During the third quarter a member of management will present at the Jefferies Industrials Conference, August 10, 2016.  A webcast of the presentation, if applicable, along with accompanying materials will be available at ir.huntsman.com.

Table 1 -- Results of Operations











Three months ended

Six months ended


June 30,

June 30,

In millions, except per share amounts

2016

2015

2016

2015









Revenues

$2,544

$2,740

$4,899

$5,329

Cost of goods sold

2,087

2,191

4,026

4,330

Gross profit

457

549

873

999

Operating expenses

252

289

517

569

Restructuring, impairment and plant closing costs

29

114

42

207

Operating income

176

146

314

223

Interest expense

(50)

(53)

(100)

(109)

Equity in income of investment in unconsolidated affiliates

2

3

3

5

Loss on early extinguishment of debt

(2)

(20)

(2)

(23)

Other income (loss)

1

(1)

2

(2)

Income before income taxes

127

75

217

94

Income tax expense

(32)

(34)

(59)

(36)

Income from continuing operations

95

41

158

58

Loss from discontinued operations, net of tax(2)

(1)

(2)

(2)

(4)

Net income

94

39

156

54

Net income attributable to noncontrolling interests, net of tax

(7)

(10)

(13)

(20)

Net income attributable to Huntsman Corporation

$     87

$     29

$   143

$     34


















Adjusted EBITDA(1)

$   325

$   385

$   599

$   670

Adjusted net income(1)

$   126

$   155

$   214

$   253


















Basic income per share

$  0.37

$  0.12

$  0.61

$  0.14

Diluted income per share

$  0.36

$  0.12

$  0.60

$  0.14

Adjusted diluted income per share(1)

$  0.53

$  0.63

$  0.90

$  1.02









Common share information:







Basic shares outstanding

236

244

236

244

Diluted shares

240

248

238

247

Diluted shares for adjusted diluted income per share

240

248

238

247









See end of press release for footnote explanations

 

Table 2 -- Results of Operations by Segment















Three months ended

Six months ended



June 30,

Better /

June 30,

Better /

In millions

2016

2015

(Worse)

2016

2015

(Worse)













Segment Revenues:











Polyurethanes

$   976

$   995

(2)%

$1,812

$1,885

(4)%

Performance Products

566

675

(16)%

1,102

1,331

(17)%

Advanced Materials

261

282

(7)%

527

572

(8)%

Textile Effects

198

216

(8)%

383

422

(9)%

Pigments & Additives

576

592

(3)%

1,116

1,164

(4)%

Corporate and eliminations

(33)

(20)

n/m

(41)

(45)

n/m













Total

$2,544

$2,740

(7)%

$4,899

$5,329

(8)%













Segment Adjusted EBITDA(1):










Polyurethanes

$   171

$   159

8%

$   302

$   264

14%

Performance Products

86

141

(39)%

178

262

(32)%

Advanced Materials

58

58

0%

118

116

2%

Textile Effects

24

23

4%

42

40

5%

Pigments & Additives

31

35

(11)%

46

56

(18)%

Corporate, LIFO and other

(45)

(31)

(45)%

(87)

(68)

(28)%













Total

$   325

$   385

(16)%

$   599

$   670

(11)%

n/m = not meaningful

See end of press release for footnote explanations

 

Table 3 -- Factors Impacting Sales Revenue














Three months ended


June 30, 2016 vs. 2015


Average Selling Price(a)








Local

Exchange

Sales Mix

Sales




Currency

Rate

& Other

Volume(b)

Total












Polyurethanes

(19)%

0%

(7)%

24%

(2)%

Polyurethanes, adj

(19)%

0%

(7)%

15%

(11)%

(c)

Performance Products

(9)%

0%

(3)%

(4)%

(16)%

Advanced Materials

(1)%

(1)%

4%

(9)%

(7)%

Textile Effects

(7)%

(2)%

0%

1%

(8)%

Pigments & Additives

(8)%

1%

1%

3%

(3)%

Total Company

(12)%

0%

(5)%

10%

(7)%

Total Company, adj

(12)%

0%

(5)%

6%

(11)%

(c)














Six months ended


June 30, 2016 vs. 2015


Average Selling Price(a)








Local

Exchange

Sales Mix

Sales


Unaudited

Currency

Rate

& Other

Volume(b)

Total












Polyurethanes

(19)%

(1)%

(3)%

19%

(4)%

Polyurethanes, adj

(19)%

(1)%

(3)%

9%

(14)%

(c)

Performance Products

(11)%

(1)%

(6)%

1%

(17)%

Advanced Materials

(2)%

(3)%

3%

(6)%

(8)%

Textile Effects

(4)%

(4)%

(1)%

0%

(9)%

Pigments & Additives

(9)%

(1)%

1%

5%

(4)%

Total Company

(13)%

(1)%

(3)%

9%

(8)%

Total Company, adj

(13)%

(1)%

(3)%

6%

(11)%

(c)
























(a) Excludes sales from tolling arrangements, by-products and raw materials.

(b) Excludes sales from by-products and raw materials.

(c) Excludes volume impact from the planned maintenance at our PO/MTBE facility that occurred in 1H15.

 

Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures























 Income Tax 




 Diluted Income 


 EBITDA 

(Expense) Benefit

 Net Income 

 Per Share 


Three months ended

Three months ended

Three months ended

Three months ended


June 30,

June 30,

June 30,

June 30,

In millions, except per share amounts

2016

2015

2016

2015

2016

2015

2016

2015

















Net income

$   94

$   39




$   94

$       39

$  0.39

$  0.16

Net income attributable to noncontrolling interests

(7)

(10)




(7)

(10)

(0.03)

(0.04)

















Net income attributable to Huntsman Corporation

87

29




87

29

0.36

0.12

Interest expense

50

53











Income tax expense from continuing operations

32

34

(32)

(34)







Income tax expense from discontinued operations(2)

-

1











Depreciation and amortization

109

99











Acquisition and integration expenses, purchase accounting adjustments

4

12

-

(3)

4

9

0.02

0.04

Loss from discontinued operations, net of tax(2)

1

1

 N/A 

 N/A 

1

2

-

0.01

Loss on disposition of businesses/assets

-

1

-

-

-

1

-

-

Loss on early extinguishment of debt

2

20

(1)

(7)

1

13

-

0.05

Certain legal settlements and related expenses

-

1

-

(1)

-

-

-

-

Plant incident remediation credits, net

(7)

-

1

-

(6)

-

(0.03)

-

Amortization of pension and postretirement actuarial losses

17

19

(3)

(5)

14

14

0.06

0.06

Restructuring, impairment, plant closing and transition costs

30

115

(5)

(28)

25

87

0.10

0.35

















Adjusted(1)

$ 325

$ 385

$ (40)

$   (78)

$ 126

$      155

$  0.53

$  0.63

















Adjusted income tax expense(4)








$   40

$       78



Net income attributable to noncontrolling interests, net of tax








7

10




















Adjusted pre-tax income(1)








$ 173

$      243




















Adjusted effective tax rate








23%

32%











































 Income Tax 




 Diluted Income 


 EBITDA 

Expense

 Net Income 

 Per Share 


Three months ended

Three months ended

Three months ended

Three months ended


March 31,

March 31,

March 31,

March 31,

In millions, except per share amounts

2016

2016

2016

2016

















Net income

$   62






$   62


$  0.26

Net income attributable to noncontrolling interests

(6)






(6)


(0.03)


















Net income attributable to Huntsman Corporation

56






56


0.24

Interest expense

50













Income tax expense from continuing operations

27


(27)









Income tax benefit from discontinued operations(2)

(1)













Depreciation and amortization

100













Acquisition and integration expenses, purchase accounting adjustments

9


(3)


6


0.03

Loss from discontinued operations, net of tax(2)

2


 N/A 


1


-

Certain legal settlements and related expenses

1


-


1


-

Plant incident remediation costs, net

1


-


1


-

Amortization of pension and postretirement actuarial losses

16


(3)


13


0.05

Restructuring, impairment, plant closing and transition costs

13


(3)


10


0.04


















Adjusted(1)

$ 274


$ (36)


$   88


$  0.37


















Adjusted income tax expense(4)








$   36





Net income attributable to noncontrolling interests, net of tax








6






















Adjusted pre-tax income(1)








$ 130






















Adjusted effective tax rate








28%













































 Income Tax 




 Diluted Income 


 EBITDA 

(Expense) Benefit

 Net Income 

 Per Share 


Six months ended

Six months ended

Six months ended

Six months ended


June 30,

June 30,

June 30,

June 30,

In millions, except per share amounts

2016

2015

2016

2015

2016

2015

2016

2015

















Net income

$ 156

$   54




$ 156

$       54

$  0.65

$  0.22

Net income attributable to noncontrolling interests

(13)

(20)




(13)

(20)

(0.05)

(0.08)

















Net income attributable to Huntsman Corporation

143

34




143

34

0.60

0.14

Interest expense

100

109











Income tax expense from continuing operations

59

36

(59)

(36)







Income tax (benefit) expense from discontinued operations(2)

(1)

2











Depreciation and amortization

209

194











Acquisition and integration expenses, purchase accounting adjustments

13

21

(3)

(5)

10

16

0.04

0.06

Loss from discontinued operations, net of tax(2)

3

2

 N/A 

 N/A 

2

4

0.01

0.02

Loss on disposition of businesses/assets

-

1

-

-

-

1

-

-

Loss on early extinguishment of debt

2

23

(1)

(8)

1

15

-

0.06

Certain legal settlements and related expenses

1

2

-

(1)

1

1

-

-

Plant incident remediation credits, net

(6)

-

1

-

(5)

-

(0.02)

-

Amortization of pension and postretirement actuarial losses

33

37

(6)

(10)

27

27

0.11

0.11

Restructuring, impairment, plant closing and transition costs

43

209

(8)

(54)

35

155

0.15

0.63

















Adjusted(1)

$ 599

$ 670

$ (76)

$ (114)

$ 214

$      253

$  0.90

$  1.02

















Adjusted income tax expense(4)








$   76

$      114



Net income attributable to noncontrolling interests, net of tax








13

20




















Adjusted pre-tax income(1)








$ 303

$      387




















Adjusted effective tax rate








25%

29%



See end of press release for footnote explanations

 

Table 5 -- Selected Balance Sheet Items










June 30,

March 31,

December 31,

In millions

2016

2016

2015
















Cash

$    383

$      218

$             269

Accounts and notes receivable, net

1,546

1,572

1,449

Inventories

1,522

1,689

1,692

Other current assets

340

351

424

Property, plant and equipment, net

4,377

4,437

4,446

Other assets

1,559

1,573

1,540








Total assets

$  9,727

$    9,840

$          9,820








Accounts payable

$    991

$    1,027

$          1,061

Other current liabilities

602

652

686

Current portion of debt

96

103

170

Long-term debt

4,653

4,724

4,625

Other liabilities

1,677

1,649

1,649

Total equity

1,708

1,685

1,629








Total liabilities and equity

$  9,727

$    9,840

$          9,820

 

 

Table 6 -- Outstanding Debt









June 30,

March 31,

December 31,

In millions

2016

2016

2015














Debt:





Senior credit facilities

$  2,435

$    2,441

$          2,454

Accounts receivable programs

216

263

215

Senior notes

1,862

1,872

1,850

Variable interest entities

142

140

151

Other debt

94

111

125







Total debt - excluding affiliates

4,749

4,827

4,795







Total cash

383

218

269







Net debt- excluding affiliates

$  4,366

$    4,609

$          4,526

 

Table 7 -- Summarized Statement of Cash Flows







Three months ended

Six months ended

June 30,

June 30,

In millions

2016

2016

2015






Total cash at beginning of period(a)

$                        218

$ 269

$ 870






Net cash provided by operating activities

355

443

181

Net cash used in investing activities

(73)

(174)

(233)

Net cash used in financing activities

(115)

(153)

(202)

Effect of exchange rate changes on cash

(2)

-

(7)

Change in restricted cash

-

(2)

(1)



-

Total cash at end of period(a)

$                        383

$ 383

$ 608






Supplemental cash flow information:




Cash paid for interest

$                         (68)

$(103)

$(115)

Cash paid for income taxes

(16)

(21)

(30)

Cash paid for capital expenditures

(90)

(189)

(296)

Depreciation and amortization

109

209

194






Changes in primary working capital:




Accounts and notes receivable

$                          15

$  (90)

$(142)

Inventories

155

177

7

Accounts payable

(25)

(56)

12






Total cash provided by (used in) primary working capital

$                        145

$   31

$(123)



















Three months ended

Six months ended

June 30,

June 30,

2016

2016

2015

Free cash flow(3):




Net cash provided by operating activities

$                        355

$ 443

$ 181

Capital expenditures

(90)

(189)

(296)

All other investing activities

17

15

63

Excluding merger and acquisition activities(b)

-

-

(3)






Total free cash flow 

$                        282

$ 269

$  (55)












Adjusted EBITDA

$                        325

$ 599

$ 670

Capital expenditures

(90)

(189)

(296)

Interest

(68)

(103)

(115)

Income taxes

(16)

(21)

(30)

Primary working capital change

145

31

(123)

Restructuring

(36)

(56)

(46)

Pensions

(18)

(38)

(55)

Maintenance & other

40

46

(60)






Total free cash flow(3) 

$                        282

$ 269

$  (55)












(a) Includes restricted cash.

(b) Represents "Acquisition of Business, net of cash acquired" and "Cash received from purchase price adjustment for business acquired"

 

Footnotes



(1)

We use adjusted EBITDA to measure the operating performance of our business.  We provide adjusted net income because we feel it provides meaningful insight for the investment community into the performance of our business.  We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income.  Additional information with respect to our use of each of these financial measures follows:



Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.




Adjusted EBITDA is computed by eliminating the following from net income (loss):  (a) net income attributable to noncontrolling interest, net of tax; (b) interest; (c) income taxes; (d) depreciation and amortization; (e) acquisition and integration expenses, purchase accounting adjustments; (f) EBITDA from discontinued operations; (g) loss (gain) on disposition of businesses/assets; (h) loss on early extinguishment of debt; (i) certain legal settlements and related expenses; (j) plant incident remediation costs (credits), net; (k) amortization of pension and postretirement actuarial losses (gains); and (l) restructuring, impairment, plant closing and transition costs (credits).  The reconciliation of adjusted EBITDA to net income (loss) is set forth in Table 4 above.




Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interest; (b) acquisition and integration expenses, purchase accounting adjustments; (c) impact of certain foreign tax credit elections; (d) loss (income) from discontinued operations; (e) discount amortization on settlement financing associated with the terminated merger; (f) loss (gain) on disposition of businesses/assets; (g) loss on early extinguishment of debt; (h) certain legal settlements and related expenses; (i) plant incident remediation costs (credits), net; (j) amortization of pension and postretirement actuarial losses (gains); and (k) restructuring, impairment, plant closing and transition costs (credits). The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.  We do not adjust for changes in tax valuation allowances because we do not believe it provides more meaningful information than is provided under GAAP.  The reconciliation of adjusted net income (loss) to net income (loss) is set forth in Table 4 above.


(2)

During the first quarter 2010 we closed our Australian styrenics operations; results from associated business are treated as discontinued operations. 



(3)

 Management internally uses a free cash flow measure: (a) to evaluate the Company's liquidity, (b) to evaluate strategic investments, (c) to plan stock buyback and dividend levels and (d) to evaluate the Company's ability to incur and service debt. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The Company defines free cash flow as cash flow provided by operating activities less cash flow used in investing activities, excluding merger and acquisition activities. Free cash flow is typically derived directly from the Company's condensed consolidated statement of cash flows; however, it may be adjusted for items that affect comparability between periods.

About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals with 2015 revenues of approximately $10 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 100 manufacturing and R&D facilities in approximately 30 countries and employ approximately 15,000 associates within our 5 distinct business divisions. For more information about Huntsman, please visit the company's website at www.huntsman.com.

Social Media:
Twitter: twitter.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman

Forward-Looking Statements:
Statements in this release that are not historical are forward-looking statements. 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 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, 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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/huntsman-announces-second-quarter-results-reports-attractive-mdi-margin-growth-improving-sequential-tio2-prices-and-substantial-improvement-in-cash-generation-300304532.html

SOURCE Huntsman Corporation

Released July 27, 2016