Huntsman Announces Fourth Quarter and Full Year 2021 Earnings

Net income in the fourth quarter of 2021 was $607 million, compared with net income of $360 million in the same period last year; diluted earnings per share in the fourth quarter of 2021 were $2.
73, compared with $1.
54 in the same period last year
.

Adjusted net income for the fourth quarter of 2021 was $207 million, compared with adjusted net income of $113 million in the same period last year; adjusted earnings per diluted share in the fourth quarter of 2021 were $0.
95, compared with adjusted diluted earnings per share in the same period last year The gain is $0.
51
.

Adjusted EBITDA for the fourth quarter of 2021 was $349 million, compared to $240 million for the year-ago quarter
.

· Net cash from continuing operations in the fourth quarter of 2021 was $790 million
.
Free cash flow from continuing operations in the fourth quarter of 2021 was $698 million, including a cash gain of $332.
5 million from the Albemarle contract
.

Repurchased approximately 3.
1 million shares in the fourth quarter of 2021 for approximately $101 million
.

· On February 14, 2022, the Board of Directors approved a 13% increase in the quarterly dividend
.

· In December 2021, the company began a strategic review of our Textile Effects division, including a possible sale of the division
.

· On December 2, 2021, received the first payment from the Albemarle arbitration award, approximately $332.
5 million
.
The final payment of $332.
5 million will be received in early May 2022
.
Overall, after deducting legal fees, the company expects to receive about $465 million in pretax earnings
.

Huntsman reported fourth-quarter 2021 results with revenue of $2.
307 billion, net income of $607 million, adjusted net income of $207 million, and adjusted EBITDA of $349 million
.

Chairman, President and Chief Executive Officer Peter R.
Huntsman commented, "We ended 2021 with the best year in history with our current business portfolio
.
The transformation of our portfolio allowed our company to create not only Highest ever adjusted EBITDA margin and stable margins in every quarter throughout 2021, a sign of a more differentiated chemical business
.
We remain committed to balanced capital deployment , as we repurchased over $200 million of our own stock in the second half of the year
.
And we just announced a 13% increase in our quarterly dividend
.
While we think 2021 is a very successful year for Huntsman, we think This is just the beginning, and we hope to build on this momentum
.
"

“In 2022, we expect to further increase earnings, expand adjusted EBITDA, and provide better free cash flow and cost optimization
.
In the second quarter of this year, we will complete Geismar, Louisiana , which will expand our differentiated polyurethane business in the Americas, and we will continue to advance our previously announced investments in EV batteries, semiconductors and polyurethane catalysts
.
”

"Following the transformation of our portfolio, we are now a differentiated chemical company with a strong balance sheet that provides the financial flexibility to grow the company through organic investments and select bespoke mergers and acquisitions, while ensuring We are able to deliver strong capital returns to our shareholders
.
"

“We continue to look for optimization opportunities, as evidenced by our recent announcement on the Textile Effect
.
Additionally, to align our leadership team with the goals we set out at our November Investor Day, we’ve made top 80 companies for companies Senior leaders implemented a multi-year compensation plan focused on improving EBITDA, free cash flow and cost optimization
.
"

"Our board is fully aligned with our strategic intent and brings relevant skills and experience to help us achieve our goals
.
We expect 2022 to be another strong year for Huntsman
.
"

Segment Analysis Q4'21 vs.
Q4'20

Polyurethane

For the three months ended December 31, 2021, compared to the same period in 2020, Huntsman Polyurethanes segment revenue increased, primarily due to higher MDI average selling prices and higher sales volumes
.
The average selling price of MDI increased in all regions
.
The increase in sales was primarily due to growth in the Americas region and multiple markets
.
The increase in segment adjusted EBITDA was primarily due to higher MDI sales and higher equity gains
.

high performance product

For the three months ended December 31, 2021, compared to the same period in 2020, Huntsman's Performance Products segment reported higher revenue, primarily due to higher average selling prices and higher sales volumes
.
The increase in ASP was mainly due to stronger demand and in response to increased raw material costs
.
The increase in sales was mainly due to stronger demand
.
The segment's increase in adjusted EBITDA was primarily due to higher revenue and margins, partially offset by higher fixed costs
.

Advanced Materials Division

For the three months ended December 31, 2021, revenue in the Advanced Materials segment increased compared to the same period in 2020, mainly due to higher average selling prices, higher sales volumes and the acquisition of Gabriel and the divestiture of the DIY consumer adhesives business in India positive net impact
.
Excluding the acquisition of Gabriel and the divestiture of the DIY consumer adhesives salesman in India, sales increased in all markets, mainly related to the continued recovery following the global economic slowdown
.
The increase in ASP was mainly due to the increase in the cost of raw materials and the impact of the weakening of the US dollar against major international currencies
.
The increase in segment adjusted EBITDA was primarily due to higher sales volumes and the benefits of our recent acquisitions, including synergies, partially offset by higher fixed costs
.