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Microsoft Cloud Authors: Eric Aarrestad, Greg O'Connor, Liz McMillan, Aleksei Gavrilenko, Elizabeth White

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Huntsman Releases Fourth Quarter And Full Year 2012 Results; Reports Record Full Year Adjusted EBITDA Of $1.4 Billion And Announces Increased Common Dividend

THE WOODLANDS, Texas, Feb. 12, 2013 /PRNewswire/ --

Full Year 2012 Highlights

  • Net income attributable to Huntsman Corporation increased to $363 million compared to $247 million in the prior year period.
  • Adjusted EBITDA improved 15% to $1,396 million compared to the prior year period.
  • Adjusted diluted income per share improved 33% to $2.25 compared to the prior year period.

Fourth Quarter 2012 Highlights

  • Adjusted EBITDA was $233 million compared to $243 million in the prior year period.
  • Adjusted diluted income per share was $0.24 compared to $0.28 in the prior year period.
  • Net loss attributable to Huntsman Corporation was $40 million compared to $105 million of income in the prior year period.  The decrease from the prior year period was primarily due to a $78 million loss on early extinguishment of debt (compared to $2 million in the prior year period) and $40 million of restructuring costs (compared to $4 million of credits in the prior year period).

Increased Common Dividend

  • The company's board of directors has declared a $0.125 per share cash dividend on its common stock.  The dividend is payable on March 29, 2013 to stockholders of record as of March 15, 2013.

 



Three months ended


Twelve months ended



December 31,


September 30,


December 31,

In millions, except per share amounts, unaudited


2012


2011


2012


2012


2011












Revenues


$    2,619


$    2,632


$    2,741


$  11,187


$  11,221












Net (loss) income attributable to Huntsman Corporation

$       (40)


$      105


$      116


$      363


$      247

Adjusted net income(1)


$        58


$        68


$      168


$      542


$      408












Diluted (loss) income per share


$    (0.17)


$     0.44


$     0.48


$     1.51


$     1.02

Adjusted diluted income per share(1)


$     0.24


$     0.28


$     0.70


$     2.25


$     1.69












EBITDA(1)


$      104


$      273


$      341


$    1,187


$    1,039

Adjusted EBITDA(1)


$      233


$      243


$      401


$    1,396


$    1,214












See end of press release for footnote explanations

Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2012 results with revenues of $2,619 million and adjusted EBITDA of $233 million.

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

"Our 2012 adjusted EBITDA of $1.4 billion represents record earnings for our current configuration of businesses.  I am very enthusiastic about the direction in which the company is headed.  Within our largest division – Polyurethanes – our MDI business is growing at attractive rates, and future prospects are pointing towards tighter market conditions.  In the fourth quarter, I was pleased to see that our smallest division – Textile Effects – recorded positive earnings as a result of our restructuring and cost cutting efforts.  Our Pigments division is going through a business cycle where we expect an improvement in earnings beginning in the second half of 2013.

We have put programs in place across our divisions that will enhance our future competitiveness and increase shareholder value.  I expect the future annual benefits of these programs to be approximately $190 million when complete in the middle of 2014.

The company generated more than $200 million in cash from operations and repaid $50 million of term loans in the fourth quarter.  We look forward to funding future growth opportunities with free cash flow generation and remain committed to reducing our overall debt."

Segment Analysis for 4Q12 Compared to 4Q11

Polyurethanes

The increase in revenues in our Polyurethanes division for the three months ended December 31, 2012 compared to the same period in 2011 was due to higher average selling prices and higher sales volumes partially offset by the strength of the U.S. dollar against the euro.  PO/MTBE average selling prices increased primarily due to favorable market conditions.  MDI average selling prices increased in all regions partially offset by the strength of the U.S. dollar against the euro.  MDI sales volumes increased primarily due to strong demand globally for insulation and the housing & automotive recovery in North America, PO/MTBE volumes increased due to strong demand.  The increase in adjusted EBITDA was primarily due to higher volumes, higher contribution margins and lower fixed costs.

Performance Products

The decrease in revenues in our Performance Products division for the three months ended December 31, 2012 compared to the same period in 2011 was due to lower sales volumes and lower average selling prices.  Sales volumes decreased primarily due to lower product availability of intermediates as we prepared for our first quarter 2013 maintenance and softer demand for European surfactants.  Average selling prices declined due to lower raw material costs and the strength of the U.S. dollar against major international currencies, partially offset by an improvement in sales mix.  The increase in adjusted EBITDA was primarily due to higher sales volumes and higher contribution margins in our amines business as well as higher contribution margins in our maleic anhydride and North American intermediates businesses.

Advanced Materials

Revenues were essentially unchanged in our Advanced Materials division for the three months ended December 31, 2012 compared to the same period in 2011 as higher sales volumes offset lower average selling prices.  Sales volumes increased primarily due to stronger demand in the Americas, Asia Pacific and India while sales volumes in Europe decreased due to planned manufacturing maintenance and lower demand in the wind energy market.  Average selling prices decreased primarily due to competitive market pressure, lower raw material costs in most regions and the strength of the U.S. dollar against major international currencies.  The decrease in adjusted EBITDA was primarily due to lower contribution margins partially offset by lower selling, general and administrative costs as a result of recent restructuring efforts.

On January 23, 2013 we announced a comprehensive restructuring program in our Advanced Materials division designed to improve efficiencies and increase its global competitiveness.  We expect the program to be complete by the middle of 2014 with future annual benefits of approximately $70 million.

Textile Effects

The increase in revenues in our Textile Effects division for the three months ended December 31, 2012 compared to the same period in 2011 was due to higher sales volumes, partially offset by lower average selling prices.  Sales volumes increased due to increased global market share and improved demand.  The increase in local currency average selling prices was offset by the strength of the U.S. dollar against major international currencies.  The increase in adjusted EBITDA was primarily due to higher sales volumes and lower manufacturing and selling, general and administrative costs as a result of our restructuring efforts.

Pigments

The decrease in revenues in our Pigments division for the three months ended December 31, 2012 compared to the same period in 2011 was due to lower sales volumes and lower average selling prices.  Sales volumes decreased primarily due to lower global demand and customer destocking.  Average selling prices decreased due to lower global demand and the strength of the U.S. dollar against major international currencies.  The decrease in adjusted EBITDA was primarily due to lower sales volumes and lower contribution margins.

Corporate, LIFO and Other

Adjusted EBITDA from Corporate, LIFO and Other decreased by $15 million to a loss of $49 million for the three months ended December 31, 2012 compared to a loss of $34 million for the same period in 2011.  The decrease in adjusted EBITDA was primarily the result of a $6 million increase in LIFO inventory valuation expense (income of nil in 2012 compared to $6 million of income in 2011) and increased corporate expenses.

Liquidity, Capital Resources and Outstanding Debt

As of December 31, 2012 we had $887 million of combined cash and unused borrowing capacity compared to $1,043 million at December 31, 2011. 

For the three months ended December 31, 2012 our primary net working capital decreased by $130 million and we generated $218 million in cash from operations.  For the year ended December 31, 2012 our primary net working capital increased by $102 million and we generated $774 million in cash from operations.

On October 31, 2012 we repaid $50 million of our senior secured term loans due 2014.

On December 3, 2012 we used the proceeds of our recent 4.875% senior notes offering due 2020 to redeem $400 million of 5.5% senior notes due 2016.  In connection with the redemption, we recognized a loss on early extinguishment of debt in the fourth quarter of approximately $77 million.  The 5.5% senior notes were favorably issued to us at less than market interest rates; accounting standards required us to record the notes on our balance sheet at less than face value and amortize the difference over time up to the full face value of $400 million.  As a result, when we refinanced the notes we recognized an increase of recorded debt on our balance sheet of $73 million.

Total capital expenditures for the year ended December 31, 2012 were $412 million.  We expect to spend approximately $450 million on capital expenditures in 2013 which approximates our annual depreciation and amortization.

Income Taxes

During the three months ended December 31, 2012 we recorded an income tax benefit of $17 million and paid $71 million in cash for income taxes.  Our adjusted effective income tax rate for the three months ended December 31, 2012 was approximately 26%. 

During the year ended December 31, 2012 we recorded income tax expense of $169 million and paid $224 million in cash for income taxes.  Our adjusted effective income tax rate for the year ended December 31, 2012 was approximately 30%. 

We expect our full year 2013 adjusted effective tax rate to be approximately 35% primarily due to the effect of tax valuation allowances and expected regional mix of income.  We expect our long term effective income tax rate to be approximately 30 - 35%.

Conference Call Information

We will hold a conference call to discuss our fourth quarter and full year 2012 financial results on Tuesday, February 12, 2013 at 10:00 a.m. ET.

Call-in numbers for the conference call:

U.S. participants

(888) 713 - 4205

International participants

(617) 213 - 4862

Passcode

39830729

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=P9P3QHHYU

Webcast Information

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

Replay Information

The conference call will be available for replay beginning February 12, 2013 and ending February 19, 2013.

Call-in numbers for the replay:

U.S. participants

(888) 286 - 8010

International participants

(617) 801 - 6888

Replay code

46339142

 

Table 1 – Results of Operations








Three months ended


Twelve months ended



December 31,


December 31,

In millions, except per share amounts, unaudited


2012


2011


2012


2011










Revenues


$    2,619


$    2,632


$  11,187


$  11,221

Cost of goods sold


2,199


2,243


9,153


9,381

Gross profit


420


389


2,034


1,840

Operating expenses


305


246


1,097


1,067

Restructuring, impairment and plant closing costs (credits)


40


(4)


92


167

Operating income


75


147


845


606

Interest expense, net


(54)


(62)


(226)


(249)

Equity in income of investment in unconsolidated affiliates


2


2


7


8

Loss on early extinguishment of debt


(78)


(2)


(80)


(7)

Other (loss) income


(1)


2


1


2

(Loss) income before income taxes


(56)


87


547


360

Income tax benefit (expense)


17


2


(169)


(109)

(Loss) income from continuing operations


(39)


89


378


251

Income (loss) from discontinued operations, net of tax(2)


-


4


(7)


(1)

Extraordinary gain on the acquisition of a business, net of tax of nil


1


2


2


4

Net (loss) income


(38)


95


373


254

Net (income) loss attributable to noncontrolling interests, net of tax


(2)


10


(10)


(7)

Net (loss) income attributable to Huntsman Corporation


$       (40)


$      105


$      363


$      247



















Adjusted EBITDA(1)


$      233


$      243


$    1,396


$    1,214










Adjusted net income(1)


$        58


$        68


$      542


$      408



















Basic (loss) income per share


$    (0.17)


$     0.45


$     1.53


$     1.04

Diluted (loss) income per share


$    (0.17)


$     0.44


$     1.51


$     1.02

Adjusted diluted income per share(1)


$     0.24


$     0.28


$     2.25


$     1.69










Common share information:









Basic shares outstanding


238.2


235.7


237.6


237.6

Diluted shares


238.2


239.5


240.6


241.7

Diluted shares for adjusted diluted income per share


241.3


239.5


240.6


241.7










See end of press release for footnote explanations

 

Table 2 – Results of Operations by Segment












Three months ended




Twelve months ended





December 31,


Better /


December 31,


Better /

In millions, unaudited


2012


2011


(Worse)


2012


2011


(Worse)














Segment Revenues:













Polyurethanes


$    1,182


$    1,043


13%


$    4,894


$    4,434


10%

Performance Products


723


755


(4)%


3,065


3,301


(7)%

Advanced Materials


311


313


(1)%


1,325


1,372


(3)%

Textile Effects


190


174


9%


752


737


2%

Pigments


286


399


(28)%


1,436


1,642


(13)%

Eliminations and other


(73)


(52)


(40)%


(285)


(265)


(8)%














Total


$    2,619


$    2,632


---


$  11,187


$  11,221


---














Segment Adjusted EBITDA(1):












Polyurethanes


$      186


$        79


135%


$      772


$      476


62%

Performance Products


79


60


32%


361


374


(3)%

Advanced Materials


6


15


(60)%


92


111


(17)%

Textile Effects


1


(22)


NM


(22)


(64)


66%

Pigments


10


145


(93)%


362


508


(29)%

Corporate, LIFO and other


(49)


(34)


(44)%


(169)


(191)


12%














Total


$      233


$      243


(4)%


$    1,396


$    1,214


15%














See end of press release for footnote explanations

 

Table 3 – Factors Impacting Sales Revenues







Three months ended




December 31, 2012 vs. 2011




Average Selling Price(a)










Local


Exchange


Sales Mix


Sales




Unaudited


Currency


Rate


& Other


Volume(a)


Total














Polyurethanes


6%


(2)%


(1)%


10%


13%


Performance Products


(3)%


(2)%


5%


(4)%


(4)%


Advanced Materials


(6)%


(3)%


1%


7%


(1)%


Textile Effects


1%


(2)%


(1)%


11%


9%


Pigments


(9)%


(2)%


---


(17)%


(28)%


Total Company


---


(2)%


---


2%


---
















Twelve months ended




December 31, 2012 vs. 2011




Average Selling Price(a)










Local


Exchange


Sales Mix


Sales




Unaudited


Currency


Rate


& Other


Volume(a)


Total














Polyurethanes


4%


(2)%


---


8%


10%


Performance Products


(3)%


(3)%


2%


(3)%


(7)%


Advanced Materials


(6)%


(4)%


---


7%


(3)%


Textile Effects


---


(4)%


(1)%


7%


2%


Pigments


14%


(5)%


---


(22)%


(13)%


Total Company


2%


(3)%


1%


---


---














(a) Excludes revenues and sales volumes primarily from tolling arrangements and the sale of by-products and raw materials.

 

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


















 Income Tax 


 Net Income (Loss) 


 Diluted Income (Loss) 



 EBITDA 


 (Expense) Benefit 


 Attrib. to HUN Corp. 


 Per Share 



Three months ended


Three months ended


Three months ended


Three months ended



December 31,


December 31,


December 31,


December 31,

In millions, except per share amounts, unaudited


2012


2011


2012


2011


2012


2011


2012


2011


















GAAP(1)


$      104


$      273


$       17


$         2


$      (40)


$      105


$    (0.17)


$     0.44

Adjustments:

















Legal settlements and related expenses


6


8


(2)


(3)


4


5


0.02


0.02

Loss on early extinguishment of debt


78


2


(28)


(1)


50


1


0.21


-

Restructuring, impairment, plant closing and transition costs (credits)


45


(4)


(4)


(7)


41


(11)


0.17


(0.05)

Discount amortization on settlement financing associated with the terminated merger


 N/A 


 N/A 


(3)


(2)


5


5


0.02


0.02

Acquisition expenses


3


-


(1)


-


2


-


0.01


-

Gain on disposition of businesses/assets


(3)


(34)


-


3


(3)


(31)


(0.01)


(0.13)

Loss (income) from discontinued operations, net of tax(2)


1


-


 N/A 


 N/A 


-


(4)


-


(0.02)

Extraordinary gain on the acquisition of a business, net of tax


(1)


(2)


 N/A 


 N/A 


(1)


(2)


-


(0.01)


















Adjusted(1)


$      233


$      243


$      (21)


$        (8)


$       58


$       68


$     0.24


$     0.28


















Adjusted income tax expense










21


8





Net income (loss) attributable to noncontrolling interests, net of tax










2


(10)






















Adjusted pre-tax income(1)










$       81


$       66






















Adjusted effective tax rate










26%


12%













































 Income Tax 


 Net Income (Loss) 


 Diluted Income (Loss) 



 EBITDA 


(Expense) Benefit


 Attrib. to HUN Corp. 


 Per Share 



Three months ended


Three months ended


Three months ended


Three months ended



September 30,


September 30,


September 30,


September 30,

In millions, except per share amounts, unaudited


2012


2012


2012


2012


















GAAP(1)


$      341




$      (61)




$      116




$     0.48



Adjustments:

















Legal settlements and related expenses


4




(2)




2




0.01



Loss on early extinguishment of debt


1




(1)




-




-



Loss on initial consolidation of subsidiaries


4




-




4




0.02



Restructuring, impairment, plant closing and transition costs


51




(11)




40




0.17



Discount amortization on settlement financing associated with the terminated merger


 N/A 




(3)




5




0.02



Acquisition expenses


1




-




1




-



Loss from discontinued operations, net of tax(2)


-




 N/A 




1




-



Extraordinary gain on the acquisition of a business, net of tax(3)


(1)




 N/A 




(1)




-




















Adjusted(1)


$      401




$      (78)




$      168




$     0.70




















Adjusted income tax expense










78
























Adjusted pre-tax income(1)










$      250
























Adjusted effective tax rate










31%















































 Income Tax 


 Net Income (Loss) 


 Diluted Income (Loss) 



 EBITDA 


 (Expense) Benefit 


 Attrib. to HUN Corp. 


 Per Share 



Twelve months ended


Twelve months ended


Twelve months ended


Twelve months ended



December 31,


December 31,


December 31,


December 31,

In millions, except per share amounts, unaudited


2012


2011


2012


2011


2012


2011


2012


2011


















GAAP(1)


$   1,187


$   1,039


$     (169)


$     (109)


$      363


$      247


$     1.51


$     1.02

Adjustments:

















Legal settlements and related expenses


11


46


(4)


(17)


7


29


0.03


0.12

Loss on early extinguishment of debt


80


7


(29)


(3)


51


4


0.21


0.02

Loss (gain) on initial consolidation of subsidiaries


4


(12)


-


2


4


(10)


0.02


(0.04)

Restructuring, impairment, plant closing and transition costs


109


167


(18)


(11)


91


156


0.38


0.65

Discount amortization on settlement financing associated with the terminated merger


 N/A 


 N/A 


(11)


(10)


20


18


0.08


0.07

Acquisition expenses


5


5


(1)


(1)


4


4


0.02


0.02

Gain on disposition of businesses/assets


(3)


(40)


-


3


(3)


(37)


(0.01)


(0.15)

Loss from discontinued operations, net of tax(2)


5


6


 N/A 


 N/A 


7


1


0.03


-

Extraordinary gain on the acquisition of a business, net of tax


(2)


(4)


 N/A 


 N/A 


(2)


(4)


(0.01)


(0.02)


















Adjusted(1)


$   1,396


$   1,214


$     (232)


$     (146)


$      542


$      408


$     2.25


$     1.69


















Adjusted income tax expense










232


146





Net income attributable to noncontrolling interests, net of tax










10


7






















Adjusted pre-tax income(1)










$      784


$      561






















Adjusted effective tax rate










30%


26%






















See end of press release for footnote explanations









 

Table 5 – Reconciliation of Net Income (Loss) to EBITDA








Three months ended


 Twelve months ended 



December 31,


September 30,


 December 31, 

In millions, unaudited


2012


2011


2012


2012


2011












Net (loss) income attributable to Huntsman Corporation


$ (40)


$105


$              116


$   363


$   247

Interest expense, net


54


62


56


226


249

Income tax (benefit) expense from continuing operations


(17)


(2)


61


169


109

Income tax benefit from discontinued operations(2)


(1)


(4)


-


(3)


(5)

Depreciation and amortization of continuing operations


108


112


107


427


439

Depreciation and amortization of discontinued operations(2)


-


-


1


5


-












EBITDA(1)


$104


$273


$              341


$1,187


$1,039












See end of press release for footnote explanations

 

Table 6 – Selected Balance Sheet Items










December 31,


September 30,


December 31,

In millions


2012


2012


2011





(unaudited)










Cash


$            396


$            444


$            562

Accounts and notes receivable, net


1,534


1,626


1,529

Inventories


1,819


1,807


1,539

Other current assets


370


365


316

Property, plant and equipment, net


3,745


3,626


3,622

Other assets


1,020


1,078


1,089








Total assets


$         8,884


$         8,946


$         8,657








Accounts payable


$         1,102


$         1,017


$            862

Other current liabilities


791


758


752

Current portion of debt


288


130


212

Long-term debt


3,414


3,550


3,730

Other liabilities


1,393


1,275


1,325

Total equity


1,896


2,216


1,776








Total liabilities and equity


$         8,884


$         8,946


$         8,657

 

Table 7 – Outstanding Debt










December 31,


September 30,


December 31,

In millions


2012


2012


2011





(unaudited)










Debt:







Senior credit facilities


$ 1,565

(a)

$ 1,613


$ 1,696

Accounts receivable programs


241


237


237

Senior notes


568

(b)

490


472

Senior subordinated notes


892


892


976

Variable interest entities


270


266


281

Other debt


166


182


280








Total debt - excluding affiliates


3,702


3,680


3,942








Total cash


396


444


562








Net debt- excluding affiliates


$ 3,306


$ 3,236


$ 3,380








(a) net of $26 million unamortized discount as of December 31, 2012

(b) net of $32 million unamortized discount as of December 31, 2012

 

Table 8 – Summarized Statement of Cash Flows








Three months ended


Year ended



December 31,


December 31,

In millions, unaudited


2012


2012


2011








Total cash at beginning of period


$                 444


$      562


$      973








Net cash provided by operating activities


218


774


365

Net cash used in investing activities


(172)


(471)


(280)

Net cash used in financing activities


(95)


(473)


(490)

Effect of exchange rate changes on cash


1


3


(7)

Change in restricted cash


-


1


1








Total cash at end of period


$                 396


$      396


$      562








Supplemental cash flow information:







Cash paid for interest


$                  (32)


$     (209)


$     (204)

Cash paid for income taxes


(71)


(224)


(119)

Cash paid for capital expenditures


(164)


(412)


(330)

Depreciation & amortization


108


432


439








Changes in primary working capital:







Accounts and notes receivable


102


-


(121)

Inventories


4


(248)


(161)

Accounts payable


24


146


24








Total source (use) of cash


$                 130


$     (102)


$     (258)

 

Footnotes

(1)

We use EBITDA and 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) attributable to Huntsman Corporation 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 EBITDA, adjusted EBITDA and adjusted net income.  Additional information with respect to our use of each of these financial measures follows:




EBITDA is defined as net income (loss) attributable to Huntsman Corporation before interest, income taxes, and depreciation and amortization. EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies. The reconciliation of EBITDA to net income (loss) attributable to Huntsman Corporation is set forth in Table 5 above.




Adjusted EBITDA is computed by eliminating the following from EBITDA:  EBITDA from discontinued operations; restructuring, impairment, plant closing and transition costs (credits); acquisition expenses; certain legal settlements and related expenses; loss on early extinguishment of debt; loss (gain) on initial consolidation of subsidiaries; extraordinary loss (gain) on the acquisition of a business; and loss (gain) on disposition of businesses/assets.  The reconciliation of adjusted EBITDA to EBITDA is set forth in Table 4 above.




Adjusted net income (loss) is computed by eliminating the after tax impact of the following items from net income (loss) attributable to Huntsman Corporation: loss (income) from discontinued operations; restructuring, impairment, plant closing and transition costs (credits); discount amortization on settlement financing associated with the terminated merger; acquisition expenses; certain legal settlements and related expenses; loss on early extinguishment of debt; loss (gain) on initial consolidation of subsidiaries; extraordinary loss (gain) on the acquisition of a business; and loss (gain) on disposition of businesses/assets.   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) attributable to Huntsman Corporation common stockholders is set forth in Table 4 above.



(2)

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

 

About Huntsman:

Huntsman is a global manufacturer and marketer of differentiated chemicals. Our operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman has approximately 12,000 employees and operates from multiple locations worldwide. The Company had 2012 revenues of over $11 billion. For more information about Huntsman, please visit the company's website at www.huntsman.com.

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.

SOURCE Huntsman Corporation

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