Huntsman reported results for the first quarter of 2022, with revenue of $2.389 billion, net income of $240 million, adjusted net income of $256 million, and adjusted EBITDA of $415 million.

Huntsman Chairman, President and Chief Executive Officer Peter R. Huntsman commented, "The company began 2022 with positive momentum and is focused on further improvement through thoughtful execution of a value-over-volume strategy, including the company's Pricing initiatives, cost optimization initiatives, organic investments and well-timed reinforcement acquisitions. The company achieved pricing in the first quarter and expanded the company's margins despite significant upward pressure on the company's raw material costs. Most recently by S&P Raising the company's balance sheet to BBB-, Fitch's raising the company's balance sheet to BBB, is a recognition of the strength of the company's balance sheet."

"Looking ahead, the strength of the company's balance sheet, along with the company's expected cash flow, gives the company the flexibility to invest in the future and return cash to shareholders today. The board of directors increased the company's dividend by 13% in the first quarter, up from 2018. The total dividend has increased by 70% since then. And, as the company previously announced, the board of directors doubled its share repurchase authorization at the end of March to $2 billion, half of which the company intends to use in 2022. The company is actively monitoring Many economic impacts around the world, but from where the company is today, the company expects its overall second-quarter results to continue to be strong."

Segment analysis for Q1 2022 compared to Q1 2021

Polyurethane

Compared with the same period in 2021, the company's Polyurethanes segment reported higher revenue for the three months ended March 31, 2022, primarily due to higher MDI average selling prices and slightly higher sales volumes. The average selling price of MDI increased in all regions of the company. The increase in sales was primarily due to stronger demand in all regions of the company. The increase in segment adjusted EBITDA was primarily due to higher MDI prices and slightly higher sales volumes resulting in higher MDI margins, partly driven by higher raw material costs and the company's PO/MTBE in China This was offset by lower earnings from joint ventures.

high performance product

Compared with the same period in 2021, revenue in the company's Performance Products segment increased for the three months ended March 31, 2022, primarily due to higher average selling prices and slightly higher volumes. The increase in ASP was mainly due to stronger demand related to the continued recovery from the global economic slowdown and in response to increased raw material costs. The increase in sales was primarily due to stronger demand, favorable product mix changes, in line with the company's business strategy of value over volume. The segment's increase in adjusted EBITDA was primarily due to higher revenue and margins, partially offset by higher fixed costs.

Advanced Materials

Compared with the same period in 2021, revenue in the company's Advanced Materials segment increased for the three months ended March 31, 2022, primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased across all markets, mainly in response to increased raw material, energy and logistics costs. The decline in sales was primarily due to the company's elimination of its lower-margin base resin business. The segment's increase in adjusted EBITDA was primarily due to higher sales prices and gains from the acquisition of Gabriel.

textile effect

Compared with the same period in 2021, revenue in the company's Textile Effects segment increased for the three months ended March 31, 2022, due to higher average selling prices, partially offset by lower sales volumes. The average selling price was raised in response to higher direct costs. The decline in sales was mainly due to the company's removal of some products and reduced demand. The increase in segment adjusted EBITDA was primarily due to an improvement in the investment portfolio.