Huntsman (NYSE: HUN) reported Q1 EPS of $0.29, $0.10 better than the analyst estimate of $0.19. Revenue for the quarter came in at $1.59 billion versus the consensus estimate of $1.52 billion.

First Quarter Highlights

• First quarter 2020 net income of $708 million compared to $131 million in the prior year period; first quarter 2020 diluted earnings per share of $3.16 compared to $0.51 in the prior year period.
• First quarter 2020 adjusted net income of $65 million compared to $85 million in the prior year period; first quarter 2020 adjusted diluted earnings per share of $0.29 compared to $0.36 in the prior year period.
• First quarter 2020 adjusted EBITDA of $165 million compared to $204 million in the prior year period.
• First quarter 2020 net cash used in operating activities was $40 million. Free cash flow was a use of $101 million for the first quarter 2020.
• Balance sheet remains strong with a net leverage of 0.7x and total liquidity for the Company is approximately $2.9 billion. First quarter 2020 share repurchases of approximately 5.4 million shares for approximately $96 million.
• The Icynene-Lapolla acquisition closed on February 20, 2020, which approximately doubled our existing global spray polyurethane foam insulation business. Our recently announced acquisition of CVC Thermoset Specialties on March 16, 2020, is on track to close by mid-year.

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

"Fortunately, we have been well prepared for this global economic crisis. The ongoing transformation of our business has made us a much better Company. Our balance sheet is stronger than ever before, with significant cash and robust liquidity. Visibility has at no time been more difficult, but our portfolio of businesses has never been more differentiated. In this environment we are laser focused on what is in our control and protecting our balance sheet strength. Having learned from prior crises, we preemptively reduced unnecessary inventories and are reducing capital spending this year by 30%, or approximately $90 million, by delaying discretionary spending. We have proactively taken other measures, including suspending share repurchases, and various cost reduction measures yielding immediate benefit. We will accelerate our plans to achieve synergies with our recent and pending strategic bolt-on acquisitions and aggressively press forward with the global scale up of our differentiated platform. Our Company is ready and able to take advantage of opportunities to come, and I am confident that Huntsman will emerge from this global crisis a stronger Company."

For earnings history and earnings-related data on Huntsman (HUN) click here.