Huntsman (HUN) Tops Q1 EPS by 6c, Revenues Miss

Huntsman (NYSE: HUN) reported Q1 EPS of $0.46, $0.06 better than the analyst estimate of $0.40. Revenue for the quarter came in at $2.03 billion versus the consensus estimate of $2.11 billion.

• First quarter 2019 net income of $131 million compared to $350 million in the prior year period; first quarter diluted earnings per share of $0.51 compared to $1.11 in the prior year period.
• First quarter 2019 adjusted net income of $108 million compared to $237 million in the prior year period; first quarter 2019 adjusted diluted earnings per share of $0.46 compared to $0.96 in the prior year period.
• First quarter 2019 adjusted EBITDA of $257 million compared to $405 million in the prior year period.
• First quarter 2019 net cash used in operating activities was $31 million. Free cash flow was a use of $101 million for the quarter.
• Huntsman achieved investment grade rating and issued $750 million of senior notes due 2029. Proceeds were used to redeem $650 million of our senior notes due 2020 and for general corporate purposes. Balance sheet remains strong with a net leverage of 1.6x.
• First quarter 2019 share repurchases of approximately 1.5 million shares for approximately $34 million.

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

"While global economic conditions remained challenging in the first quarter of this year, we are pleased with the relative resilience of our core downstream portfolio. The month of March ended slightly better than we projected, and while we remain cautious of certain regions of the world, notably Europe, we see momentum returning to Asia, especially in China. In 2019, we are on course to achieve our second best year ever. We remain focused on delivering consistent strong free cash flow and executing our downstream strategy through strategic investments, new products and continued globalization of recent bolt-on acquisitions. Our balance sheet is strong, our dividend yield is attractive, and we continue our balanced approach to capital allocation, including share repurchases."

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

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