The Woodlands, Texas — Huntsman saw sales in its polyurethanes business grow by 28% in Q1 2018 to $1.2 bn compared to $953m in the 2017 quarter, as margins improved, according to the company.
MDI business drives Huntsman on in Q1 2018
The increase in revenues in polyurethanes was due to higher average selling price and higher sales volumes. MDI average selling price increased in response to continued strong material conditions. Volumes also increased due to high demand in most major markets, the company added.
The polyurethane division also contains MTBE. This had a strong quarter as volumes and prices also rose.
Across the firm, sales in the first quarter of 2018 were $2.26 bn up from $1.89 bn in the 2017 quarter. This is a rise of 19%.
At the same time EBITDA (earnings before interest, tax, depreciation and amortisation) across Huntsman was $405 m in the quarter. This was up by 73% compared with $260m in the same period of 2017, the firm said.
Peter Huntsman, ceo, said: 'Our core business continues to perform well. All of our divisions improved over the previous year and we continue to expect all divisions will finish this year stronger than last year.'
Peter Huntsman also commented on the recent Demilec purchase. He said: 'This will provide further downstream growth while generating stronger margins and stability.'