The Woodlands, Texas – Huntsman recorded $1.1bn sales in the third quarter of 2020, down 31.8% on the same period last year. Adjusted EBITDA across the business fell by 12.6% to $188m in the quarter.
Huntsman has better than expected Q3
'The third quarter proved to be better than we had anticipated, with improving conditions in almost all of our businesses,' said CEO Peter Huntsman. 'We see positive momentum as we enter the fourth quarter.'
In the company's polyurethanes business, sales declined by 5.7% between the third quarter of 2019 and the third quarter of 2020, to $936m. This compares with $993m in the equivalent period in 2019.
The company attributed the decline to lower selling prices around the world compared with this time last year. Prices are down because of falling demand in the light of the coronavirus pandemic. Including sales from the recently acquired Icynene-Lapolla business, volumes were flat quarter to quarter.
In Q3 2020, adjusted EBITDA in the division rose by 6.8 % to $156m This compares with $146m in the equivalent period last year, as both materials costs and fixed costs were lower. The volumes sold in connection with the Icynene-Lapolla acquisition helped, but were partly offset by lower prices.