Texas, US – Huntsman’s sales in the second quarter fell slightly in the second quarter. They declined from $1.60bn in last year’s quarter to $1.57bn this year, a drop of 1.4%. Adjusted EBITDA fell by 16%, from $156m last year to $131m this. However, net income was up 15.8%, from $19m to $22m.
The declines in its polyurethanes business were slightly lower. Revenues were down 1.1%, from $1.01bn last year to $1.00bn this. The fall was largely attributed to a reduction in average selling prices for MDI, partially offset by higher sales volumes. The selling price was down largely as a result of less favourable supply and demand dynamics, the company said.
Adjusted EBITDA for polyurethanes was down 9.1%, from last year’s $88m to $80m in this year’s quarter. Here, it said, in addition to the falling MDI selling prices, another major driver of the reduction was a fall in equity earnings from its minority-owned Chinese joint venture. Lower raw material costs and higher sales volumes provided a partial offset.
