Huntsman Corporation reported first quarter 2022 results with revenues of $2,389 million, net income of $240 million, adjusted net income of $256 million and adjusted EBITDA of $415 million. First quarter 2022 adjusted net income of $256 million compared to adjusted net income of $147 million in the prior year period; first quarter 2022 adjusted diluted earnings per share of $1.19 compared to adjusted diluted earnings per share of $0.66 in the prior year period.

First quarter 2022 net cash provided by operating activities from continuing operations was $85 million. Free cash flow from continuing operations was $16 million for the first quarter 2022 compared to an outflow of $114 million in the prior year period.

The company repurchased approximately 5.5 million shares for approximately $210 million in the first quarter 2022. During the first quarter of 2022, the Board approved an increased share repurchase authorization to $2 billion from $1 billion. The Company intends to repurchase approximately $1 billion in shares during 2022.

Peter R. Huntsman, Chairman, President and CEO, commented: "We started 2022 with positive momentum and are focused on further improvements through a deliberate value over volume strategy that includes our pricing initiatives, cost optimization programs, organic investments and when appropriate bolt-on acquisitions. We delivered on pricing in the first quarter and expanded our margins despite tremendous upward pressure on our raw material costs. The strength of our balance sheet was recognized by the recent upgrades from S&P to BBB- and Fitch to BBB.

Looking forward, our balance sheet strength as well as our expected cash flow gives us flexibility to invest for the future as well as return cash to shareholders today. The Board increased our dividend 13% in the first quarter for a total dividend increase of 70% since 2018. And, as we previously announced, the Board doubled the share repurchase authorization to $2 billion at the end of March, half of which we intend to spend in 2022. We are actively monitoring the many economic cross currents throughout the world but where we stand today, we expect continued strong overall results in the second quarter."