By: ICN Bureau
Last updated : May 01, 2021 12:08 pm
During the three months ended March 31, 2021, the company spent $98 million on capital expenditures as compared to $61 million in the same period of 2020
Huntsman Corporation has reported first quarter 2021 revenues of $1,837 million, net income of $100 million, adjusted net income of $147 million and adjusted EBITDA of $289 million.
Peter R. Huntsman, Chairman, President and CEO said, "First quarter 2021 results in each of our business segments exceeded our expectations as the economic recovery accelerated through the quarter. Specifically, the strength of our businesses during March more than offset the headwinds experienced from Winter Storm Uri in February. Because of our strong balance sheet and confidence in the consistent generation of solid free cash flow, I am pleased we can increase our quarterly dividend by 15%. The year has started off well and if current trends hold, we expect 2021 to be a very good year for the company."
The increase in revenues in the Polyurethanes segment for the three months ended March 31, 2021 compared to the same period of 2020 was largely due to higher MDI average selling prices. MDI average selling prices increased mostly in China and Europe. Even though demand was strong in the quarter, overall volumes were largely flat and MDI volumes decreased because of a previously disclosed turnaround at our Geismar, Louisiana facility.
The increase in revenues in the Performance Products segment for the three months ended March 31, 2021 compared to the same period of 2020 was primarily due to higher average selling prices, partially offset by lower sales volumes. Average selling prices increased primarily due to stronger demand in relation to the ongoing recovery from the global economic slowdown as well as in response to an increase in raw material costs.
The increase in revenues in the Advanced Materials segment for the three months ended March 31, 2021 compared to the same period in 2020 was primarily due to higher average selling prices and the favorable impact of including the CVC Thermoset Specialties and Gabriel acquisitions in the current year period.
The increase in revenues in the Textile Effects segment for the three months ended March 31, 2021 compared to the same period of 2020 was largely due to higher sales volumes, partially offset by lower average selling prices. Sales volumes increased primarily due to increased demand resulting from the ongoing recovery from the global economic slowdown, particularly in Asia. The increase in segment adjusted EBITDA was primarily due to higher sales revenues and lower costs.
During the three months ended March 31, 2021, we spent $98 million on capital expenditures as compared to $61 million in the same period of 2020. For 2021 the company expects to spend approximately $330 million on capital expenditures.