Net income attributable to Huntsman of $0 million
Huntsman Corporation reported third quarter 2023 results with revenues of $1,506 million, net income attributable to Huntsman of $0 million, adjusted net income attributable to Huntsman of US$27 million and adjusted EBITDA of US$136 million.
Third quarter 2023 adjusted net income attributable to Huntsman of US$ 27 million compared to US$141 million in the prior year period; third quarter 2023 adjusted diluted earnings per share of US$0.15 compared to US$0.71 in the prior year period. Third quarter 2023 adjusted EBITDA of US$136 million compared to US$271 million in the prior year period.
Third quarter 2023 net cash provided by operating activities from continuing operations was US$167 million. Free cash flow from continuing operations was US$117 million for the third quarter 2023 compared to US$228 million in the prior year period.
Peter R. Huntsman, Chairman, President, and CEO, commented: "Between 2020 and 2022 we strengthened our balance sheet through a combination of timely strategic divestitures and improved free cash flow generation. These actions placed us in a strong position to weather the current year of depressed demand and economic uncertainty. Last quarter, we stated that we thought 2023 was going to be a more difficult year than 2020. This has clearly been the case. The fourth quarter will likely be the most challenging period in recent memory due to a combination of weak demand, pricing pressure, and aggressive customer inventory management.
Even against this backdrop, our financial discipline has meant that we have been able to return cash to shareholders throughout 2023 via consistent share repurchases and an improved dividend. In addition, we continue to invest in strategic projects which will ensure the Company is in the best possible position when our markets begin to improve. Cost control remains a priority and we will deliver our current savings program of $280 million by year end. Beyond 2023, we will continue to find additional opportunities to improve the cost structure of the Company.
Above all, our portfolio provides energy saving solutions that the world needs, and we are highly confident in the long-term outlook for the products we sell. We will remain balanced and disciplined in our approach to invest for growth, return capital to shareholders, and improve our costs. We are looking forward to improved economic conditions in 2024."
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