MOSCOW (MRC) -- Huntsman reported significantly higher year on year profits in the third quarter based largely on strong product price increases across its operating divisions, said the company.
Third quarter 2021 net income was USD225m from USD57m in the third quarter of 2020 on sales up 51% at USD2.29bn. There were double-digit sales increases for the company’s five reporting segments with strong local currency prices driving the upswing.
"Despite pockets of disruption in our supply chain and cost inflation, we see strong pent-up demand across most of our businesses with favourable pricing dynamics," CEO Peter Huntsman said.
“In addition, we are benefiting from cost reduction programmes and synergies from the acquisitions we completed over the past 18 months. As indicated in our second quarter earnings call, we resumed share repurchases and we used free cash flow generated in the quarter to repurchase approximately $102 million of our stock during the quarter at an average price of USD25.64 per share."
As per MRC, Huntsman is expanding its performance products facility in Petfurdo, Hungary, said the company.
The multimillion-dollar investment project will expand capacity for polyurethane (PU) catalysts and specialty amines, scheduled for completion in mid-2023.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,638,370 tonnes in the first eight months of 2021, up by 10% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 989,570 tonnes in the first eight months of 2021, up by 30% year on year. Deliveries of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas shipments of injection moulding PP random copolymers decreased significantly.
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2020 revenues of approximately USD6 billion.
MRC