Q1 2024 Huntsman Corp Earnings Call Transcript
Key Points
- Huntsman Corp reported a 25% growth in North American MDI demand compared to Q1 2023.
- The company is seeing improvements in cash flow and is on track to meet objectives to offset projected 3% to 4% global inflation.
- Huntsman Corp continues to focus on cost control in the face of global inflationary and regulatory pressures.
- The company is actively assessing its portfolio to maximize the value of assets and strategically deploy capital for growth.
- Huntsman Corp remains committed to environmental and safety performance, maintaining its license to operate without compromising operational safety.
- Profitability levels, especially in Europe, remain below reinvestment levels and in some cases, below positive cash generation.
- The company faces challenges in achieving pricing recovery necessary to expand margins and return to normalized market conditions.
- There are potential headwinds in working capital later in the year as sales volumes and prices increase.
- Advanced Materials volumes were down year-on-year, reflecting underlying demand challenges despite easier comparisons.
- The company is still about 10% to 15% below normal volume levels in polyurethanes in North America and Europe, indicating a need for further market recovery.
Greetings, and welcome to the Huntsman Corporation First Quarter 2024 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce Ivan Marcuse, VP of IR, and Corporate Development. Thank you. You may begin.
Thanks, Daryl, and good morning, everyone. Welcome to Huntsman's First Quarter 2024 Earnings Call. Joining us on the call today are Peter Huntsman, Chairman and CEO and President, and Phil Lister, Executive Vice President and CFO. Yesterday, May 2, 2024, after the U.S. markets closed, we released our earnings first quarter '24 via press release and posted to our website, huntsman.com.
We also posted a set of slides and detailed commentary discussing the first quarter of 2024 on our website. Peter Huntsman will provide some opening comments shortly, and we will then move to a question-and-answer session for the remainder of the call.
During this call, let me remind you that we may make statements
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