2023 Q2 Form 10-Q Financial Statement

#000143774923012765 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.596B $1.606B
YoY Change -32.43% -32.78%
Cost Of Revenue $1.342B $1.337B
YoY Change -26.43% -26.7%
Gross Profit $254.0M $269.0M
YoY Change -52.79% -52.39%
Gross Profit Margin 15.91% 16.75%
Selling, General & Admin $167.0M $188.0M
YoY Change -17.73% -12.96%
% of Gross Profit 65.75% 69.89%
Research & Development $29.00M $30.00M
YoY Change -19.44% -21.05%
% of Gross Profit 11.42% 11.15%
Depreciation & Amortization $70.00M $69.00M
YoY Change -2.78% -2.82%
% of Gross Profit 27.56% 25.65%
Operating Expenses $196.0M $208.0M
YoY Change -20.0% -20.31%
Operating Profit $58.00M $61.00M
YoY Change -80.2% -79.93%
Interest Expense $13.00M -$18.00M
YoY Change -181.25% 28.57%
% of Operating Profit 22.41% -29.51%
Other Income/Expense, Net -$2.000M $1.000M
YoY Change -115.38% 0.0%
Pretax Income $61.00M $55.00M
YoY Change -80.26% -81.91%
Income Tax $28.00M $11.00M
% Of Pretax Income 45.9% 20.0%
Net Earnings $19.00M $153.0M
YoY Change -91.67% -31.39%
Net Earnings / Revenue 1.19% 9.53%
Basic Earnings Per Share $0.11 $0.84
Diluted Earnings Per Share $0.12 $0.83
COMMON SHARES
Basic Shares Outstanding 181.2M 183.8M
Diluted Shares Outstanding 180.3M 184.4

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $502.0M $615.0M
YoY Change -17.43% -23.79%
Cash & Equivalents $502.0M $615.0M
Short-Term Investments
Other Short-Term Assets $145.0M $150.0M
YoY Change 3.57% -3.85%
Inventory $1.012B $1.048B
Prepaid Expenses
Receivables $856.0M $878.0M
Other Receivables $5.000M $9.000M
Total Short-Term Assets $2.520B $2.700B
YoY Change -26.68% -32.3%
LONG-TERM ASSETS
Property, Plant & Equipment $2.719B $2.366B
YoY Change 9.37% -7.25%
Goodwill $643.0M $642.0M
YoY Change -0.77% -1.23%
Intangibles $406.0M $415.0M
YoY Change -9.38% -9.98%
Long-Term Investments $425.0M $441.0M
YoY Change -1.39% -9.07%
Other Assets $840.0M $696.0M
YoY Change 25.75% 3.42%
Total Long-Term Assets $5.033B $5.063B
YoY Change -4.75% -6.48%
TOTAL ASSETS
Total Short-Term Assets $2.520B $2.700B
Total Long-Term Assets $5.033B $5.063B
Total Assets $7.553B $7.763B
YoY Change -13.39% -17.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $745.0M $857.0M
YoY Change -30.31% -31.55%
Accrued Expenses $420.0M $381.0M
YoY Change -1.41% -47.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.00M $11.00M
YoY Change -15.38% -47.62%
Total Short-Term Liabilities $1.176B $1.297B
YoY Change -27.5% -38.76%
LONG-TERM LIABILITIES
Long-Term Debt $1.562B $1.509B
YoY Change 3.58% -1.31%
Other Long-Term Liabilities $726.0M $395.0M
YoY Change 11.69% -41.83%
Total Long-Term Liabilities $2.288B $1.904B
YoY Change 6.02% -13.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.176B $1.297B
Total Long-Term Liabilities $2.288B $1.904B
Total Liabilities $3.969B $3.773B
YoY Change -9.18% -22.4%
SHAREHOLDERS EQUITY
Retained Earnings $2.781B $2.804B
YoY Change 0.11% 8.05%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.584B $3.763B
YoY Change
Total Liabilities & Shareholders Equity $7.553B $7.763B
YoY Change -13.39% -17.43%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $19.00M $153.0M
YoY Change -91.67% -31.39%
Depreciation, Depletion And Amortization $70.00M $69.00M
YoY Change -2.78% -2.82%
Cash From Operating Activities $36.00M -$154.0M
YoY Change -84.42% -281.18%
INVESTING ACTIVITIES
Capital Expenditures $51.00M $46.00M
YoY Change -173.91% -33.33%
Acquisitions
YoY Change
Other Investing Activities $2.000M $2.000M
YoY Change -60.0% -150.0%
Cash From Investing Activities -$49.00M $489.0M
YoY Change -23.44% -852.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.000M
YoY Change 33.33%
Cash From Financing Activities -85.00M -$379.0M
YoY Change -76.19% 50.4%
NET CHANGE
Cash From Operating Activities 36.00M -$154.0M
Cash From Investing Activities -49.00M $489.0M
Cash From Financing Activities -85.00M -$379.0M
Net Change In Cash -98.00M -$39.00M
YoY Change -48.42% -83.33%
FREE CASH FLOW
Cash From Operating Activities $36.00M -$154.0M
Capital Expenditures $51.00M $46.00M
Free Cash Flow -$15.00M -$200.0M
YoY Change -105.0% -1350.0%

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><em style="font: inherit;">1.</em> GENERAL</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><span style="text-transform:uppercase;"><b>C<span style="font-family:Times New Roman;font-size:7pt;">ertain</span> D<span style="font-family:Times New Roman;font-size:7pt;">efinitions</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">For convenience in this report, the terms “Company,” “Huntsman,” “our,” “us” or “we” <em style="font: inherit;"> may </em>be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. In this report, “Huntsman International” refers to Huntsman International LLC (our wholly-owned subsidiary).</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;text-indent:36pt;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">In this report, we <em style="font: inherit;"> may </em>use, without definition, the common names of competitors or other industry participants. We <em style="font: inherit;"> may </em>also use the common names or abbreviations for certain chemicals or products.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;text-indent:36pt;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><span style="text-transform:uppercase;"><b>I<span style="font-family:Times New Roman;font-size:7pt;">nterim</span> F<span style="font-family:Times New Roman;font-size:7pt;">inancial</span> S<span style="font-family:Times New Roman;font-size:7pt;">tatements</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Our unaudited interim condensed consolidated financial statements and Huntsman International’s unaudited interim condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” or “U.S. GAAP”) and in management’s opinion reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of results of operations, comprehensive income, financial position and cash flows for the periods presented. Results for interim periods are <em style="font: inherit;">not</em> necessarily indicative of those to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2022</em> for our Company and Huntsman International.</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">​</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><span style="text-transform:uppercase;"><b>D<span style="font-family:Times New Roman;font-size:7pt;">escription</span> <span style="font-family:Times New Roman;font-size:7pt;">of</span> B<span style="font-family:Times New Roman;font-size:7pt;">usinesses</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: left;">We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, packaging, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the light weighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. We operate all of our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in <em style="font: inherit;">1999.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b style="text-transform: uppercase; font-size: 10pt;">H<span style="font-family:Times New Roman;font-size:7pt;">untsman</span> C<span style="font-family:Times New Roman;font-size:7pt;">orporation and </span>H<span style="font-family:Times New Roman;font-size:7pt;">untsman</span> I<span style="font-family:Times New Roman;font-size:7pt;">nternational</span> F<span style="font-family:Times New Roman;font-size:7pt;">inancial</span> S<span style="font-family:Times New Roman;font-size:7pt;">tatements</span></b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Except where otherwise indicated, these notes relate to the condensed consolidated financial statements for both our Company and Huntsman International. The differences between our condensed consolidated financial statements and Huntsman International’s condensed consolidated financial statements relate primarily to different capital structures and purchase accounting recorded at our Company for the <em style="font: inherit;">2003</em> step-acquisition of Huntsman International Holdings LLC, the former parent company of Huntsman International that was merged into Huntsman International in <em style="font: inherit;">2005.</em></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">​​</p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">​<span style="text-transform:uppercase;"><b>P<span style="font-family:Times New Roman;font-size:7pt;">rinciples of</span> C<span style="font-family:Times New Roman;font-size:7pt;">onsolidation</span></b></span></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:left;"><b>​</b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 36pt; text-align: left;">Our condensed consolidated financial statements include the accounts of our wholly-owned and majority-owned subsidiaries and any variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-indent: 45pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>R</b><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps"><span style="font-family:Times New Roman; font-size:7pt">ec</span><span style="font-family:Times New Roman; font-size:7pt">l</span></b><span style="text-transform:uppercase"><b><span style="font-family:Times New Roman; font-size:7pt">assfica</span></b></span><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps"><span style="font-family:Times New Roman; font-size:7pt">t</span></b><span style="text-transform:uppercase"><b><span style="font-family:Times New Roman; font-size:7pt">ion</span></b></span><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps"><span style="font-family:Times New Roman; font-size:7pt">s </span></b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;">Certain amounts in the condensed consolidated financial statements for prior periods have been recast to present the results of operations of our textile chemicals and dyes business (“Textile Effects Business”) as discontinued operations. For more information, see “Note <em style="font: inherit;">3.</em> Discontinued Operations and Business Disposition—Sale of Textile Effects Business.” </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 36pt;"> </p> <p style="text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt;"><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps">U<span style="font-family:Times New Roman; font-size:7pt">se of</span> </b><b style="text-transform:uppercase; font-size:10pt; font-variant-caps:small-caps">E<span style="font-family:Times New Roman; font-size:7pt">stimates</span></b></p> <p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt;"> </p>
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10003 Woodloch Forest Drive
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CY2023Q1 dei Security12b Title
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Common Stock, par value $0.01 per share
CY2023Q1 dei Trading Symbol
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R9.htm Edgar Link pending
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hun-20230331_pre.xml Edgar Link unprocessable