First Quarter Highlights First quarter 2024 net loss attributable to Huntsman of $37 million compared to a net income of $153 million in the prior year period; first quarter 2024 diluted loss per share of $0.22 compared to a diluted income per share $0.83 in the prior year period. First quarter 2024 adjusted net loss attributable to Huntsman of $11 million compared to adjusted net income of $37 million in the prior year period; first quarter 2024 adjusted diluted loss per share of $0.06 compared to adjusted diluted income per share of $0.20 in the prior year period. First quarter 2024 adjusted EBITDA of $81 million compared to $136 million in the prior year period. First quarter 2024 net cash used in operating activities from continuing operations was $63 million. Free cash flow from continuing operations was a use of cash of $105 million for the first quarter 2024 compared to a use of cash of $168 million in the prior year period. Three months ended March 31, In millions, except per share amounts 2024 2023 Revenues $     1,470 $     1,606 Net (loss) income attributable to Huntsman Corporation $        (37) $       153 Adjusted net (loss) income (1) $        (11) $         37 Diluted (loss) income per share $     (0.22) $      0.83 Adjusted diluted (loss) income per share(1) $     (0.06) $      0.20 Adjusted EBITDA(1) $         81 $       136 Net cash used in operating activities from continuing operations $        (63) $      (122) Free cash flow from continuing operations(2) $      (105) $      (168) See end of press release for footnote explanations and reconciliations of non-GAAP measures.   THE WOODLANDS, Texas, May 2, 2024 /PRNewswire/ -- Huntsman Corporation (NYSE:HUN) today reported first quarter 2024 results with revenues of $1,470 million, net loss attributable to Huntsman of $37 million, adjusted net loss attributable to Huntsman of $11 million and adjusted EBITDA of $81 million.  Peter R. Huntsman, Chairman, President, and CEO, commented: "As we expected, the first quarter of 2024 improved sequentially versus the fourth quarter due largely to higher sales volumes and improved margins. We expect these trends to continue into a seasonally stronger second quarter. While overall demand for our products, as well as our margins in Polyurethanes remain below historical averages, we remain confident that we will see both elements improve as our key markets recover over the next several quarters. We are focused on controlling our costs to drive higher returns and cash flow to provide flexibility to invest in the Company for the long-term and return cash to shareholders." Segment Analysis for 1Q24 Compared to 1Q23 Polyurethanes The decrease in revenues in our Polyurethanes segment for the three months ended March 31, 2024 compared to the same period of 2023 was primarily due to lower MDI average selling prices and unfavorable mix, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes increased due to modestly improved demand and share gains in certain markets, primarily in the Americas and Europe regions. The decrease in segment adjusted EBITDA was primarily due to lower MDI average selling prices, partially offset by lower raw materials costs, higher sales volumes, higher equity earnings and cost savings from our cost optimization programs. Performance Products The decrease in revenues in our Performance Products segment for the three months ended March 31, 2024 compared to the same period of 2023 was primarily due to lower average selling prices and unfavorable mix, partially offset by higher sales volumes. Average selling prices decreased primarily due to competitive pressure, particularly in Europe. Sales volumes increased primarily due to improvement in industrial and construction activity as well as increased demand in coatings and adhesives and lubes markets. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices, partially offset by higher sales volumes and lower raw materials costs. Advanced Materials The decrease in revenues in our Advanced Materials segment for the three months ended March 31, 2024 compared to the same period of 2023 was primarily due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily in response to lower raw materials costs. The decrease in sales volumes was due to our general industry and commodity markets, partially offset by an increase in our aerospace and electrical infrastructure markets in response to customer demand. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes and foreign currency exchange rate fluctuations, partially offset by improved sales mix. Corporate, LIFO and other For the three months ended March 31, 2024, adjusted EBITDA from Corporate and other was a loss of $43 million as compared to a loss of $49 million for the same period of 2023. The improvement was due to lower corporate costs, partially offset by a decrease in foreign currency exchange gains and an increase in LIFO valuation losses. Liquidity and Capital Resources During the three months ended March 31, 2024, our free cash flow from continuing operations was a use of cash of $105 million as compared to a use of cash of $168 million in the same period of 2023. As of March 31, 2024, we had approximately $1.6 billion of combined cash and unused borrowing capacity. During the three months ended March 31, 2024, we spent $42 million on capital expenditures from continuing operations as compared to $46 million in the same period of 2023.  During 2024, we expect to spend approximately $200 million on capital expenditures. Income Taxes In the first quarter of 2024, our effective tax rate was 56% and our adjusted effective tax rate was 57%. We expect our 2024 adjusted effective tax rate to be approximately 34% to 37%. We expect our long-term adjusted effective tax rate to be approximately 22% to 24%. Earnings Conference Call Information We will hold a conference call to discuss our first quarter 2024 financial results on Friday, May 3, 2024, at 9:00 a.m. ET. Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tHuNeZ2X Participant dial-in numbers:Domestic callers: (877) 402-8037International callers: (201) 378-4913 The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors.  Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website. Upcoming ConferencesDuring the second quarter 2024, a member of management is expected to present at:Fermium Research Chemicals C-Suite Conference May 9, 2024KeyBanc Capital Markets Industrials and Basic Materials Conference May 29, 2024Deutsche Bank Global Industrials, Materials, & Building Products Conference June 6, 2024Wells Fargo Industrials Conference June 12, 2024 A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors. Table 1 – Results of Operations Three months ended March 31, In millions, except per share amounts 2024 2023 Revenues $     1,470 $     1,606 Cost of goods sold 1,269 1,337 Gross profit 201 269 Operating expenses, net 209 215 Gain on acquisition of assets, net (52) - Prepaid asset write-off 71 - Restructuring, impairment and plant closing costs (credits) 11 (7) Operating (loss) income (38) 61 Interest expense, net (19) (18) Equity in income of investment in unconsolidated affiliates 19 12 Other income, net 2 - (Loss) income from continuing operations before income taxes (36) 55 Income tax benefit (expense) 20 (11) (Loss) income from continuing operations (16) 44 (Loss) income from discontinued operations, net of tax(3) (7) 122 Net (loss) income (23) 166 Net income attributable to noncontrolling interests (14) (13) Net (loss) income attributable to Huntsman Corporation $        (37) $       153 Adjusted EBITDA(1) $         81 $       136 Adjusted net (loss) income (1) $        (11) $         37 Basic (loss) income per share $     (0.22) $      0.84 Diluted (loss) income per share $     (0.22) $      0.83 Adjusted diluted (loss) income per share(1) $     (0.06) $      0.20 Common share information: Basic weighted average shares 172 183 Diluted weighted average shares 172 184 Diluted shares for adjusted diluted (loss) income per share 172 184 See end of press release for footnote explanations.   Table 2 – Results of Operations by Segment Three months ended March 31, (Worse) / In millions 2024 2023 Better Segment Revenues: Polyurethanes $       926 $       991 (7 %) Performance Products 291 334 (13 %) Advanced Materials 261 289 (10 %) Total Reportable Segments' Revenues 1,478 1,614 (8 %) Intersegment Eliminations (8) (8) n/m Total Revenues $     1,470 $     1,606 (8 %) Segment Adjusted EBITDA(1): Polyurethanes $         39 $         66 (41 %) Performance Products 42 71 (41 %) Advanced Materials 43 48 (10 %)