US: Huntsman’s first quarter net income was US$708m in 2020, up by 440% year-on-year from US$131m in 2019. It made sales worth US$1.59bn over the period, down by 4.6% year-on-year from US$1.67bn in the corresponding period of 2019. Polyurethane (PU) insulation sales decreased slightly due to ‘decreased demand across most major markets, partially offset by modest growth in polyisocyanurate (PIR) insulation sales volumes.
Huntsman chair, president and CEO Peter Huntsman said, “We have been well-prepared for this global economic crisis. Our balance sheet is stronger than ever before, with significant cash and robust liquidity. Having learned from prior crises, we pre-emptively reduced unnecessary inventories and are reducing capital spending this year by 30%, or approximately $90m, by delaying discretionary spending.”
