- Huntsman ( NYSE: HUN ) +4.1% on Friday after the company reported Q3 results .
- HUN posted Q3 Non-GAAP EPS of $0.71 and revenue of $2.01B (-3.8% Y/Y), both in-line with average analyst expectations. Q3 adj EBITDA of $271M vs $349M.
- HUN also sold its Textile Effects division for an enterprise value of $718M during Q3.
- For 2022, expects ~$280M capex for continuing operations.
- Commenting on results, Huntsman said the global business environment has become increasingly difficult with growth slowing across many end markets.
- "Specifically in Europe, the inflationary impact from record high energy prices combined with declining demand is pressuring our European facilities and margins in ways no one anticipated. We believe that stability will eventually return, but a 'new normal' will not include favorable energy prices and competitiveness the EU once enjoyed." - Peter R. Huntsman, Chairman, President, and CEO
- Huntsman said it "significantly reduced" production rates to reflect slow European demand and higher costs and, to address long term issues in Europe, expects to incur an incremental $40M of costs.
- Stock is down 27.2% YTD.
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Huntsman warns of difficult global markets from inflation, high energy costs