All segments of Huntsman (The Woodlands, Texas; www.huntsman.com) sold significantly lower volumes in the first quarter of 2023 than a year earlier. As result, revenues and earnings were also under pressure, according to the chemical company. Sales fell 27% to USD 1.61 bn (EUR 1.46 bn) and adjusted EBITDA slumped 65% to USD 136 mn. The sale of non-plastics dye activities, Textile Effects, cushioned the decline in net profit – this figure was “only” 31% the same quarter of the previous year. Adjusted net profit plummeted by 83%.

The course of business in the first quarter was in line with expectations, according to Peter Huntsman, CEO of the Huntsman Group. The slack in demand had continued into the second quarter. This was particularly true for the North American construction sector, while in China and Europe there were signs of a slight improvement.

Related: Q4 revenues and profits fall at Huntsman

The Advanced Materials business, with its speciality polymers and epoxy resins, was able to achieve higher sales prices, so the losses were less than the group average – sales nevertheless fell by 14% to USD 289 mn, and adjusted EBITDA by 28% to USD 48 mn. The Polyurethanes division, on the other hand, also had to cope with declining sales prices for MDI and negative currency effects. With segment sales down 28% to USD 991 mn, adjusted EBITDA fell disproportionately by 71% to USD 66 mn.

In Performance Products, the division with amines, maleic anhydride, and carbonates, sales slipped by 30% to USD 334 mn and adjusted EBITDA by 51% to USD 71 mn.