Tips for subfreezing weather
Huntsman Corp.’s fortunes rose despite less annual revenue
Take precautions to keep infants and elderly people warm; both produce less body heat.
Bring pets inside. Texas law requires it.
Unhook all garden hoses and drain lawn sprinkler systems.
Bring potted plants inside and cover the ones that must stay outside.
Keep homes heated to prevent pipes from freezing.
Open cabinet doors to help keep your pipes warm or use special insulating wrap for pipes.
Keep an extra water supply in case pipes freeze.
Follow fire safety guidelines for space heaters: Don’t plug them into extension cords, and don’t place them on top of furniture or within 3 feet of drapes and bedding.
Wear three layers of clothing when outdoors.
Watch out for ice, both on walkways and on roadways.
If you must drive, equip your car with a flashlight, jumper cables, sand or kitty litter, a shovel, flares and blankets.
Huntsman Corp. said Friday that its profit and revenue rose in the fourth quarter as the industry slowly recovers from the historic oil crash caused by the coronavirus pandemic.
The Woodlands chemical-maker said it earned $343 million in the fourth quarter, up 13 percent from $303 million during the same period a year earlier. Revenue increased slightly to $1.67 billion from $1.66 billion in the fourth quarter of 2019.
For the year, profits nearly doubled, to $1.03 billion from $562 million in 2019. Annual revenue declined by 11 percent to $6.02 billion from $6.8 billion in 2019.
“Together with our cost realignment and business optimization plans, we target in excess of $120 million of annualized benefits by mid-2023. Our balance sheet remains very strong,” CEO Peter Huntsman said in a statement. “While we are prepared for macro uncertainties to continue in 2021, we see steady improvements over 2020 in most of our core markets and we remain totally committed to creating value
for our shareholders.”
During an earnings call Friday morning, Huntsman said fourth-quarter revenue in the company’s polyurethanes segment rose 5 percent year-over-year to $1.03 billion from $980 million.
“While we understand that volatility still exists within the component end of our business, the majority of our polyurethanes segment is in our downstream businesses that continue to not only benefit from stable margins but also demonstrate the most growth,” Huntsman said.
The company’s polyurethanes business produces foam products for bedding, insulation, material used in vehicles, rubber used in shoes and adhesives.
The sector is typically
stronger in the second quarter than in the first, Fermium Research analyst Frank Mitsch said.
Now halfway through the first quarter, the sector could rebound from a lackluster
2020 caused by the pandemic, Huntsman said.
“It looks like we are heading into the second quarter with some really strong momentum. We think there will be a little bit lower margins and component prices in China, but that has yet to be seen,” Huntsman said. “If the volume is there and the pricing is there, we will take advantage of it.”
Huntsman, built from the company that in 1974 created the clamshell container for McDonald’s Big Mac, also produces dyes and water repellents for textiles, epoxy and acrylics used in the construction of autos and planes, and coatings and amines used in industrial manufacturing and electronics.
In January, Huntsman completed the fourth-quarter $250 million, all-cash acquisition of Gabriel Performance Products, a North American chemical manufacturer of additives and epoxy curing agents, from a private equity firm.
Huntsman shares closed Friday up less than 1 percent at $28.52