WASHINGTON (dpa-AFX) - Huntsman Corp. (HUN) said the company now expects third quarter adjusted EBITDA from continuing operations to be between $260 million and $280 million. Previously, the company estimated third-quarter adjusted EBITDA between approximately $310 million and $355 million, excluding Textile Effects.
The company said it remains on track to exceed previously announced cost optimization and synergy program and expect to deliver an annualized run rate of approximately $170 million by year-end. Also, the company is evaluating further cost reduction and optimization opportunities.
Peter Huntsman, CEO said: 'Huntsman is feeling the same pressures as others in the industry as we are being impacted by persistent and extraordinary cost of energy in Europe, together with lower than expected demand across segments in our portfolio, primarily within Polyurethanes and Performance Products. The economy in China continues to lag our expectations due to continued Covid-related lockdowns. While the United States remains our most resilient market, demand in residential housing has slowed.'
Shares of Huntsman Corp. are down 5% in pre-market trade on Friday.
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