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Huntsman (HUN) to Boost Capacity of Ultrapure Ethylene Carbonate

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Huntsman Corporation HUN has announced that plans are ongoing for the Performance Products division at its Conroe, TX facility to markedly increase the existing capacity for Ultrapure Ethylene Carbonate. The company plans to complete the expansion by mid-2023. Ultrapure Ethylene Carbonate is essential for the effective functioning and durability of lithium-ion batteries for electric vehicles (EVs) and electronics.

In recent times, the company has seen robust growth in Ultrapure products, riding on the back of the evolution of EVs and the localization of lithium-ion battery production. To cater to this demand growth, Huntsman has added a range of new high-purity grades of Ethylene Carbonate for EV battery applications.

Huntsman noted that this expansion will support the quick growth of the U.S. and European lithium-ion battery markets for EVs and bolster its position as the sole U.S. producer of cyclic carbonates. The company remains committed to steer its growth in this sustainable industry and help reduce emissions in the transportation sector.

Shares of Huntsman have grown 51.7% in a year compared with the industry’s rise of 63%. The company’s estimated earnings growth rate for the current year is pegged at 176.5%.

Zacks Investment Research
Zacks Investment Research

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In the first quarter, the company recorded adjusted earnings of 66 cents per share, topping the Zacks Consensus Estimate of 59 cents. The top line of $1,837 million recorded 15% growth year over year, surpassing the Zacks Consensus Estimate of $1,745.3 million.

Huntsman said that its strong liquidity and balance sheet leverage give it adequate flexibility to continue developing and expanding its core businesses through acquisitions and internal investments. The company also remains on track to deliver more than $120 million of annualized savings and acquisition integration synergies by mid-2023.

Huntsman Corporation Price and Consensus

Huntsman Corporation Price and Consensus
Huntsman Corporation Price and Consensus

Huntsman Corporation price-consensus-chart | Huntsman Corporation Quote

Zacks Rank & Key Picks

Currently, Huntsman carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Orion Engineered Carbons S.A OEC, Tronox Holdings PLC TROX and Univar Solutions Inc. UNVR, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Orion has a projected earnings growth rate of 61.5% for the current year. The company’s shares have grown 91.7% in a year.

Tronox has a projected earnings growth rate of 242.9% for the current year. The company’s shares have jumped a whopping 239.6% in a year.

Univar has a projected earnings growth rate of 35.2% for the current year. The company’s shares have jumped 73.3% in a year.

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Huntsman Corporation (HUN) : Free Stock Analysis Report

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Orion Engineered Carbons S.A (OEC) : Free Stock Analysis Report

Univar Solutions Inc. (UNVR) : Free Stock Analysis Report

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