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  "documentTitle": "Huntsman Corporation (HUN)",
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  "presentationDate": "2022-03-02 00:00:00",
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  "notes": "Uses a 'rising tide lifts all boats' metaphor to undermine the company's narrative of superior execution.",
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      "kind": "callout",
      "text": "Huntsman Claims 2021's Results Are Evidence of Strong Momentum and Improved Execution",
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      "text": "A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution.",
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      "text": "A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution.",
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      "text": "2021 was the best year in Huntsman's history: Huntsman's recent financial results demonstrate that the Company's plan is working. The Company reported the strongest profit and margin performance it has ever achieved with its current portfolio, delivering $349 million of adjusted EBITDA in the fourth quarter 2021, up 45% year over year, and significant free cash flow of $698 million, while achieving ahead of schedule an annualized run rate of $120 million on the Company's $240 million cost optimization and synergy program.",
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      "text": "Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.",
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      "text": "In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022",
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      "text": "Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.",
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      "text": "\"Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.\" — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; \"In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022\" — Mark Costa, Chairman & CEO – Eastman, January 2022; \"Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.\" — James Fitterling, Chairman & CEO – Dow, January 2022",
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      "text": "Source: Public company filings, presentations, and transcripts. Note: Quotes are underlined and bolded for emphasis.",
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      "kind": "title",
      "text": "Huntsman Claims Recent Performance Represents a Turning Point...We Are Skeptical As Peers All Had Record-Setting Years",
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