The company, whose I-BOND range of MDI resins serves the composite wood products industry, had reported a net income of US$153m at the same stage last year. Revenues for Q1 2024 were US$1.47bn.

Hunstman said lower average MDI selling prices were partially offset by higher sales volumes. Sales volumes increased due to modestly improved demand and share gains in certain markets, primarily in the Americas and Europe regions.

“As we expected, the first quarter of 2024 improved sequentially versus the fourth quarter due largely to higher sales volumes and improved margins,” said Peter R. Huntsman, chairman, president, and CEO.

“We expect these trends to continue into a seasonally stronger second quarter. While overall demand for our products, as well as our margins in polyurethanes remain below historical averages, we remain confident that we will see both elements improve as our key markets recover over the next several quarters.”