Huntsman Corporation HUN announced the expansion of its Pan-American business relationship with Azelis Americas CASE, LLC in the United States and Azelis Canada, Inc. in Canada.
Per the agreement, Azelis will lead the distribution arm of the Coatings, Adhesives, Sealants & Elastomers (CASE) business for Huntsman Advanced Materials in Canada and the United States. Notably, the customer offer covers all of Huntsman’s CASE business and CVC Thermoset Specialties product lines purchased in April 2020.
Per Huntsman’s management, the extended deal bolsters its footprint in target markets of Canada and the United States. Notably, the formal deals with Azelis are expected to be completed in the coming weeks.
Azelis is a leading distributor of specialty chemicals and food ingredients. Notably, it will be completely prepared to service its expanded territory by Oct 1, 2020.
Huntsman’s shares have lost 3.8% in the past year compared with the industry’s 6.5% decline.
.jpg)
Huntsman, last month, reaffirmed its overall general guidance for the second quarter of 2020. The company expects second-quarter overall sales decline of 30-35% year over year.
In the Polyurethanes segment, the company anticipates results to be slightly better than projected on better-than-expected trends in the United States and China construction.
In the Textiles Effects segment, it expects results to be weaker than forecast primarily due to the prolonged impact of mandatory shutdowns in major textile-manufacturing regions.
For the Advanced Materials segment, the company anticipates results to be a little short of expectations due to a deeper trough in Aerospace, Europe and India than expected on its last quarterly earnings call.
For the Performance Products segment, Huntsman reiterated its prior guidance.
Huntsman Corporation Price and Consensus
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Royal Gold, Inc. RGLD, Equinox Gold Corp. EQX andHarmony Gold Mining Company Limited HMY.
Royal Goldhas a projected earnings growth rate of 62.1% for the current year. The company’s shares have gained 14.3% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinox Gold has a projected earnings growth rate of 65.5% for the current year. The stock has gained around 94% in a year. It currently has a Zacks Rank of 2 (Buy).
Harmony Gold has an expected earnings growth rate of 264.3% for 2020. The company’s shares have rallied 171.4% in the past year.It is presently a Zacks #2 Ranked player.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year’s 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2020 today >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Zacks Investment Research
