Huntsman 's stock was plummeting after the chemical product manufacturer cut its profit outlook because of lower-than-expected demand and high energy costs in Europe.

The company now expects adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization to be between $260 million and $280 million for the third quarter. That is much lower than the $310 million and $355 million it predicted during the second-quarter earnings call in August.

Huntsman (ticker: HUN) stock fell 7% to $24.72 in premarket trading on Friday. It's down 24% this year.

Chief Executive Officer Peter Huntsman said the company is facing the same pressures as others in the industry.

"We are being impacted by the 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," he said.

The demand lag comes from both the U.S. and China. The second-largest economy has undershot the company's expectations due to Covid-19 lockdowns while the U.S. market, which is Huntsman's most resilient, is showing signs of a residential-housing slowdown.

Huntsman makes 32% of its total revenue from the U.S. while 19% comes from China. Germany and other regions contribute 7% and 43%, respectively, according to FactSet.