Trinseo Plc - TSE STOCK NEWS

Trinseo, a specialty material solutions provider, has released its 2023 Sustainability & Corporate Social Responsibility Report. Key sustainability data for 2022 includes a 24% reduction in greenhouse gas emissions, a 10% decrease in freshwater intake, and an increase in renewable energy sources to 13%. The injury rate was reduced to 0.25 per 200,000 hours worked, compared to an industry average of 3.30.

Trinseo reports first quarter 2023 financial results with a net loss of $49 million and diluted EPS of negative $1.40. Adjusted EBITDA of $36 million, including unfavorable impacts from natural gas hedges and fixed cost under absorption. Cash provided by operations of $45 million and capital expenditures of $22 million resulted in Free Cash Flow of $24 million. The company has announced the sale of a manufacturing facility for $19 million. Sales volume and variable margin of products containing recycled materials increased by 1%. Trinseo is implementing cash improvement initiatives expected to improve cash generation by over $100 million in 2023. They are also restarting the sales process for their Styrenics business.

Trinseo (NYSE: TSE), a specialty material solutions provider, will host a conference call on May 5, 2023, at 10 a.m. Eastern Time to discuss its Q1 2023 financial results. Key executives, including Frank Bozich and David Stasse, will provide insights followed by a Q&A session. Financial results will be released on May 4, 2023, after market close, and will be accessible via press release and presentation slides on the Company’s Investor Relations website. A replay of the call will be archived and available until May 5, 2024. With approximately $5.0 billion in net sales reported in 2022, Trinseo continues to focus on innovative and sustainable material solutions across various industries.

Trinseo (NYSE: TSE) has agreed to sell its land, buildings, and equipment in Matamoros, Mexico, to Plaskolite. The transaction is anticipated to close in the coming weeks. This move follows Trinseo's December 2022 consolidation of PMMA sheet products from Matamoros to its facility in Florence, Kentucky, aimed at optimizing resources and transforming operations. Trinseo's President and CEO, Frank Bozich, emphasized that this sale will allow the plant to continue operating, preserving jobs in the Matamoros community. Trinseo reported net sales of approximately $5.0 billion in 2022.