Trinseo PLC - TSE STOCK NEWS

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.

Trinseo PLC reported an accidental release of approximately 8,100 gallons of latex emulsion due to equipment failure at its Bristol, Pennsylvania facility. The material overflowed containment and entered local waterways but has not been detected in water samples. The company is collaborating with authorities, including the U.S. Coast Guard and U.S. EPA, to assess the situation. Operations at the facility are currently paused, and Trinseo plans to resume partial production shortly. The Bristol facility manufactures acrylic resins and employs around 110 people.

Trinseo, a specialty material solutions provider, has announced a quarterly dividend of $0.14 per share, representing a 56% reduction from the previous dividend of $0.32. CEO Frank Bozich stated this decision aims to preserve liquidity amidst challenging macroeconomic conditions and support growth and sustainability investments. The dividend will be payable on April 20, 2023, to shareholders of record by April 6, 2023. Trinseo reported net sales of approximately $5.0 billion in 2022.

Trinseo (NYSE: TSE) has launched LIGOS™ C 9375, an innovative all-acrylic latex binder aimed at the Building and Construction sector. This product aligns with Trinseo's transformation strategy and responds to growing demand in the acrylics market. With superior performance for cementitious applications, C 9375 is designed for diverse uses like hydraulic cement mixtures and exterior insulation systems. Trinseo plans to expand its offerings with a robust pipeline of latex solutions over the coming years to address industry challenges, enhancing its position as a specialized solutions provider.

Trinseo reported a challenging financial performance for full-year 2022, with a net loss from continuing operations amounting to $428 million and a diluted EPS of negative $11.91. Adjusted EBITDA stood at $312 million, significantly down from $729 million in 2021. The decline was primarily attributed to customer destocking, geopolitical tensions, and elevated energy costs. In Q4, net sales fell 25% year-over-year, with a net loss of $364 million. Despite these challenges, sales volume and margins from recycled products increased by 63% and 69% respectively, albeit representing a small fraction of total sales. The company forecasts a potential net income of $3 million to $33 million for 2023, as restructuring initiatives are implemented.

Trinseo (NYSE: TSE) has announced a new distribution agreement with Omya, a leading global producer of industrial minerals, effective February 1, 2023. Under this agreement, Omya will supply high-quality ABS and PC/ABS resins to Trinseo's automotive and mobility clients in North America. Trinseo’s MAGNUM™ ABS Resins, noted for their superior purity and consistency due to continuous mass polymerization technology, and PULSE™ PC/ABS Resins, designed for high-performance applications, will feature prominently in this collaboration. This partnership enhances Trinseo's distribution network, focusing on mobility, building, and consumer goods sectors.