Trinseo PLC - TSE STOCK NEWS

Trinseo (TSE) reported a challenging third quarter in 2022, with a net loss from continuing operations of $118 million and a diluted EPS of negative $3.35. Net sales declined 7% year-over-year, driven by an 18% drop in sales volume amid economic uncertainty and customer destocking. Adjusted EBITDA was negative $37 million, significantly lower than prior year results. However, the company generated $59 million in free cash flow, supported by a working capital release of $166 million from declining raw material prices.

Trinseo (NYSE: TSE) announced preliminary Q3 2022 results with net income estimates between negative $123 million and negative $118 million, and Adjusted EBITDA estimates between negative $42 million and negative $37 million. Low customer demand in Europe and Asia, high natural gas prices, and significant customer destocking contributed to poor performance. However, projected cash from operations is estimated at $95-$100 million. The company is considering asset optimization strategies expected to improve profitability by approximately $60 million annually.

Trinseo (NYSE: TSE) has commenced an information and consultation process with its Works Council regarding the potential closure of its styrene monomer production facility in Boehlen, Germany, which has a capacity of 300 kilotons. The site recorded a loss of approximately $30 million over the past year due to high energy costs and low customer demand. CEO Frank Bozich noted the challenges facing the facility and indicated that closure could enhance profitability and support the company's sustainability goals for 2030.

Trinseo (NYSE: TSE) announced a quarterly cash dividend of $0.32 per share, payable on October 20, 2022, to shareholders recorded as of October 6, 2022. The company reported net sales of approximately $4.8 billion in 2021 and specializes in material solutions across various industries, including consumer goods and medical. This dividend reflects Trinseo's commitment to providing returns to its shareholders while maintaining a focus on innovative and sustainable practices.

Trinseo (NYSE: TSE) has authorized a new share repurchase program of up to $200 million, set to expire in 18 months. This follows the full utilization of a previous $200 million buyback initiated in December 2021. The program aims to enhance shareholder value while supporting the company's transformation in specialty materials. CEO Frank Bozich highlighted the company's strong cash generation and strategic growth opportunities as key reasons for the program's initiation.

Trinseo (NYSE: TSE) has appointed Han Hendriks as Chief Technology Officer (CTO), effective October 1, 2022. As a member of the executive leadership team, he will focus on developing innovative technologies and sustainable solutions. Hendriks previously served as CTO at Yanfeng, where he led technology vision and strategy. His background includes a 16-year tenure at Johnson Controls and experience at Fluke and Océ. Trinseo aims to leverage his expertise during its transformation into a specialty material solutions provider.

Trinseo (NYSE: TSE) reported its Q2 2022 results, showing a net income from continuing operations of $37 million and a diluted EPS of $1.00. Net sales increased by 12% to $1.426 billion, mainly driven by higher prices due to increased raw material costs. Adjusted EBITDA was $164 million, down $75 million year-over-year due to lower margins and sales volume. Cash used in operations was $83 million, resulting in a negative Free Cash Flow of $115 million. The company paused its sale of the styrenics business amid economic uncertainties but remains committed to its transformation strategy.

Trinseo (NYSE: TSE) has paused the sale of its styrenics business due to unfavorable economic conditions and financing markets, which have hindered the realization of expected asset value. Initially exploring the divestiture in November 2021, the company received significant interest but could not proceed amid economic uncertainty, particularly related to the Ukraine conflict. CEO Frank Bozich reiterated the commitment to their transformation strategy while utilizing current cash generation for organic growth, sustainability initiatives, and returning cash to shareholders.

Trinseo has launched ALTUGLAS™ R-Life Acrylics, a new series of sustainable materials, in the European market. This brand includes recycled and bio-based PMMA for various applications, with products such as extruded sheets, cast sheets, and acrylic resins. The products reduce global warming potential significantly, achieving up to a 53% reduction for extruded sheets. This series underscores Trinseo's commitment to sustainability and innovative recycling technologies.