Trinseo Plc · Q2 2022 earnings

Briefing

Second quarter results reported with solid performance amidst challenging environment.

Trinseo reported second quarter net sales of $1.426 billion, a 12% increase versus prior year. Net income from continuing operations was $37 million, a decrease of $96 million compared to the previous year. Adjusted EBITDA was $164 million, which is $75 million lower than the prior year.

• Net income from continuing operations of $37 million and diluted EPS from continuing operations of $1.00
• Adjusted EBITDA of $164 million, including a $33 million favorable impact from net timing, and Adjusted Net Income of $66 million
• Cash used in operations of $83 million and capital expenditures of $32 million resulted in Free Cash Flow of negative $115 million; included a working capital use of $181 million mainly from a steep rise in raw material and utility prices and sequentially higher sales in the second quarter
• Repurchased approximately 1 million shares for $50 million

Headline financials

Revenue & EPS history

Full-year 2022 net income from continuing operations is expected to be $28 million to $63 million, with Adjusted EBITDA between $475 million and $525 million. Full-year 2022 cash from operations is anticipated to be approximately $250 million, resulting in Free Cash Flow of approximately $100 million.