MOSCOW (MRC) -- Trinseo (former Styron), a global materials company and manufacturer of plastics, latex and synthetic rubber, has reported its third quarter 2015 financial results with record net income of USD52 million and EPS of USD1.06 per diluted share, as per the company's report.
Additionally, results for the third quarter included adjusted EPS of USD1.07 per diluted share, adjusted EBITDA of USD116 million, and adjusted EBITDA excluding inventory revaluation of USD144 million.
Commenting on the company’s performance, Chris Pappas, Trinseo President and Chief Executive Officer, said, "After a very strong first half, Trinseo continued with strong results in the third quarter. We had net income of USD52 million and earnings per diluted share of USD1.06. Adjusted EBITDA excluding inventory revaluation of USD144 million in the third quarter was our second highest ever, and we had very strong free cash flow of USD95 million."
Pappas continued, "As expected, Performance Materials adjusted EBITDA excluding inventory revaluation returned to a more normalized run rate at USD72 million. We continue to be encouraged by the results in Basic Plastics & Feedstocks, which had adjusted EBITDA excluding inventory revaluation of USD93 million, making this the third straight quarter with adjusted EBITDA higher than all of 2014. We are seeing further evidence of the supply/demand improvements driving higher margins in styrene monomer, polystyrene, and polycarbonate."
Revenue in the third quarter decreased 21% versus prior year due to the pass through of lower raw material costs, with the significant decline in the overall energy complex, and currency, as the euro weakened in comparison to the U.S. dollar. Sequentially, revenue remained flat.
As MRC reported before, effective February 1, 2015, Styron announced it had changed its name to Trinseo.
Trinseo is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. Trinseo’s technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Trinseo had approximately USD5.1 billion in revenue in 2014, with 19 manufacturing sites around the world, and approximately 2,100 employees.
MRC