MRC -- S-based styrenics and engineered materials producer Trinseo lowered on Friday its guidance for the year as it reported a Q3 net loss that was smaller than the same time in 2022, said the company.
The company's shares rose slightly in afterhours trading. The following table shows the company's latest guidance for 2023 and compares with the previous one. Figures are in millions of dollars.
Trinseo expects demand will remain constrained through the rest of the year, and the company will continue to take steps to improve its cost position and cash generation, it said.
On the one hand, Trinseo said economics for its European styrene economics should improve in the fourth quarter. The outlook takes into account the effects of the shutdown of its styrene plant in Terneuzen.
Those improvements should be partially offset by lower styrene margins at its AmSty joint venture.
On the other hand, Q4 profitability for its Plastics Solutions segment should fall from the third quarter because of higher costs for raw materials and because of the strike by the United Auto Workers (UAW).
We remind, Trinseo, a specialty material solutions provider, today announced its decision to discontinue operations at its ethylbenzene styrene monomer (EBSM) manufacturing facility in Terneuzen, the Netherlands, said the company.
This decision was made following the completion of joint negotiations with the Works Council in Terneuzen. The plant is scheduled to officially cease operations in November 2023. With the closure of the EBSM facility, the company will purchase of all of its styrene needs from third party suppliers to support its downstream businesses.