BERWYN, PA — Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders and synthetic rubber, announced expectations for its third quarter financial performance. Third quarter 2020 net income is estimated to be between $102 million and $109 million; Adjusted EBITDA is estimated to be between $100 million and $104 million. These results are inclusive of an estimated pre-tax net timing positive impact of $2 million.
The Company notes that many end markets, including automotive, tires and construction, experienced strong demand recovery in the third quarter after weak demand during the second quarter due to the COVID-19 pandemic. Third quarter volumes in the Performance Plastics, Synthetic Rubber and Latex Binders segments were similar to prior year. In addition, margins across most segments were higher than prior year.
“We observed a strong recovery in demand in the third quarter, most notably in automotive, construction, and appliance applications,” said Frank Bozich, Trinseo’s President and Chief Executive Officer. “This demand recovery supplemented continued strength in packaging, protective sheeting, and consumer electronics, which had been more resilient through the pandemic. The momentum in demand recovery has thus far extended into October and we are hopeful that it will continue throughout the quarter.”
Further details will be communicated on Trinseo’s third quarter financial earnings conference call on Friday, November 6, 2020 at 10 a.m. Eastern Time. Commenting on the results will be Frank Bozich, President and Chief Executive Officer, and David Stasse, Executive Vice President and Chief Financial Officer. The conference call will include introductory comments followed by a question and answer session.
To register for this conference call, please use the following links:
- Conference Call Registration – for those interested in asking questions during the Q&A session
- Webcast Registration – for those interested in listening only (available 20 minutes before start of call)
After registering, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register at least one day in advance to ensure you are connected for the full call.
Trinseo will distribute its third quarter 2020 financial results via press release on Business Wire and post the release and presentation slides on the Company’s Investor Relations website on Thursday, November 5, 2020 after the market close. The Company will furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission.
A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until November 6, 2021.
Unaudited financial data for the fiscal quarter ended September 30, 2020 presented above are preliminary, based upon Trinseo’s good faith estimates and subject to completion of their financial closing procedures. Trinseo has provided ranges for their expectations described above because their fiscal quarter closing procedures are not yet complete. While the Company expects that their final financial results for the quarterly period ended September 30, 2020, following the completion of their financial closing procedures, will be within the ranges described above, their actual results may differ materially from these estimates as a result of the completion of Trinseo’s financial closing procedures as well as final adjustments and other developments that may arise between now and the time that their financial results for this quarterly period are finalized. All of the data presented above has been prepared by and is the responsibility of management. This summary is not a comprehensive statement of Trinseo’s financial results for the quarterly period.
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