WAYNE, PA — Trinseo (TSEOF) reported a first-quarter net loss of $116 million as the specialty materials maker faced liquidity pressure tied to restructuring costs, lender negotiations, and tightening supplier credit conditions.
The company burned $244 million in free cash flow during the quarter and ended March with $114 million in liquidity, including $4 million in restricted cash. In April, Trinseo amended its revolving credit facility to add $50 million in incremental commitments.
Revenue fell 8% to $725 million from a year earlier as lower prices and weaker volumes weighed across all major business segments.
The quarterly loss included $31 million in pre-tax charges primarily related to lender negotiations and asset restructuring programs, according to the company.
Adjusted EBITDA declined to $53 million from $65 million a year earlier. Prior-year results included $26 million in polycarbonate technology licensing income that did not recur this quarter.
Trinseo attributed the sharp cash outflow to seasonal working capital demands, reduced supplier trade credit availability, and higher raw material costs.
Engineered Materials revenue declined 5% to $263 million, though adjusted EBITDA rose to $34 million as savings from the closure of virgin MMA production facilities in Italy offset weaker volumes.
Latex Binders revenue fell 6% to $197 million, while adjusted EBITDA dropped to $16 million amid weak demand and compressed margins in paper, board, and textile applications, particularly in Europe.
Polymer Solutions revenue decreased 11% to $265 million. Adjusted EBITDA for the segment fell to $24 million, reflecting the absence of prior-year licensing income and lower polystyrene volumes.
Americas Styrenics posted adjusted EBITDA of $2 million, up from the prior year, supported by stronger styrene and polystyrene performance.
Chief Executive Officer Frank Bozich said the company remains focused on battery binders, CASE applications, PMMA products, Asian markets, and recycled-content materials while navigating geopolitical and macroeconomic uncertainty.
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