Trinseo reported a net loss of $36 million and adjusted EPS of $0.26, with net sales decreasing by 16% compared to the previous year. The company's performance was affected by lower volumes in several segments, lower styrene margins, and a planned turnaround at Americas Styrenics. However, proactive steps were taken to minimize the impact of COVID-19 and improve liquidity.
Liquidity-focused actions improved cash position to $440 million with $937 million liquidity.
Net loss of $36 million and diluted EPS of ($0.94) included a $38 million impairment charge.
Adjusted EPS was $0.26.
Adjusted EBITDA was $57 million, including a $15 million unfavorable impact from net timing.
Trinseo is seeing sustained demand for polystyrene and latex binders for food packaging, polycarbonate for isolation sheeting, and engineered materials for medical applications. However, there has been a significant decline in demand in other applications, particularly in automotive, tires, and textiles, and the company anticipates that this will have a more pronounced impact on second quarter performance.
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