Trinseo reported Q3 2020 financial results with net sales of $752 million, a decrease of 18% year-over-year. Net income was $106 million, and Adjusted EBITDA was $102 million, both exceeding the prior year. The company saw a strong recovery in demand across several sectors, including automotive and construction.
Net income reached $106 million, with a diluted EPS of $2.75.
Adjusted EBITDA stood at $102 million, which included a $2 million favorable impact from net timing, and Adjusted EPS was $2.87.
Cash from operations in the third quarter was reported as $52 million, with a Free Cash Flow of $39 million, and cash and cash equivalents at quarter-end totaled $503 million.
Market conditions improved, and actions taken in response to COVID-19, such as reduced capital spending and operating expenses, contributed to the positive results.
Trinseo anticipates demand momentum to continue through October and is cautiously optimistic that this trend will extend to the year's end. The company expects to maintain a strong balance sheet and liquidity, enabling further investments in high-margin applications and polystyrene circularity.
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