Wednesday, June 7, 2023

Trinseo Reports Fourth Quarter and Full-Year 2022 Financial Results - MyChesCo

Last updated Wednesday, February 15, 2023 06:05 ET , Source: NewsService

WAYNE, PATrinseo (NYSE: TSE), a specialty material solutions provider, recently reported its fourth quarter and full-year 2022 financial results. Net sales in the fourth quarter decreased 25% versus prior year due mostly to lower sales volume across all reporting segments caused by continued customer destocking exacerbated by extended year-end shutdowns at many customer sites, Covid-19 impacts in China, and underlying demand weakness stemming from an uncertain economic and geopolitical macroenvironment. Additionally, elevated energy prices in Europe, weak demand in China and easing shipping constraints created a temporary arbitrage window for lower-cost imports from Asia into Europe. This negatively impacted volumes and created margin pressure for globally traded products such as ABS, polycarbonate, MMA and PMMA sheets.

Fourth quarter net loss from continuing operations of $364 million was $365 million below prior year and Adjusted EBITDA of $6 million was $127 million below prior year. Net loss included a non-cash impairment charge of $297 million related to the PMMA business and Aristech Surfaces reporting units goodwill balances. Additional variances were mainly from lower volume and margin caused by weak underlying demand, customer destocking and increased imports from Asia. Results also included a $26 million unfavorable net timing variance as well as a $15 million unfavorable impact from natural gas hedging.

Net sales in the full year increased 3% versus prior...

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