Trinseo Reports Third Quarter 2016 Financial Results; Updates Full Year 2016 Outlook

Trinseo (NYSE: TSE):
     
Three Months Ended
September 30, June 30,
$millions, except per share data 2016 2015 2016
Revenue 935 1,028 970
Net Income 67 52 96
EPS (Diluted) ($) 1.43 1.06 2.00
Adjusted Net Income* 80 52 110
Adjusted EPS ($)* 1.70 1.07 2.30
EBITDA* 126 116 168
Adjusted EBITDA* 143 116 182
Inventory revaluation- favorable / (unfavorable) 7 (28 ) 13

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*For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Income to Net Income, as well as a reconciliation of Adjusted EPS, see note 2 below.

Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders and synthetic rubber, today reported its third quarter 2016 financial results with revenue of $935 million, net income of $67 million, and earnings per diluted share of $1.43. Additionally, results for the third quarter included Adjusted EPS of $1.70 and Adjusted EBITDA of $143 million.

Revenue in the third quarter decreased 9% versus prior year driven primarily by the pass through of lower raw material costs. Third quarter net income of $67 million was $15 million higher than prior year driven primarily by favorable raw material timing, which was partially offset by restructuring charges in the current period. Adjusted EBITDA in the third quarter of $143 million was $27 million higher than prior year driven mainly by favorable raw material timing.

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