Trinseo sees Q3 net income ~$15M below prior guidance
Trinseo announced that third quarter 2018 results are expected to be below previously issued guidance. Third quarter 2018 net income is estimated to be between $74M and $80M; Adjusted EBITDA is estimated to be between $140M and $146M. Net income is expected to be below previously issued guidance by approximately $15M with about $9M from operating performance and about $6 million from one-time expenses primarily consisting of costs related to the project to insource administrative services. Please note that, as is normal practice, the company does not provide estimates for reconciling items such as one-time expenses in its guidance. In addition, Adjusted EBITDA is expected to be below previously issued guidance by approximately $12 million. The operational results include Feedstocks segment Adjusted EBITDA that is approximately $20 million higher than previously issued guidance due to better than expected styrene margins in Europe and Asia in the latter part of the quarter. However, results in the Latex Binders, Synthetic Rubber, Performance Plastics, and Polystyrene segments were below previously issued guidance due to several factors.