Second Quarter 2022 and Other
Highlights
- Net income from continuing operations of $37 million and
diluted EPS from continuing operations of $1.00
- Adjusted EBITDA* of $164 million, including a $33 million
favorable impact from net timing, and Adjusted Net Income* of $66
million
- Cash used in operations of $83 million and capital expenditures
of $32 million resulted in Free Cash Flow* of negative $115
million; included a working capital use of $181 million mainly from
a steep rise in raw material and utility prices and sequentially
higher sales in the second quarter
- Repurchased approximately 1 million shares for $50 million
- First half 2022 sales volume and variable margin of products
containing recycled materials increased 62% and 86%, respectively,
versus prior year
- Announced pause of process to sell styrenics business due to
challenging financing environment and economic uncertainty;
transformation strategy unchanged
Trinseo (NYSE: TSE):
Three Months Ended
June 30,
$millions, except per share
data
2022
2021
Net Sales
$
1,426
$
1,274
Net Income from continuing operations
37
133
EPS from continuing operations (Diluted)
($)
1.00
3.35
Adjusted Net Income*
66
147
Adjusted EPS ($)*
1.79
3.70
EBITDA*
141
216
Adjusted EBITDA*
164
239
___________________ *For a reconciliation of EBITDA, Adjusted
EBITDA, and Adjusted Net Income, all of which are non-GAAP
measures, to Net Income, as well as a reconciliation of Free Cash
Flow and Adjusted EPS, see Notes 2 and 3 to the financial
statements included below.
Trinseo (NYSE: TSE), a specialty material solutions provider,
today reported its second quarter 2022 financial results. Net sales
in the second quarter increased 12% versus prior year. Higher
prices resulted in a 14% increase mainly due to the pass through of
higher raw material costs as well as the addition of the acquired
PMMA and Aristech Surfaces businesses within the Engineered
Materials segment. These increases were partially offset by lower
volumes across several segments mainly from lower demand to
building & construction, automotive, appliance and consumer
electronics applications, including the impact of COVID-19
lockdowns in China. Second quarter net income from continuing
operations of $37 million was $96 million below prior year and
Adjusted EBITDA of $164 million was $75 million lower than the
Company’s record performance in the prior year. These decreases
were primarily due to lower margins in Feedstocks and Polystyrene
as well as lower sales volume.
Commenting on the Company’s second quarter performance, Frank
Bozich, President and Chief Executive Officer of Trinseo, said, “We
delivered solid second quarter results in a challenging operating
environment that is forcing both Trinseo and our customers to
contend with issues including cautious spending in Europe from an
uncertain geopolitical situation and significantly higher energy
costs, COVID-19 lockdowns in China, and persistent supply chain
constraints including a lack of semiconductor chips. Our dedicated
employees deserve high praise for navigating this challenging
environment to keep our customers supplied with our products and
solutions as we leverage our global footprint to provide stable
earnings.”
Second Quarter Results and
Commentary by Business Segment
- Engineered Materials net sales of $301 million for the
quarter increased 66% versus prior year and Adjusted EBITDA of $34
million increased $6 million versus prior year. These increases
were primarily attributable to one additional month of the acquired
PMMA business and a full quarter of the acquired Aristech Surfaces
business. The current period results included a one-time charge of
$4 million related to a contract review with a significant
supplier. While the integration and synergy realization of the
newly acquired businesses are both on track, segment results remain
challenged by ongoing industry production issues in automotive as
well as weakening demand for and destocking of consumer
durables.
- Latex Binders net sales of $354 million for the quarter
increased 14% versus prior year due to the passthrough of higher
raw materials such as styrene and butadiene as well as pricing
actions. Sales volume was slightly lower than prior year as lower
sales to carpet applications was mostly offset by healthy demand in
North America to paper & board and CASE applications. Adjusted
EBITDA of $29 million was $3 million lower than prior year as
pricing actions were more than offset by a $6 million negative net
timing variance.
- Base Plastics net sales of $362 million for the quarter
were 9% lower than prior year. Higher price accounted for a 12%
increase in net sales due mainly to the passthrough of higher raw
materials. This was more than offset by an 18% headwind from lower
volumes, mainly in ABS, due to broad demand weakness in Europe and
COVID-19 impacts in Asia. Adjusted EBITDA of $46 million was $36
million below prior year due to lower volumes as well as a margin
decline in polycarbonate from higher raw material and utility costs
and a softer demand environment. Automotive demand was sequentially
similar.
- Polystyrene net sales of $312 million for the quarter
was $1 million below prior year as higher prices from the
passthrough of raw material costs were offset by volume declines
caused by lower demand in China for appliances. Adjusted EBITDA of
$23 million was $28 million lower than prior year from weaker
market conditions in Asia, including impacts from COVID-19
lockdowns, as well as raw material volatility in Europe.
- Feedstocks Adjusted EBITDA of $14 million was $26
million lower than prior year due to higher utility costs and
styrene production outages.
- Americas Styrenics Adjusted EBITDA of $39 million for
the quarter was $9 million higher than prior year as higher styrene
margins were partially offset by lower sales volume due to a
three-week outage at the St. James styrene facility.
2022 Full-Year
Outlook
- Full-year 2022 net income from continuing operations of $28
million to $63 million and Adjusted EBITDA of $475 million to $525
million
- Full-year 2022 cash from operations of approximately $250
million and Free Cash Flow of approximately $100 million
Commenting on the outlook for 2022, Bozich said, “I’m pleased
with our results for the first half of the year as the Adjusted
EBITDA was the third highest first half result in the Company’s
history despite the very challenging business environment. This
performance is a reflection of the portfolio changes we’ve made
over the past 15 months. However, increased uncertainty due to the
ongoing war in Ukraine and the associated rise in energy prices has
begun to negatively influence demand in Europe. This has led to our
full-year guidance revision.”
Bozich continued, “Despite the recently announced pause of the
process to sell our Styrenics business, our transformation strategy
has not changed. Due to the significant interest we saw during the
process, we anticipate a successful separation of these assets when
the market conditions improve. In the interim, we will leverage the
significant free cash flow of these assets to fund organic growth
opportunities in Engineered Materials, Base Plastics and Latex
Binders applications with higher margins, higher growth and less
cyclicality. We will continue to invest in our global recycling
capabilities to provide our customers with a greater scope of
circular product options. More information on our improving
sustainable product portfolio, as well as our progress toward our
2030 Sustainability Goals, can be found in the July release of our
12th annual Corporate Sustainability Report.”
Conference Call and Webcast
Information
Trinseo will host a conference call to discuss its second
quarter 2022 financial results on Tuesday, August 9, 2022 at 10
a.m. Eastern Time.
Commenting on results will be Frank Bozich, President and Chief
Executive Officer, David Stasse, Executive Vice President and Chief
Financial Officer, and Andy Myers, Director of Investor
Relations.
For those interested in asking questions during the Q&A
session, please register using the following link:
- Conference Call Registration
For those interested in listening only, please register for the
webcast using the following link:
After registering for the conference call, you will receive a
confirmation email with a meeting invitation and information for
entry. Registration is open through the live call, but it is
advised that you register in advance to ensure you are connected
for the full call.
Trinseo has posted its second quarter 2022 financial results on
the Company’s Investor Relations website. The presentation slides
will also be made available in the webcast player prior to the
conference call. The Company will also furnish copies of the
financial results press release and presentation slides to
investors by means of a Form 8-K filing with the U.S. Securities
and Exchange Commission.
A replay of the conference call and transcript will be archived
on the Company’s Investor Relations website shortly following the
conference call. The replay will be available until August 9,
2023.
About
Trinseo
Trinseo (NYSE: TSE) a specialty material solutions provider,
partners with companies to bring ideas to life in an imaginative,
smart, and sustainability-focused manner by combining its premier
expertise, forward-looking innovations and best-in-class materials
to unlock value for companies and consumers. From design to
manufacturing, Trinseo taps into decades of experience in diverse
material solutions to address customers’ unique challenges in a
wide range of industries, including consumer goods, mobility,
building and construction, and medical. Trinseo’s approximately
3,400 employees bring endless creativity to reimagining the
possibilities with clients all over the world from the company’s
locations in North America, Europe, and Asia Pacific. Trinseo
reported net sales of approximately $4.8 billion in 2021. Discover
more by visiting www.trinseo.com and connecting with Trinseo on
LinkedIn, Twitter, Facebook and WeChat.
Use of non-GAAP
measures
In addition to using standard measures of performance and
liquidity that are recognized in accordance with accounting
principles generally accepted in the United States of America
(“GAAP”), we use additional measures of income excluding certain
GAAP items (“non-GAAP measures”), such as Adjusted Net Income,
EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity
excluding certain GAAP items, such as Free Cash Flow. We believe
these measures are useful for investors and management in
evaluating business trends and performance each period. These
measures are also used to manage our business and assess current
period profitability, as well as to provide an appropriate basis to
evaluate the effectiveness of our pricing strategies. Such measures
are not recognized in accordance with GAAP and should not be viewed
as an alternative to GAAP measures of performance or liquidity, as
applicable. The definitions of each of these measures, further
discussion of usefulness, and reconciliations of non-GAAP measures
to GAAP measures are provided in the Notes to Condensed
Consolidated Financial Information presented herein.
Cautionary Note on
Forward-Looking Statements
This press release may contain forward-looking statements
including, without limitation, statements concerning plans,
objectives, goals, projections, forecasts, strategies, future
events or performance, and underlying assumptions and other
statements, which are not statements of historical facts or
guarantees or assurances of future performance. Forward-looking
statements may be identified by the use of words like "expect,"
"anticipate," "intend," "forecast," "outlook," "will," "may,"
"might," "see," "tend," "assume," "potential," "likely," "target,"
"plan," "contemplate," "seek," "attempt," "should," "could,"
"would" or expressions of similar meaning. Forward-looking
statements reflect management’s evaluation of information currently
available and are based on our current expectations and
assumptions, our business, the economy and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Factors that might
cause future results to differ from those expressed by the
forward-looking statements include, but are not limited to, our
ability to successfully execute our transformation strategy and
business strategy; our ability to integrate acquired businesses;
global supply chain volatility and increased costs or disruption in
the supply of raw materials; increased energy costs or costs for
transportation of our products; the nature of investment
opportunities presented to the Company from time to time; the
outcome of the European Commission’s request for information; and
those discussed in our Annual Report on Form 10-K, under Part I,
Item 1A —"Risk Factors" and elsewhere in our other reports, filings
and furnishings made with the U.S. Securities and Exchange
Commission from time to time. As a result of these or other
factors, our actual results, performance or achievements may differ
materially from those contemplated by the forward-looking
statements. Therefore, we caution you against relying on any of
these forward-looking statements. The forward-looking statements
included in this press release are made only as of the date hereof.
We undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
TRINSEO PLC
Condensed Consolidated
Statements of Operations
(In millions, except per share
data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Net sales
$
1,425.5
$
1,273.7
$
2,812.2
$
2,259.7
Cost of sales
1,286.4
1,053.7
2,497.1
1,850.8
Gross profit
139.1
220.0
315.1
408.9
Selling, general and administrative
expenses
85.6
97.3
182.3
153.8
Equity in earnings of unconsolidated
affiliates
39.4
30.1
61.0
53.0
Other charges
1.3
1.8
37.6
1.8
Operating income
91.6
151.0
156.2
306.3
Interest expense, net
25.4
21.6
47.3
33.6
Acquisition purchase price hedge (gain)
loss
—
(33.0)
—
22.0
Other expense (income), net
(1.7)
6.1
1.3
8.5
Income from continuing operations before
income taxes
67.9
156.3
107.6
242.2
Provision for income taxes
30.8
23.3
53.4
43.4
Net income from continuing operations
37.1
133.0
54.2
198.8
Net income from discontinued operations,
net of income taxes
0.3
18.6
—
24.3
Net income
$
37.4
$
151.6
$
54.2
$
223.1
Weighted average shares- basic
36.3
38.8
36.8
38.6
Net income per share- basic:
Continuing operations
$
1.02
$
3.43
$
1.47
$
5.15
Discontinued operations
0.01
0.48
—
0.62
Net income per share- basic
$
1.03
$
3.91
$
1.47
$
5.77
Weighted average shares- diluted
37.0
39.6
37.6
39.6
Net income per share- diluted:
Continuing operations
$
1.00
$
3.35
$
1.44
$
5.02
Discontinued operations
0.01
0.47
—
0.61
Net income per share- diluted
$
1.01
$
3.82
$
1.44
$
5.63
TRINSEO PLC
Condensed Consolidated Balance
Sheets
(In millions)
(Unaudited)
June 30,
December 31,
2022
2021
Assets
Cash and cash equivalents
$
264.4
$
573.0
Accounts receivable, net of allowance
849.5
740.2
Inventories
759.7
621.0
Other current assets
36.2
44.3
Investments in unconsolidated
affiliates
271.4
247.8
Property, plant, equipment, goodwill, and
other intangible assets, net
2,160.0
2,252.9
Right-of-use assets - operating, net
82.5
85.3
Other long-term assets
114.4
147.7
Total assets
$
4,538.1
$
4,712.2
Liabilities and shareholders’
equity
Current liabilities
859.3
914.4
Long-term debt, net of unamortized
deferred financing fees
2,302.3
2,305.6
Noncurrent lease liabilities -
operating
66.1
69.2
Other noncurrent obligations
385.8
409.9
Shareholders’ equity
924.6
1,013.1
Total liabilities and shareholders’
equity
$
4,538.1
$
4,712.2
TRINSEO PLC
Condensed Consolidated
Statements of Cash Flows
(In millions)
(Unaudited)
Six Months Ended
June 30,
2022
2021
Cash flows from operating
activities
Cash provided by (used in) operating
activities - continuing operations
$
(88.9)
$
18.1
Cash provided by operating activities -
discontinued operations
0.8
11.9
Cash provided by (used in) operating
activities
(88.1)
30.0
Cash flows from investing
activities
Capital expenditures
(55.4)
(30.0)
Cash paid for asset or business
acquisitions, net of cash acquired ($1.0 and $10.4)
(22.2)
(1,358.6)
Proceeds from the sale of businesses and
other assets
5.3
0.2
Proceeds from (payments for) the
settlement of hedging instruments
1.9
(14.7)
Cash used in investing activities -
continuing operations
(70.4)
(1,403.1)
Cash used in investing activities -
discontinued operations
(0.8)
(2.4)
Cash used in investing activities
(71.2)
(1,405.5)
Cash flows from financing
activities
Deferred financing fees
—
(35.0)
Short-term borrowings, net
(7.5)
(6.2)
Purchase of treasury shares
(101.9)
—
Dividends paid
(24.6)
(6.4)
Proceeds from exercise of option
awards
2.9
10.5
Withholding taxes paid on restricted share
units
(2.5)
(0.8)
Repayments of 2024 Term Loan B and 2028
Term Loan B
(7.2)
(3.5)
Net proceeds from issuance of 2028 Term
Loan B
—
746.3
Net proceeds from issuance of 2029 Senior
Notes
—
450.0
Cash provided by (used in) by financing
activities
(140.8)
1,154.9
Effect of exchange rates on cash
(8.5)
(1.1)
Net change in cash, cash equivalents, and
restricted cash
(308.6)
(221.7)
Cash, cash equivalents, and restricted
cash—beginning of period
573.0
588.7
Cash, cash equivalents, and restricted
cash—end of period
$
264.4
$
367.0
Less: Restricted cash
—
—
Cash and cash equivalents—end of
period
$
264.4
$
367.0
TRINSEO PLC
Notes to Condensed Consolidated Financial
Information (Unaudited)
Note 1: Net Sales by
Segment
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2022
2021
2022
2021
Engineered Materials
$
301.3
$
181.0
$
596.5
$
246.8
Latex Binders
353.7
311.2
660.4
562.2
Base Plastics
361.9
396.9
758.4
725.8
Polystyrene
312.0
313.3
630.0
580.1
Feedstocks
96.6
71.3
166.9
144.8
Americas Styrenics*
—
—
—
—
Total Net Sales
$
1,425.5
$
1,273.7
$
2,812.2
$
2,259.7
___________________ * The results of this segment are comprised
entirely of earnings from Americas Styrenics, our 50%-owned equity
method investment. As such, we do not separately report net sales
of Americas Styrenics within our condensed consolidated statements
of operations.
Note 2: Reconciliation of
Non-GAAP Performance Measures to Net Income
EBITDA is a non-GAAP financial performance measure, which is
defined as income from continuing operations before interest
expense, net; income tax provision; depreciation and amortization
expense. We refer to EBITDA in making operating decisions because
we believe it provides our management as well as our investors with
meaningful information regarding the Company’s operational
performance. We believe the use of EBITDA as a metric assists our
board of directors, management and investors in comparing our
operating performance on a consistent basis.
We also present Adjusted EBITDA as a non-GAAP financial
performance measure, which we define as income from continuing
operations before interest expense, net; income tax provision;
depreciation and amortization expense; loss on extinguishment of
long-term debt; asset impairment charges; gains or losses on the
dispositions of businesses and assets; restructuring charges;
acquisition related costs and benefits, and other items. In doing
so, we are providing management, investors, and credit rating
agencies with an indicator of our ongoing performance and business
trends, removing the impact of transactions and events that we
would not consider a part of our core operations.
Lastly, we present Adjusted Net Income and Adjusted EPS as
additional performance measures. Adjusted Net Income is calculated
as Adjusted EBITDA (defined beginning with net income from
continuing operations, above), less interest expense, less the
provision for income taxes and depreciation and amortization, tax
affected for various discrete items, as appropriate. Adjusted EPS
is calculated as Adjusted Net Income per weighted average diluted
shares outstanding for a given period. We believe that Adjusted Net
Income and Adjusted EPS provide transparent and useful information
to management, investors, analysts and other stakeholders in
evaluating and assessing our operating results from
period-to-period after removing the impact of certain transactions
and activities that affect comparability and that are not
considered part of our core operations.
There are limitations to using the financial performance
measures noted above. These performance measures are not intended
to represent net income or other measures of financial performance.
As such, they should not be used as alternatives to net income as
indicators of operating performance. Other companies in our
industry may define these performance measures differently than we
do. As a result, it may be difficult to use these or
similarly-named financial measures that other companies may use, to
compare the performance of those companies to our performance. We
compensate for these limitations by providing reconciliations of
these performance measures to our net income, which is determined
in accordance with GAAP.
Three Months Ended
June 30,
(In millions, except per share
data)
2022
2021
Net income
$
37.4
$
151.6
Net income from discontinued
operations
0.3
18.6
Net income from continuing operations
$
37.1
$
133.0
Interest expense, net
25.4
21.6
Provision for income taxes
30.8
23.3
Depreciation and amortization
48.1
38.1
EBITDA
$
141.4
$
216.0
Net gain on disposition of businesses and
assets
(1.5)
—
Selling, general, and administrative
expenses
Restructuring and other charges
(1.5)
6.3
Selling, general, and administrative
expenses
Acquisition transaction and integration
net costs (a)
2.7
43.2
Cost of goods sold; Selling, general, and
administrative expenses
Acquisition purchase price hedge gain
(b)
—
(33.0)
Acquisition purchase price hedge (gain)
loss
Asset impairment charges or write-offs
1.3
1.8
Other charges
Other items (c)
22.1
4.8
Selling, general, and administrative
expenses; Other expense, net
Adjusted EBITDA
$
164.5
$
239.1
Adjusted EBITDA to
Adjusted Net Income:
Adjusted EBITDA
164.5
239.1
Interest expense, net
25.4
21.6
Provision for income taxes - Adjusted
(d)
25.7
33.5
Depreciation and amortization - Adjusted
(e)
47.2
37.4
Adjusted Net Income
$
66.2
$
146.6
Weighted average shares- diluted
37.0
39.6
Adjusted EPS
$
1.79
$
3.70
Adjusted EBITDA by
Segment:
Engineered Materials
$
34.0
$
27.8
Latex Binders
29.4
32.2
Base Plastics
46.1
82.0
Polystyrene
23.0
51.1
Feedstocks
14.2
39.8
Americas Styrenics
39.4
30.1
Corporate Unallocated
(21.6)
(23.9)
Adjusted EBITDA
$
164.5
$
239.1
___________________
(a)
Acquisition transaction and
integration net costs for the three months ended June 30, 2022 and
2021 primarily relate to expenses incurred for the Company’s
acquisition and integration of the PMMA business and Aristech
Surfaces Acquisitions.
(b)
Acquisition purchase price hedge
gain for the three months ended June 30, 2021 was due to the change
in fair value of the Company’s forward currency hedge arrangement
that economically hedges the euro-denominated purchase price of the
acquisition of the PMMA business.
(c)
Other items for the three months
ended June 30, 2022 and 2021 primarily relate to fees incurred in
conjunction with certain of the Company’s strategic initiatives.
The three months ended June 30, 2022 also include costs related to
our transition to a new enterprise resource planning system.
(d)
Adjusted to remove the tax impact
of the items noted within the table above. The income tax expense
(benefit) related to these items was determined utilizing either
(1) the estimated annual effective tax rate on our ordinary income
based upon our forecasted ordinary income for the full year or, (2)
for items treated discretely for tax purposes, we utilized the
applicable rates in the taxing jurisdictions in which these
adjustments occurred. The amount for the three months ended June
30, 2022 includes a $15.3 million expense related to the
revaluation of the Company’s net deferred tax assets in
Switzerland, which were originally established as part of the Swiss
cantonal tax reform measures enacted in 2019. Partially offsetting
this expense was an $8.5 million benefit from the release of a
valuation allowance in one of our subsidiaries in Luxembourg.
(e)
Amount for the three months ended
June 30, 2022 and 2021 exclude accelerated depreciation of $0.9
million and $0.7 million, respectively, related to the shortening
of the useful life of certain IT assets related to the Company’s
transition to a new enterprise resource planning system.
For the same reasons discussed above, we are providing the
following reconciliation of forecasted net income to forecasted
Adjusted EBITDA and Adjusted EPS for the full year ended December
31, 2022. See “Note on Forward-Looking Statements” above for a
discussion of the limitations of these forecasts.
Year Ended
December 31,
(In millions, except per share
data)
2022
Adjusted EBITDA
$
475 – 525
Interest expense, net
(98)
Provision for income taxes
(53) – (68)
Depreciation and amortization
(210)
Reconciling items to Adjusted EBITDA
(f)
(86)
Net Income from continuing
operations
28 – 63
Reconciling items to Adjusted Net Income
(f)
91
Adjusted Net Income
$
119 – 154
Weighted average shares - diluted (g)
37.0
EPS from continuing operations - diluted
($)
$
0.75 – 1.69
Adjusted EPS ($)
$
3.22 – 4.16
(f)
Reconciling items to Adjusted EBITDA and
Adjusted Net Income are not typically forecasted by the Company
based on their nature as being primarily driven by transactions
that are not part of the core operations of the business and, as a
result, cannot be estimated without unreasonable cost or
uncertainty. As such, for the forecasted full year ended December
31, 2022, we have only included known reconciling items incurred
through the six months ended June 30, 2022. We have not included
forecasted amounts for the remainder of 2022.
(g)
Weighted average shares calculated for the
purpose of forecasting EPS and Adjusted EPS do not forecast
significant future share transactions or events, such as
repurchases, significant share-based compensation award grants, and
changes in the Company’s share price. These are all factors which
could have a significant impact on the calculation of EPS and
Adjusted EPS during actual future periods.
Note 3: Reconciliation of
Non-GAAP Liquidity Measures to Cash from
Operations
The Company uses certain measures, such as Free Cash Flow as
non-GAAP measures, to evaluate and discuss its liquidity position
and results. Free Cash Flow is defined as cash from operating
activities, less capital expenditures. We believe that Free Cash
Flow provides an indicator of the Company’s ongoing ability to
generate cash through core operations, as it excludes the cash
impacts of various financing transactions as well as cash flows
from business combinations that are not considered organic in
nature. We also believe that Free Cash Flow provides management and
investors with useful analytical indicators of our ability to
service our indebtedness, pay dividends (when declared), and meet
our ongoing cash obligations.
Free Cash Flow is not intended to represent cash flows from
operations as defined by GAAP, and therefore, should not be used as
alternatives for that measure. Other companies in our industry may
define Free Cash Flow differently than we do. As a result, it may
be difficult to use this or similarly-named financial measures that
other companies may use, to compare the liquidity and cash
generation of those companies to our own. The Company compensates
for these limitations by providing the following detail, which is
determined in accordance with GAAP.
Free Cash Flow
Three Months Ended
Six Months Ended
June 30,
June 30,
(In millions)
2022
2021
2022
2021
Cash provided by (used in) operating
activities
$
(83.0)
$
(21.0)
$
(88.1)
$
30.0
Capital expenditures
(31.5)
(19.7)
(56.2)
(32.4)
Free Cash Flow
$
(114.5)
$
(40.7)
$
(144.3)
$
(2.4)
For the same reasons discussed above, we are providing the
following reconciliation of forecasted cash provided by operations
and cash used for capital expenditures to forecasted Free Cash Flow
for the year ended December 31, 2022. See “Note on Forward-Looking
Statements” above for a discussion of the limitations of these
forecasts.
Year Ended
(In millions)
December 31, 2022
Cash provided by operating activities
$
250
Capital expenditures
(150)
Free Cash Flow
$
100
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220808005780/en/
Trinseo Andy Myers Tel : +1 610-240-3221 Email:
aemyers@trinseo.com
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