Trinseo announces financial results for Q2
The decrease in revenue was attributed to lower raw material costs driven by a significant decrease in the overall energy complex as well as a weaker euro against the US dollar. Revenue from the Performance Plastics segment declined 12% on a yearly basis to $185 million due to lower raw material costs and currency issues. The segment’s adjusted EBITDA rose by $4 million year over year to $21 million in the second quarter of the current year due to stronger margins.
Basic Plastics and Feedstocks revenue dropped 26% year over year to $480 million. However, adjusted EBITDA for this segment reached a record level of $122 million in the April-June period, up $107 million from the previous year.
Trinseo’s President Chirs Pappas commented that they expect the Performance Materials segment to earn around $70-75 million in adjusted EBITDA per quarter for the remainder of 2015 while he added they expect an adjusted EBITDA of around $130-145 million for the Basic Plastics and Feedstocks segment for the second half of the year due to lower but still historically high styrene margins.
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