Trinseo reports record net income in Q2
The company’s net income rose to $96 million in the April-June period from $77 million in the first quarter. Trinseo’s EBITDA for the quarter also rose to a record high of $168 million from $141 million in the first three months.
However, the company reported that its revenue in the second quarter fell 6% on the year prior due to lower raw material costs, which was partially offset by higher sales volume as well as currency as the euro strengthened in comparison to the US dollar.
The company’s revenue from performance plastics segment fell by 1% on the year to $184 million due to the lower raw material costs while its revenue from basic plastics and feedstocks division declined 8% year over year $442 million in the second quarter.
The company also expressed its expectations for the third quarter and full year. For the third quarter, the company expects to post a net income of $73 million to $80 million while for the full year of 2016, the company’s expectations call for a net income of $316 million to $323 million.
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