Trinseo Reports Second Quarter 2023 Financial Results

Adjusted EBITDA* of $57 million, including unfavorable impacts of $16 million from net timing, $12 million from natural gas hedges and $4 million from fixed cost under absorption due to inventory reduction initiatives; Adjusted Net Loss* of $68 million

Announced restructuring actions, including the potential closure of the Terneuzen, the Netherlands styrene plant, which, in aggregate, are expected to result in annual cost savings of approximately $70 million to $90 million in 2024

Trinseo (NYSE: TSE), a specialty material solutions provider, has reported its second quarter 2023 financial results. Net sales in the second quarter decreased 32% versus prior year. Lower sales volume across all reporting segments caused by continued customer destocking and underlying demand weakness led to a 16% decrease. Lower price, from the pass-through of lower raw material costs, led to a 17% decrease