Trinseo(US:TSE)2025-05-08 12:38Q1 2025 Financial Performance - The company reported a net loss of $79 million and a diluted EPS of negative $2.22, which included $25 million in refinancing costs related to debt transactions completed in January 2025 [7] - Adjusted EBITDA was $65 million, exceeding the prior year by $20 million, driven by $26 million in polycarbonate technology licensing income and restructuring actions, but partially offset by lower equity income from Americas Styrenics and reduced volume [7] - Cash used in operations amounted to $110 million, and capital expenditures were $9 million, resulting in a negative Free Cash Flow of $119 million, including seasonal working capital build and $25 million in refinancing-related costs [7] - Net sales for Q1 2025 were $785 million, compared to $904 million in Q1 2024 [21] Q2 2025 Outlook - The company anticipates a net loss ranging from $61 million to $46 million and an Adjusted EBITDA between $55 million and $70 million [7] - The company expects seasonally higher volumes compared to Q1 and approximately breakeven Free Cash Flow [7] Sales Volume Analysis - Overall sales volume experienced a year-over-year decrease of 13% [21] - Consumer electronics sales volume increased by 43% [14] - Sales volumes sold to CASE applications accounted for 15% of total segment net sales, with volumes increasing 3% over prior year in a flat demand environment [28] - Sales volumes in Battery Binders up >3.5x versus prior year [28] Debt and Liquidity - The company's first quarter ending cash was $128 million (of which $2 million was restricted) and total liquidity of $421 million [7] - The company has $1933 million in Term Loans 2L Senior Secured Notes due 2029 [36] - The company has $445 million in Revolving Credit Facility [36] Full-Year 2025 Guidance - Due to increased tariff and geopolitical uncertainty, the company is withdrawing all full-year guidance furnished in connection with its debt refinancing transaction [42] - The company estimates capital expenditures of $65 million, cash interest of $195 million, cash taxes of $35 million, restructuring costs of $45 million, turnaround costs of $10 million, and working capital/other costs of $20 million, resulting in net cash expenditures of $370 million [43]