Trident, a global materials company that produces plastics, latex adhesives and elastomers, today announced third quarter 2017 financial results with net sales of 109.7 billion U.S. dollars and net profit of 33 million U.S. dollars, Diluted earnings per share were $ 0.74 and adjusted EPS was $ 2.18 after adjusting for earnings before interest, taxes, depreciation and amortization (EBITDA) of $ 166 million.
Net sales in the third quarter rose 17% from a year earlier, driven by higher raw material costs, with a third-quarter net profit of $ 33 million, including a pre-tax fee of about $ 66 million related to the company's recent debt refinancing Expenditures, a decrease of $ 34 million compared with the same period of the previous year, and adjusted third quarter adjusted EBITDA was $ 166 million, an increase of $ 23 million over the previous year. The higher operating profit margin was mainly due to the higher margins of styrene, including Hurricane Xavi brought about 15 million U.S. dollars and the high profitability of polycarbonate and rubber adhesives.
This quarter's operating activities provided cash of $ 158 million and capital expenditures of $ 34 million, which resulted in a cash flow of $ 124 million for the quarter. Cash flows from working capital and free cash flow for the third quarter were mainly driven by lower raw material prices, Resulting in a favorable impact of about $ 50 million at the end of the quarter after the company has 319 million in cash, the third quarter expenditure of 80 million US dollars to buy API plastic, debt refinancing-related expenses 53 million US dollars, an overall reduction in senior bonds Spent 36 million U.S. dollars.
· Fourth quarter 2017 net profit of 68 million to 77 million US dollars, diluted earnings per share of 1.53 to 1.71 US dollars.
• Fourth quarter 2017 adjusted EBITDA was $ 130 million to $ 140 million with adjusted earnings per share of $ 1.53 to $ 1.71.
· FY17 full year net profit of 280 million to 288 million US dollars, diluted earnings per share of 6.23 to 6.41 US dollars.
· FY17 full year EBITDA was $ 605 million to $ 615 million with adjusted earnings per share of $ 7.53 to $ 7.71.
· The full year 2018 net profit of 343 million to 367 million US dollars, diluted earnings per share of 7.66 to 8.20 US dollars.
· The adjusted EBITDA for the year 2018 was 620 million U.S. dollars to 650 million U.S. dollars and adjusted earnings per share were 7.66 U.S. dollars to 8.20 U.S. dollars.
Commenting on the outlook, Chris Pappas, Trinseo's president and chief executive, said that "third-quarter operating results beat expectations because of higher-than-expected styrene profit margins, which continued into the fourth quarter. We expect there will be strong business growth before the end of the year and therefore our annual outlook will be updated. Profitability should be higher in 2018, mainly due to the growth plan of performance materials and the continued supply of basic plastics and raw materials Strong demand and supply dynamics.