Shares of Trinseo Drop 10% After Bottom Line Fails to Impress
Shares of Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders, and synthetic rubber, are down 10% Thursday as of 11:15 a.m. EDT, after the company missed bottom-line estimates for the second quarter.
Trinseo reported an 18% increase in net sales to $1.15 billion, which was higher than analysts' estimates calling for $1.08 billion, but failed to boost the bottom line to expectations. Net income checked in at $60 million, or $1.34 per share; adjusted earnings per share checked in at $1.39 per share, far below analysts' estimates of $1.81 per share. Pressure on the bottom line was driven by unfavorable raw-material timing and lower margin in feedstocks and performance plastics.
Image source: Getty Images.
Source: Fool.com
