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We are making excellent progress on our Performance Materials growth initiatives as reflected in our results this quarter.
Latex Binders is improving via higher margins and cost actions.
Baxter’s Renal sales totaled 7 million in the third quarter, representing a 4 percent increase on a reported basis, and a 6 percent increase on a constant currency basis. Both of these systems utilize Baxter’s SHARESOURCE Connectivity Platform, which is the first and only two-way, remote patient management system for home dialysis therapy globally.
Strength internationally in the company’s hospital pharmacy compounding services and cytotoxic contract manufacturing business also contributed to growth in the quarter.
These favorable impacts were partially offset by the styrene outages in Feedstocks and Americas Styrenics, lower volume and margin in Basic Plastics, as well as lower margin in Performance Plastics.
Commenting on the Company’s performance, Chris Pappas, Trinseo President and Chief Executive Officer, said, “We continue to see strong fundamental business conditions, and our first quarter net income and Adjusted EBITDA were higher than our previous guidance.
Additionally, results for the first quarter included Adjusted EPS of .42 and Adjusted EBITDA of 2 million.
Net sales in the first quarter increased 24% versus prior year driven primarily by the pass through of higher raw material costs.
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