Comu: net sales of $1.5 billion

Third quarter 2023 results and highlights:

• Net sales of $1.5 billion
• Net profit was $20 million, or 13 cents per share.
• Adjusted net income was $96 million and adjusted earnings per share was $0.63
• Adjusted EBITDA  is $247 million and adjusted free cash flow is $8100.
• Launch the TT transformation plan to save about $100 million in operating costs from 2024
• Announced the development of Opteon ™2P50, a new specialty fluid for two-phase submerged cooling (including data     center applications)
• Completion of the sale of glycolic acid business to PureTech Scientific Inc., to generate net cash income & $138 million from nbsp;    
• The ARCH2 hydrogen Center (of which Comu is the project development partner) has been selected by the U.S. Department of Energy for funding.
• On October 26, 2023, the company's board of directors approved a third-quarter dividend of $0.25 per share

• In view of the weak demand outlook, we currently expect adjusted EBITDA to be between $1.025 billion and $1.075 billion for the whole year; adjusted free cash flow guidance will exceed $225 million

TT Transformation Plan

• The TT transformation plan was launched with the recent closure of the Quan Yin facility and has been expanded to include measures to further streamline our workforce and promote cost improvement and long-term profit margin improvement.

• We expect the TT transformation program to save about $100 million in operating costs in 2024, and there will be more cost savings as we move forward with the program in the coming years. Of the total projected savings, the closure of the Quan Yin facility is expected to save $50 million in operating costs in 2024 and $15 million by 2023.

• Under the TT transformation plan, we recorded $147 million in expenses for the period ended September 30, 2023, mainly including $78 million in non-cash charges related to asset-related impairment, $28 million in material inventory related to write-off of certain raw materials, $10 million in other expenses, and $31 million in cash expenses related to severance payments, contract termination and decommissioning expenses. In addition, the company expects decommissioning, dismantling and removal costs to increase by 20 million to An additional cash charge of $30 million.

Turno: net sales of $662 million

Financial Summary for the third quarter of 2023:

• Revenue generated was $662 million, down 17% from the previous quarter and 26% from the same period last year.
• Operating income of $32 million and net loss of $14 million; adjusted net loss of $12 million (non-GAAP)
• GAAP  diluted earnings per share was $0.09; adjusted diluted earnings per share was $0.08 (non-GAAP)
• The adjusted EBITDA is $116 million and the adjusted EBITDA profit margin is 17.5%, all within the guidance range.
• Capital expenditure investment of $5400 in the quarter
• Increase term loans by $350 million in August, actively strengthen the balance sheet, and use the proceeds to cover outstanding loans under the existing revolving credit facility and enhance available liquidity