February 26, 2021

Wanhua Completes MDI Expansion in Yantai

The Technical Transformation Of MDI Device Expansion Is Completed, And Yantai Wanhua Is Firmly Established As A Global Leader!

[Feb 26, 2021]

On the evening of February 24, 2021, Wanhua Chemical issued an announcement stating that Wanhua Chemical’s Yantai Industrial Park had an original production capacity of 600,000 tons per year for the MDI plant. Technical transformation and expansion of ton/year. The project obtained the project record certificate in June 2019, and the cumulative investment of 284 million yuan by February 2021. The successful technological transformation of this project will further enhance the company’s ability to serve customers.

Wanhua MDI’s global production capacity reached 2.6 million tons

Global market share is 28%　

Wanhua’s Yantai MDI plant for this technological transformation and expansion belongs to the isocyanate integrated capacity expansion technological transformation project announced in the 2018 EIA and is the latest generation of technology. Compared with competitors, the capacity of a single device is generally only about 400,000 tons per year. Wanhua’s expanded device is the first device in the world to successfully achieve a single device capacity of 1.1 million tons per year.

The total investment of the project is 3.562 billion yuan, and the construction content includes:

MDI device (600,000 tons/year expansion to 1.1 million tons/year)

HDI and its adduct equipment (HDI 30,000 tons/year, HDI adduct 20,000 tons/year)

ADI equipment (HMDA and HMDI expanded from 10,000 tons/year to 20,000 tons/year

IPDI expanded from 15,000 tons/year to 30,000 tons/year),

Aniline plant (nitric acid plant 360,000 tons/year; nitrobenzene plant 48+240,000 tons/year; aniline plant 36+180,000 tons/year)

Hydrogen Chloride Plant (240 thousand tons/year)

HCL gas hydrochloric acid analysis device (226,000 tons/year) and supporting public works and auxiliary facilities

After the company’s Yantai MDI plant’s 500,000-ton/year technological transformation project is put into operation, its global production capacity will reach 2.6 million tons, with a market share of 28%, further consolidating its leading position in the polyurethane industry.　

What is the impact of capacity expansion on MDI prices?

We expect that this expansion will be at the right time and will have little impact on MDI prices. Assuming that after the expansion of Wanhua’s capacity, the output elasticity is 200,000 to 400,000 tons/year, that is, the average monthly new output in the market is 16.67 to 33,300 tons. However, overseas production capacity is 1.06 million tons/year due to force majeure, with an average monthly gap of at least 35,000 tons. Even if the new capacity is fully opened, Wanhua cannot meet the supply gap. Huaan Securities predicts that the cold wave will affect the supply of MDI in the United States for 1-3 months. The force majeure will bring about 66,000 tons of new export demand. The total new demand in the next 10 months is about 199,000 tons, corresponding to the operating rate In the range of Wanhua Chemical’s theoretical operating rate, it has little effect on prices.

https://www.jecibiochem.com/news/the-technical-transformation-of-mdi-device-exp-42927529.html

February 24, 2021

Casper Results

Casper Reports Fourth Quarter 2020 Results

Wed February 24, 2021 6:55 AM|Business Wire|About: CSPR

Record Fourth Quarter and Full Year Revenue of $150.3 million and $497.0 million

26% YoY Growth in North America in the Fourth Quarter, Including 43% YoY Growth in Retail Partnerships Reiterates Expectation to Achieve Profitability Goals

NEW YORK–(BUSINESS WIRE)– Casper Sleep Inc. (CSPR) (“Casper” or the “Company”) (NYSE: CSPR) today announced financial results for the quarter ended December 31, 2020 (the “fourth quarter 2020” or “fourth quarter”) and the year ended December 31, 2020 (the “year” or “2020”).

Fourth Quarter and 2020 Financial Highlights (as compared to the fourth quarter and year ended December 31, 2019, respectively)

• Revenue increased 18.4% to a record $150.3 million on a quarterly basis and by 13.1% to a record $497.0 million for the year;
  • North America revenue increased 25.8% to a record $150.3 million on a quarterly basis and by $72.0 million or 17.4% to a record $485.0 million for the year;
  • North America Direct-to-Consumer revenue increased 19.1% to a record $101.9 million on a quarterly basis and by 7.5% to a record $351.5 million for the year;
  • North America Retail Partnership revenue increased 42.8% to a record $48.4 million on a quarterly basis and by 55.4% to $133.6 million for the year;
• Gross Profit increased $14.9 million or 24.7% to $75.3 million with gross margin of 50.1% up 252 basis points on a quarterly basis, and increased $38.5 million or 17.9% to $253.9 million with gross margin of 51.1% up 204 basis points for the year;
• Net loss improved $10.6 million or 41.4% to a loss of $15.0 million on a quarterly basis and improved by $3.5 million or 3.7% to a loss of $89.6 million for the year;
• Adjusted EBITDA loss improved by $13.4 million or 79.5% to a loss of $3.5 million on a quarterly basis and improved by $25.4 million or 35.9% to a loss of $45.3 million for the year; and
• Cash and cash equivalents of $88.9 million at year end.

“Casper finished 2020 strongly with record revenue for both the fourth quarter and the full year,” said Chief Executive Officer Philip Krim. “Fourth quarter revenue growth was driven by 43% year-over-year growth in North American retail partnership revenue and 19% growth in North American direct-to-consumer revenue, which resulted in an 80% year-over-year improvement in Adjusted EBITDA. Despite the pandemic, we were able to deliver 17.4% North American revenue growth for the full year 2020, and we expect top-line growth to accelerate in 2021 with positive Adjusted EBITDA in the second half of the year.”

Mr. Krim continued, “2020 was an important year for Casper. We continued to prioritize the health and safety of our customers and employees as we navigated through the pandemic and successfully executed on the business model we outlined a year ago in our IPO. The fourth quarter demonstrates that our model continues to work well. We took more products to market through increased points of distribution while further elevating our industry-leading brand. We navigated a challenging supply chain backdrop to successfully meet increasing consumer demand, and we entered 2021 well positioned to drive future growth. This year, we will continue to focus on increasing our market share, creating additional operating leverage, and making progress toward our profitability goals.”

Outlook

The Company today provided an outlook for certain financial metrics for the quarter ending March 31, 2021 (“first quarter 2021”) and year ending December 31, 2021 (“full year 2021” or “2021”), reflecting certain assumptions by management regarding the Company’s business, trends, seasonal factors, and the continuing impact of the COVID-19 pandemic on its business. In addition, the outlook assumes there will be no material changes in world events, recent consumer trends, economic conditions, competitive landscape or other circumstances beyond our control that may adversely affect the Company’s results of operations.

In the first quarter 2021, the Company expects revenue of approximately $118 to $125 million, net loss of approximately $25 to $22 million, and Adjusted EBITDA loss of approximately $16 to $13 million. At the mid-point, this revenue range represents 7% growth and 14% North America growth in the first quarter 2021. For the full year 2021, the Company expects revenue of approximately $570 to $600 million. At the mid-point, this revenue range represents 18% growth and 20% North America growth for 2021.

https://seekingalpha.com/pr/18205130-casper-reports-fourth-quarter-2020-results

February 24, 2021

Casper Results

Casper Reports Fourth Quarter 2020 Results

Wed February 24, 2021 6:55 AM|Business Wire|About: CSPR

Record Fourth Quarter and Full Year Revenue of $150.3 million and $497.0 million

26% YoY Growth in North America in the Fourth Quarter, Including 43% YoY Growth in Retail Partnerships Reiterates Expectation to Achieve Profitability Goals

NEW YORK–(BUSINESS WIRE)– Casper Sleep Inc. (CSPR) (“Casper” or the “Company”) (NYSE: CSPR) today announced financial results for the quarter ended December 31, 2020 (the “fourth quarter 2020” or “fourth quarter”) and the year ended December 31, 2020 (the “year” or “2020”).

Fourth Quarter and 2020 Financial Highlights (as compared to the fourth quarter and year ended December 31, 2019, respectively)

• Revenue increased 18.4% to a record $150.3 million on a quarterly basis and by 13.1% to a record $497.0 million for the year;
  • North America revenue increased 25.8% to a record $150.3 million on a quarterly basis and by $72.0 million or 17.4% to a record $485.0 million for the year;
  • North America Direct-to-Consumer revenue increased 19.1% to a record $101.9 million on a quarterly basis and by 7.5% to a record $351.5 million for the year;
  • North America Retail Partnership revenue increased 42.8% to a record $48.4 million on a quarterly basis and by 55.4% to $133.6 million for the year;
• Gross Profit increased $14.9 million or 24.7% to $75.3 million with gross margin of 50.1% up 252 basis points on a quarterly basis, and increased $38.5 million or 17.9% to $253.9 million with gross margin of 51.1% up 204 basis points for the year;
• Net loss improved $10.6 million or 41.4% to a loss of $15.0 million on a quarterly basis and improved by $3.5 million or 3.7% to a loss of $89.6 million for the year;
• Adjusted EBITDA loss improved by $13.4 million or 79.5% to a loss of $3.5 million on a quarterly basis and improved by $25.4 million or 35.9% to a loss of $45.3 million for the year; and
• Cash and cash equivalents of $88.9 million at year end.

“Casper finished 2020 strongly with record revenue for both the fourth quarter and the full year,” said Chief Executive Officer Philip Krim. “Fourth quarter revenue growth was driven by 43% year-over-year growth in North American retail partnership revenue and 19% growth in North American direct-to-consumer revenue, which resulted in an 80% year-over-year improvement in Adjusted EBITDA. Despite the pandemic, we were able to deliver 17.4% North American revenue growth for the full year 2020, and we expect top-line growth to accelerate in 2021 with positive Adjusted EBITDA in the second half of the year.”

Mr. Krim continued, “2020 was an important year for Casper. We continued to prioritize the health and safety of our customers and employees as we navigated through the pandemic and successfully executed on the business model we outlined a year ago in our IPO. The fourth quarter demonstrates that our model continues to work well. We took more products to market through increased points of distribution while further elevating our industry-leading brand. We navigated a challenging supply chain backdrop to successfully meet increasing consumer demand, and we entered 2021 well positioned to drive future growth. This year, we will continue to focus on increasing our market share, creating additional operating leverage, and making progress toward our profitability goals.”

Outlook

The Company today provided an outlook for certain financial metrics for the quarter ending March 31, 2021 (“first quarter 2021”) and year ending December 31, 2021 (“full year 2021” or “2021”), reflecting certain assumptions by management regarding the Company’s business, trends, seasonal factors, and the continuing impact of the COVID-19 pandemic on its business. In addition, the outlook assumes there will be no material changes in world events, recent consumer trends, economic conditions, competitive landscape or other circumstances beyond our control that may adversely affect the Company’s results of operations.

In the first quarter 2021, the Company expects revenue of approximately $118 to $125 million, net loss of approximately $25 to $22 million, and Adjusted EBITDA loss of approximately $16 to $13 million. At the mid-point, this revenue range represents 7% growth and 14% North America growth in the first quarter 2021. For the full year 2021, the Company expects revenue of approximately $570 to $600 million. At the mid-point, this revenue range represents 18% growth and 20% North America growth for 2021.

https://seekingalpha.com/pr/18205130-casper-reports-fourth-quarter-2020-results

February 24, 2021

Duna Houston Back

DUNA-USA 789 followers 2d • Edited • 2 days ago DUNA-USA is grateful to announce we have sustained little damage from the Texas winter storms, and has re-opened at 100% operation.

DUNA employees are all safe, with some damage to households, but are looking forward to getting back to work.

We are ramping up our production schedule to meet customer needs, and our thoughts and prayers are with all affected by this unprecedented event.

https://www.linkedin.com/feed/update/urn:li:activity:6769685291495174144/

February 24, 2021

Duna Houston Back

DUNA-USA 789 followers 2d • Edited • 2 days ago DUNA-USA is grateful to announce we have sustained little damage from the Texas winter storms, and has re-opened at 100% operation.

DUNA employees are all safe, with some damage to households, but are looking forward to getting back to work.

We are ramping up our production schedule to meet customer needs, and our thoughts and prayers are with all affected by this unprecedented event.

https://www.linkedin.com/feed/update/urn:li:activity:6769685291495174144/