NYSE listed PolyOne Corporation, a producer of specialised polymer materials, services and solutions reported record quarterly adjusted earnings per share for its second quarter of 2015.
“Adjusted earnings per share increased to an all-time quarterly high of $0.57, up 12 per cent from $0.51 in the second quarter of 2014,” a PolyOne press release said.NYSE listed PolyOne Corporation, a producer of specialised polymer materials, services and solutions reported record quarterly adjusted earnings per #
GAAP earnings per share more than doubled to $0.74 in the reporting quarter from $0.33 in the prior year second quarter.
“Special items for the second quarter of 2015 included a tax benefit and realignment charges, which resulted in a net after-tax gain of $15.9 million, or $0.17 per share,” it explained.
However, revenue for the second quarter of 2015 amounted to $887 million, down from $1.0 billion in the second quarter of 2014.
“The decline resulted from unfavourable foreign exchange, lower selling prices in Distribution and Performance Products & Solutions as a result of lower hydrocarbon based raw material costs,” it added.
“I am very pleased to report we delivered double-digit adjusted earnings expansion of 12 per cent for the second quarter and our 23rd consecutive quarter of EPS growth," CEO Robert Patterson said.
"We were able to achieve this strong performance in the second quarter despite a weaker Euro, which reduced EPS by $0.02 per share versus the previous year's second quarter," he too added.
“Our Colour, Additives and Inks business led the way with its highest level of quarterly operating income in segment history, and posting a record return on sales of 18.2 per cent," Patterson noted.
“On a consolidated basis, our operating margin surpassed 10 per cent for the first time in our company's history," he observed.
Patterson also informed that he was pleased with the progress the company was making at Designed Structures and Solutions as evidenced by its sequential margin improvement from the first quarter.
“I am encouraged by our new business wins and operational improvements and confident we have the right team in place as we continue to transform the legacy Spartech businesses," he stated.
On its outlook, PolyOne also informed that from a macro-economic perspective, the Euro remains very weak against the dollar and demand appears to be slowing in Asia.
“These headwinds impact our specialty businesses in the short-term, but with over $40 billion of market opportunity, we have nearly unlimited potential for long-term growth," PolyOne too stated.
PolyOne Corporation, with 2014 revenues of $3.8 billion, is a provider of specialised polymer materials, services and solutions.
The company said it is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. (AR)
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