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PolyOne Announces Second Quarter 2017 Results
CLEVELAND, July 25, 2017 /PRNewswire via COMTEX/ -- Copyright (C) 2017 PR Newswire. All rights reserved

PolyOne Corporation (NYSE: POL) today reported its second quarter results for 2017. GAAP EPS loss of $2.20 due to the loss from the sale of Designed Structures and Solutions (DSS), which is now presented as discontinued operations. This compares to GAAP EPS of $0.59 in the prior year second quarter. Excluding special items (see Attachment 1), adjusted earnings per share expanded to $0.63 from $0.59.

"The last few weeks mark an important inflection point in our specialty journey as we have completed the divestiture of DSS and reinvested the proceeds to acquire Rutland and Mesa," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. "These portfolio actions enable us to focus on our core areas of expertise and better serve our customers with an expanded offering of specialty solutions."

"Our customers recognize and value the important role of color and design in their products as the ultimate expression of consumer preference," Mr. Patterson added. "Both Rutland and Mesa share PolyOne's passion for innovative color solutions and make great additions to our specialty portfolio."

"We're further pleased to have these businesses join forces with us at a time when we have momentum and are demonstrating strong organic growth," said Mr. Patterson. "Sales and adjusted EPS both increased 7% over the prior year. 6% of the sales growth is organic with broad-based gains resulting from the significant investments we have made in commercial resources in each of our segments."

Bradley C. Richardson, executive vice president and chief financial officer, commented, "Over the last three years we have invested heavily in additional commercial resources, most notably increasing our sales force by almost 20% over this time period. These resources, coupled with innovative service offerings such as IQ Design and LSS Customer First, have been the driving force behind our sales growth."

Mr. Richardson continued, "Two of our segments, Performance Products and Solutions and Distribution delivered record levels of second quarter operating income, largely driving results for the quarter. Adjusted EPS on a consolidated basis was impacted by raw material inflation, which compressed margins and partially offset our sales gains, most notably in our Specialty Engineered Materials segment. Although raw material index prices have begun to moderate, our costs were substantially higher than the prior year."

Commenting further on the company's performance and outlook, Mr. Patterson said, "I'm pleased with our success in driving revenue growth - and especially proud that all four of our segments delivered organic top line expansion for the second consecutive quarter. As we look ahead, I am confident our now streamlined structure will accelerate innovation and improve service in our core areas of expertise as we pursue our 2020 Platinum Vision."

Conference Call

As previously announced, the company will conduct a conference call to discuss its financial results for the first quarter 9:00 a.m. Eastern Time on Tuesday, July 25, 2017. To participate in the conference call, dial 1-844-835-7433 (domestic) or 1-914-495-8589 (international) and provide conference ID number 51684828. A simultaneous webcast of the call will be accessible via the company's website at

A recording of the call will also be available for one week, beginning at 12:00 p.m. Eastern Time on July 25, 2017. To listen to this recording, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and enter conference ID number 51684828.

About PolyOne

PolyOne Corporation is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles. For more information, visit

To access PolyOne's news library online, please visit

Forward-looking Statements

In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to realize anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities; the timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of customers and/or disruptions of service or quality caused by such closings and/or production shifts; separation and severance amounts that differ from original estimates; amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment that differ from original estimates; our ability to identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired businesses into our operations, including whether such businesses will be accretive, retain the management teams of acquired businesses, and retain relationships with customers of acquired businesses; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions and employee productivity goals; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.

We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.

Senior management uses comparisons of adjusted net income from continuing operations attributable to PolyOne shareholders and diluted adjusted earnings per share (EPS) from continuing operations attributable to PolyOne shareholders, excluding special items, to assess performance and facilitate comparability of results. Senior management believes these measures are useful to investors because they allow for comparison to PolyOne's performance in prior periods without the effect of items that, by their nature, tend to obscure PolyOne's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items.

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