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

PolyOne Corporation (NYSE: POL) today reported its third quarter results for 2017. GAAP earnings per share in the third quarter of 2017 was $0.49 compared to $0.51 in the third quarter of 2016. Adjusted earnings per share increased to $0.58 from $0.55 in the prior year third quarter. Special items for the third quarter of 2017 resulted in a net after-tax charge of $7.2 million, or $0.09 per share (see Attachment 1). Special items in the prior year quarter resulted in a net after-tax charge of $3.5 million, or $0.04 per share.

"Our investments in commercial resources, innovation, and specialty acquisitions continue to drive results, as we delivered record adjusted EPS of $0.58 for the third quarter," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. "Color, Additives and Inks led the way with all-time high revenue and operating income."

Mr. Patterson continued, "Consolidated sales increased 10% to $818 million for the third quarter driven primarily by 5% organic expansion and recent specialty acquisitions, which added 4%. Favorable foreign exchange positively impacted sales by 1%."

"We are very pleased with our recent performance; however, like many companies we have been focused on the safety and welfare of employees, families and communities impacted by Hurricanes Harvey and Irma. While our facilities were undamaged and all of our employees are safe, others were not as fortunate," added Mr. Patterson.

"We are experiencing raw material supply and transportation disruptions as a result of these storms," added Bradley C. Richardson, executive vice president and chief financial officer, PolyOne Corporation. "Fortunately, we believe these to be short-term in nature and additional expenses related to them will approximate $3 million to $4 million in the fourth quarter. Most importantly, we remain focused on assisting local communities and residents where needed and serving our customers."

Earlier in October, PolyOne's Board of Directors declared a quarterly cash dividend of seventeen and a half cents ($0.175) per share on the common stock outstanding, representing a 30% increase to the quarterly cash dividend. As part of the announcement, the company also communicated a plan to raise its annual dividend by 60% cumulatively over the next three years.

Mr. Richardson continued, "Our recently announced dividend expansion is our largest ever, and our three-year plan of a 60% cumulative increase reflects the important steps we have taken to further strengthen our portfolio, balance sheet and future cash flows. We view the increased payouts as one element of a balanced approach in delivering value to our shareholders. As we look ahead, we will continue to fund our organic growth initiatives as our first priority, seek attractive specialty acquisitions and also be opportunistic with respect to buying back shares."

"We have worked hard to reposition our portfolio for sustainable growth, and it's clearly translating to improved performance," added Mr. Patterson. "By executing on our proven four-pillar strategy and continuing to invest in innovation, customer service and acquisitions, I am very confident in our ability to return to double-digit adjusted EPS growth in 2018 and beyond."

Conference Call As previously announced, the company will conduct a conference call to discuss its financial results for the third quarter at 9:00 a.m. Eastern Time on Wednesday, October 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 97228054. A simultaneous webcast of the call will be accessible via the company's website at www.polyone.com/investor.

A recording of the call will also be available for one week, beginning at 12:00 p.m. Eastern Time on October 25, 2017. To listen to this recording, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and enter conference ID number 97228054.

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 www.polyone.com.

To access PolyOne's news library online, please visit www.polyone.com/news.

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 identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired businesses into our operations, such as Rutland, Mesa, Comptek, SilCoTec, Gordon Composites and Polystrand, 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; 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; our ability to continue to pay cash dividends, including at the increasing rate, which will be subject to, among other factors, market conditions, our cash flow and cash requirements and restrictions contained in any of our debt agreements; 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.

The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures.

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SOURCE PolyOne Corporation

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