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PolyOne Announces Fourth Quarter and Full Year 2017 Results
CLEVELAND, Jan. 26, 2018 /PRNewswire via COMTEX/ -- Copyright (C) 2018 PR Newswire. All rights reserved

PolyOne Corporation (NYSE: POL) today reported its fourth quarter and full year results for 2017. GAAP earnings per share in the fourth quarter of 2017 of $0.43 compared to $0.42 in the fourth quarter of 2016. Adjusted earnings per share of $0.41 increased from $0.39 in the prior year fourth quarter. Special items for the fourth quarter of 2017, which primarily included tax adjustments associated with the Tax Cuts and Jobs Act, resulted in a net after-tax gain of $2.2 million, or $0.02 per share (see Attachment 1). Special items in the prior year quarter, the largest of which were a mark-to-market pension adjustment and restructuring charges, resulted in a net after-tax gain of $2.5 million, or $0.03 per share.

Full year GAAP earnings per share of $2.11 in 2017 compared to $1.96 in 2016. Adjusted earnings per share in 2017 increased to $2.21, a 7% increase from $2.06 in 2016.

"I am pleased to report record adjusted EPS for the 8th consecutive year," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. "Over the last three years, we have increased our sales, marketing and R&D resources by nearly 20%. These investments have improved collaboration and service levels for our existing and new customers, leading to accelerated and sustained growth at PolyOne."

Mr. Patterson continued, "In 2017, we delivered the highest level of organic sales expansion since coming out of the recession in 2010, allowing us to overcome substantial raw material inflation and supply chain disruptions resulting from Hurricane Harvey."

"Color, Additives and Inks had an outstanding quarter to end the year, driven by a 5% increase in organic sales and a 24% increase in operating income," stated Mr. Patterson. "Color has tremendous momentum heading into 2018 bolstered by the four bolt-on acquisitions we have completed over the last twelve months, adding to our specialty colorant technology portfolio and geographic presence."

Most recently, the company acquired IQAP Masterbatch (IQAP), a privately owned and innovative provider of specialty colorants and additives based in Spain with customers throughout Europe. PolyOne expects IQAP will add approximately $45 million in revenue and be accretive to earnings in 2018.

Bradley C. Richardson, executive vice president and chief financial officer, PolyOne Corporation, said, "Our strong free cash flow for the year enabled us to fund the acquisitions of SilCoTec, Rutland, Mesa, and IQAP while also returning cash to shareholders. In 2017, we repurchased 2.0 million shares of common stock and announced a significant dividend expansion of 30% this year and a plan for more than 60% cumulatively over the next three years."

Mr. Richardson continued, "With liquidity of nearly $600 million, we have significant financial capacity to continue to pursue strategic acquisitions, invest in innovation and return cash to shareholders via share repurchases and dividends."

Mr. Patterson concluded, "2017 was an important year for our company, as we transformed and repositioned our portfolio for sustainable growth, and delivered record adjusted EPS. I am excited to kick-off 2018 with another highly innovative color and additives acquisition. IQAP is a great addition to the PolyOne family and fits our strategy of acquiring specialty businesses where we can accelerate growth with additional commercial investment."

The company is hosting a conference call at 9:00 a.m. Eastern Time. Management will discuss fourth quarter and full year results, outlook for 2018, as well as the impact of U.S. tax reform legislation.

Conference Call

The company will conduct a conference call at 9:00 a.m. Eastern Time on Friday, January 26, 2018. To participate in the conference call, dial 1-844-835-7433 (domestic) or 1-914-495-8589 (international) and provide conference ID number 8783669. 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 January 26, 2018. To listen to this recording, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and enter conference ID number 8783669.

About PolyOne

PolyOne Corporation (NYSE: POL) is a $3.2 billion 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 an ACC Responsible CareĀ® certified company 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 IQAP Masterbatch, Mesa, Rutland, 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.

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SOURCE PolyOne Corporation

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