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PolyOne Announces First Quarter 2018 Results
CLEVELAND, April 26, 2018 /PRNewswire via COMTEX/ -- Copyright (C) 2018 PR Newswire. All rights reserved

PolyOne Corporation (NYSE: POL) today reported its first quarter results for 2018. GAAP earnings per share was $0.59 in the first quarter of 2018 compared to $0.58 in the first quarter of 2017. Adjusted earnings per share expanded to $0.68 from $0.59 in the first quarter of 2017. Special items for the first quarter of 2018, which primarily included environmental remediation and legal costs, resulted in a net after-tax charge of $7.4 million, or $0.09 per share (see Attachment 1). In the prior year first quarter, special items were $0.9 million, or $0.01 per share.

"I'm very pleased to report a strong start to the year, as we reported adjusted EPS growth of 15% for the first quarter," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. "Our Color, Additives & Inks (CAI) segment led the way with record first quarter operating income, driven by both organic gains and recent acquisitions."

"Our investments in sales, marketing and technology resources continue to drive our performance," added Mr. Patterson. "Over the last three years we have increased the number of commercial associates by over 20%. These investments, coupled with recent specialty acquisitions and favorable foreign exchange, led to a 13% increase in overall sales with every segment and region contributing."

The company noted that in the first quarter, organic sales increased 6% and recent specialty acquisitions added 4%, while favorable foreign exchange added 3%.

"We have a track record of generating strong free cash flow, and with the exception of seasonal working capital investment, this was once again the case in the first quarter," said Bradley C. Richardson, executive vice president and chief financial officer, PolyOne Corporation. "Our cash generation allowed us to repurchase one million shares of our stock during the first quarter, while completing the acquisition of IQAP, a specialty colorant and additive business based in Spain. Our balance sheet remains very strong, and we ended March with over $470 million of available liquidity."

"IQAP is off to a great start this year. We are very excited to have them as part of our team as one of five specialty acquisitions we completed in the last 18 months," Mr. Patterson added. "While we are pleased with their combined early integration success, the best is yet to come. With our invest-to-grow strategy, we better serve new and existing markets and applications, and in doing so, accelerate sales growth and margin expansion for us and our customers."

"Strong double-digit adjusted EPS growth in 2018 is our expectation, and we remain confident in our ability to deliver," Mr. Patterson concluded. "Our strategic commercial investments and world class customer-first service continue to differentiate us as we relentlessly focus on our proven four pillar strategy. We look forward to sharing updates on these investments, key innovation platforms, and expectations for our recent and future acquisitions, at our upcoming Investor Day to be held on May 10th."

Conference Call

The company will conduct a conference call at 9:00 a.m. Eastern Time on Thursday, April 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 6747028. 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 April 26, 2018. To listen to this recording, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and enter conference ID number 6747028.

About PolyOne

PolyOne Corporation (NYSE: POL), with 2017 revenues of $3.2 billion, 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 Pledge(SM), 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: 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 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 raise or sustain prices for products or services; 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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SOURCE PolyOne Corporation

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