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PolyOne Announces Second Quarter 2018 Results
CLEVELAND, July 24, 2018 /PRNewswire via COMTEX/ -- Copyright (C) 2018 PR Newswire. All rights reserved

PolyOne Corporation (NYSE: POL) today reported its second quarter results for 2018. GAAP earnings per share was $0.64 in the second quarter of 2018 compared to $0.60 in the second quarter of 2017. Adjusted earnings per share expanded to $0.71 in the second quarter of 2018 from $0.63 in the second quarter of 2017. Special items for the second quarter of 2018, which primarily included environmental remediation and legal costs, resulted in a net after-tax charge of $5.9 million, or $0.07 per share (see Attachment 1). In the prior year, second quarter special items after-tax were $2.2 million, or $0.03 per share.

"Our investments in commercial resources and specialty acquisitions continue to drive our growth as we reported a 13% increase in adjusted EPS to $0.71 for the second quarter," said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. "Our Color, Additives & Inks segment led the way with record operating income, driven by both organic gains and the acquisitions of Rutland, Mesa and IQAP."

Mr. Patterson continued, "I'm particularly pleased with our results when you consider that all of our businesses continue to experience higher raw material and freight costs. In addition, certain raw materials such as nylon 6/6 and fluoropolymers continue to be in short supply."

"Under the circumstances, we are doing an exemplary job serving our customers and improving profitability at the same time. Our Specialty Engineered Materials segment was no exception with operating income expanding 8% over the prior year," Mr. Patterson added.

"We have a track record of generating strong free cash flow, and this was once again the case in the second quarter," said Bradley C. Richardson, executive vice president and chief financial officer, PolyOne Corporation. "We generated over $60 million of free cash flow during the quarter, allowing us to fund the acquisition of PlastiComp, while strengthening our balance sheet, as we ended the quarter with nearly $485 million of available liquidity."

"We were thrilled to welcome the PlastiComp team to PolyOne this quarter," Mr. Patterson added. "With its advanced composite solutions, PlastiComp is a fantastic business that has steadily grown through its ability to replace metal with lighter weight polymer solutions. We seek to capitalize on this important megatrend with additional investments in commercial and operational resources, and integration is off to a great start."

"As we discussed at our Investor Day in May, we are laying the foundation for sustainable long-term growth with our investments in sales, marketing and technology resources and our proven M&A strategy. Over the last three years, we have increased the number of commercial associates by over 20% and acquired 10 specialty companies," added Mr. Patterson. "This quarter illustrates our capabilities as we delivered organic sales expansion of 6.5% and recent specialty acquisitions added 4%." The company noted favorable foreign exchange added 1.5%.

"These investments and world-class service continue to differentiate PolyOne in the marketplace and enable us to better serve our customers in new and existing markets and applications. In doing so, we can accelerate sales growth and expand margins to deliver sustainable double-digit EPS growth and increase return on invested capital as we outlined in May," Mr. Patterson concluded.

Conference Call

The company will conduct a conference call at 9:00 a.m. Eastern Time on Tuesday, July 24, 2018. To participate in the conference call, dial 1-844-835-7433 (domestic) or 1-914-495-8589 (international) and provide conference ID number 3076438. 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 July 24, 2018. To listen to this recording, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and enter conference ID number 3076438.

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 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: 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; information systems failures and cyberattacks; 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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