Revenue increased 8% to $883 million, primarily driven by 6% organic growth with acquisitions adding approximately 2%
GAAP earnings per share of $0.62 vs. $0.49 in the prior year third quarter
Adjusted EPS expanded 7% to $0.62 despite higher raw material and freight costs and weaker foreign currencies
Recently announced dividend increase for the seventh year in a row to $0.78 on an annualized basis
CLEVELAND - October 24, 2018 - PolyOne Corporation (NYSE: POL) today reported its third quarter results for 2018. GAAP earnings per share was $0.62 in the third quarter of 2018 compared to $0.49 in the third quarter of 2017. Adjusted earnings per share expanded to $0.62 in the third quarter of 2018 from $0.58 in the third quarter of 2017. Special items for the third quarter of 2018 primarily included environmental costs offset by one-time tax benefits associated with the Tax Cuts and Jobs Act, resulting in a net after-tax gain of $0.2 million (see Attachment 1).
“Our investments in commercial resources and specialty acquisitions continue to drive our growth, as we delivered an 8% increase in revenue and a 7% increase in adjusted EPS for the third quarter,” said Robert M. Patterson, chairman, president and chief executive officer, PolyOne Corporation. “Color, Additives & Inks led the way, with revenue and operating income up 11% and 13% respectively over the prior year quarter. Engineered Materials also had a very good quarter, driven by growth in composites, which led to an expansion of profitability for the segment as a whole.”
The company reported organic sales growth of 6.1% while acquisitions added 2.3%. Weaker foreign currencies offset sales growth by 0.5%.
Mr. Patterson added, “I am pleased with these results considering that higher raw material and freight costs and weaker foreign currencies negatively impacted us in the quarter. In addition, in September we also experienced a demand slowdown in certain end markets such as building and construction and appliance as well as slower growth in Asia.”
The company noted customers are citing concerns over tariffs and persistent inflation as possible drivers of these demand conditions, which most heavily impacted the Performance Products and Solutions (PP&S) and Distribution segments. Based on customer feedback, this is likely to continue for the balance of the year. If so, lower operating income from PP&S and
The following information was filed by Polyone Corp (POL) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: POL CIK: 1122976 Form Type:10-Q Quarterly Report Accession Number: 0001122976-18-000029 Submitted to the SEC: Wed Oct 24 2018 9:21:37 AM EST Accepted by the SEC: Wed Oct 24 2018 Period: Sunday, September 30, 2018 Industry: Plastic Materials Synth Resins And Nonvulcan Elastomers