PolyOne Q2 Adj. Earnings Meets Estimates; Revenues Beat - Quick Facts

(RTTNews) - PolyOne Corp. (POL), a provider of specialized polymer materials, on Tuesday reported a turnaround to profit in the second quarter on higher revenues. Adjusted earnings per share matched analysts' expectations, while revenues beat their estimates.

The company reported net income attributable to shareholders for the second quarter of $51.3 million or $0.63 per share, compared to net loss of $181.4 million or $2.20 per share in the year-ago period.

The latest quarter's results primarily included environmental remediation and legal costs, resulted in a net after-tax charge of $5.9 million, or $0.07 per share.

Adjusted earnings per share were $0.71 compared to $0.63 in the same period last year.

Sales for the quarter rose to $914.8 million from $814.1 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter on revenues of $908.1 million. Analysts' estimates typically exclude special items.

"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. 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," said Robert Patterson, chairman, president and chief executive officer, PolyOne Corp.