AVON LAKE, OHIO (Oct. 25, 1:30 p.m. ET) — PolyOne Corp. has reported improved third-quarter results.
The Avon Lake-based compounder and polymer distributor said its net income in the period climbed to $21.6 million, or 23 cents per diluted share, from $3.6 million, or 4 cents a share, in the third quarter of 2010. Results in the year-ago period were pulled down by special items of $21.8 million after-tax, with most of that amount accounted for by a charge for the early retirement of debt.
Excluding various one-time items and equity income from the now divested OxyVinyls and SunBelt joint ventures, PolyOne reported adjusted net income of $24.4 million, or 26 cents a share, up 6.5 percent from $22.9 million, or 24 cents a share, in last year's third quarter.
Sales at PolyOne rose 8 percent, to $735.8 million from $680.8 million.
“I am pleased that we expanded year-over-year earnings per share despite a number of headwinds,” PolyOne Chairman, President and CEO Stephen Newlin said in a statement. “During the third quarter, we observed slower global economic growth, a weaker euro, increased competitive pressure in our Performance Products and Solutions segment and higher taxes.
“We expect these challenges could remain for the near term, but we are very optimistic our performance will continue to improve over the mid to long term, as we continue shifting our mix toward higher-margin, more specialized products and services,” Newlin said. “Our announced agreements to acquire ColorMatrix and form a joint venture in Saudi Arabia illustrate perfectly our strategy of adding new technologies and expanding our presence in high-growth markets and geographies.”