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PolyOne Announces Third Quarter 2011 Results
Date:10/25/2011

CLEVELAND, Oct. 25, 2011 /PRNewswire-FirstCall/ --

  • Revenues increase 8% versus third quarter 2010
  • Diluted earnings per share of $0.23 versus $0.04 in the prior-year third quarter
  • Adjusted earnings per share expand 10% over third quarter 2010 to $0.26 per share
  • Agreements to acquire ColorMatrix and establish joint venture in Middle East to drive specialty growth

  • PolyOne Corporation (NYSE: POL) today reported revenues of $735.8 million for the third quarter of 2011, an 8% increase compared to revenues of $680.8 million in the third quarter of 2010.  

    Diluted earnings per share totaled $0.23 in the third quarter of 2011, compared to $0.04 per diluted share in the third quarter of 2010.  Adjusted earnings per share increased 10% to $0.26 for the third quarter of 2011 up from $0.24 recorded in the third quarter last year.

    "I am pleased that we expanded year over year earnings per share despite a number of headwinds," said Stephen D. Newlin, chairman, president and chief executive officer.  "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," added Newlin.  "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."

    "Our strong track record of converting earnings to cash continues as we generated $20 million of free cash flow while also accelerating capital expenditu
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    SOURCE PolyOne Corporation
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