PolyOne, the Avon Lake maker of specialty polymers posted modest increases in sales and profits but warned that global economic growth has slowed down and the fourth quarter may be slightly below year-ago results
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View full sizeGlobal specialty polymer maker PolyOne Corp. on Tuesday reported a modest increase in sales and profits for the third quarter over the same period a year ago and suggested the slowing global economy may slightly reduce profits during the next three months.
The Avon Lake company reported sales of $735.8 million for the three months ending Sept. 30, up 8 percent from the $680.8 million reported in 2010.
The company reported an adjusted net income for the third quarter of $24.4 million, or 26 cents per share. That compares to an adjusted net income a year ago of $22.9 million, or 24 cents per share.
"We faced a number of headwinds this quarter and in light of those, we turned in a decent performance," Stephen Newlin, chairman, president and CEO, told analysts in an early morning teleconference.
"While we are facing some softening in our markets, this current environment is nothing like we saw in 2008 and 2009. In addition. . . we are financially much stronger today than we were then. And we have an improved earnings mix that limits the downside effect of the recent pullback in the economy.
Newlin said fourth-quarter results will probably be "just short" of last year's end-of-the year performance.
"I can tell you that after eight quarters in a row of year-over-year earnings-per-share growth, I am not pleased about this. We will do everything we can to win new business and continue to our perform the competition," he said.
The teleconference was recorded on the company's website and is available to the public.
