PolyOne's strategy to leave the commodity business and engineer specialty polymer products is paying off
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View full sizeWorkers at PolyOne's Massilon color lab and plant package materials. PolyOne on Tuesday reported its first $1 billion quarter AVON LAKE-- PolyOne Corp. has broken the billion-dollar ceiling.
For the first time ever, the maker of specialty polymers and plastics has recorded sales in one quarter of more than $1 billion.
The company's second quarter were $1.04 billion -- up 37 percent from the $757 million in revenues recorded in the same three months of 2012.
Net income for the quarter was $38.6 million, or 39 cents a share, compared to $18.4 million, or 20 cents a share for the second quarter of 2012.
Total earnings per share for the second quarter of this year, including the gain from the sale of the company's resin business, was $1.83, compared to $0.27 in the same period last year.
"I am very proud of the efforts our teams have made this year in driving growth," Stephen Newlin, chairman, president and CEO, told analyst during a teleconference Wednesday and now archived here.
"In challenging environments, some companies might accept declines, blaming the European or Asian economies, but that's not what our stakeholders have come to expect."
The global manufacturer of specialty polymer products announced the results for the quarter after the markets closed on Tuesday.
PolyOne has been remaking itself for several years, moving away from a supplier of commodity resins to a manufacturer of specialty polymers, engineered resins, vinyl powders and compounds, color additives, rubbers, plasticizers, acrylics, and other polymers developed as needed by its customers.
During today's teleconference, Newlin warned analysts that the company's second quarter is traditionally the strongest. "However, we fully expect to deliver double digit earnings per share growth in the second half of 2013," he said.
