PolyOne reports higher third quarter profits compared to year ago, despite lower sales.
AVON LAKE, Ohio -- Investors appeared Friday to be having a problem digesting specialty polymer maker PolyOne Corp.'s third quarter financial results.
PolyOne's share price bounced up and down within a dollar of its Thursday closing after the company after business hours Thursday announced what appeared to be rosy results for the July through September quarter, compared to year ago results.
The company's stock, traded on the New York Stock Exchange, opened at $36.95, up 34 cents compared to Thursday's close. After gyrating all day the share price closed at $36.23 down 38 cents, or about 1 percent compared to Thursday.
The company reported falling sales but increasing profits, as it continued to benefit from its purchase of other companies and its closing of its more commodity-like operations -- actions that cannot be repeated.
PolyOne is in the middle of moving away from being a supplier of commodity polymers to one offering highly engineered polymer products and production technologies.
For the third quarter, the company said it earned $32.3 million, or 35 cents per share, on sales of $958 million.
During the third quarter of 2013, the company reported net profits of $23 million, or 24 cents per share, on sales of just over $1 billion.