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People & Business :: Companies
PolyOne net income declines, but adjusted earnings beat estimates
8:12 AM MDT | May 2, 2013 | Vincent Valk
PolyOne today reported first-quarter net income from continuing operations down 26.8% year-on-year (YOY), to $11.2 million, on sales up 7.5%, to $801.1 million. Adjusted earnings, however, were up 29%, to 31 cts/share, beating analysts’ consensus of 26 cts/share, as reported by Thomson Reuters. The adjusted earnings figure excludes some restructuring and debt repayment charges. The Spartech acquisition contributed $54.7 million to sales and was earnings-neutral, PolyOne says. The company’s vinyls resin assets, which are being sold to Mexichem...
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