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PolyOne reports lower second-quarter earnings


PolyOne has reported lower second-quarter earnings than a year earlier, when results got a boost from various special items.
The polymer producer and distributor said its net income in the quarter fell 42%, to $28.5m (€20.1m) from $48.1m (€34m) in the second quarter of 2010.
PolyOne said special items in the year-earlier quarter included $9m (€6.4m) after tax for a favourable insurance recovery and legal settlements. Tax adjustments of $13.1m (€9.3m) in the second quarter of 2010 principally related to deferred tax asset valuation allowance reductions.
Excluding special items in both periods, PolyOne said its earnings rose 39%, to $29.8m (€21.1m) from $21.5m (€15.2m) in the second quarter of 2010. Sales at PolyOne increased 11%, to $768.8m (€543.1m) from $692.9m (€489.7m).
“I am pleased with our second quarter results, as we are reporting the highest level of quarterly revenue and adjusted earnings per share in PolyOne history,” said Stephen Newlin, chairman, president and CEO. “The underlying earnings growth potential of our business is becoming increasingly evident as this marks the seventh consecutive quarter of increased year-over-year adjusted profits.”


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