PolyOne released the financial report of the third quarter of 2010
● the operating revenue in this quarter increased by 24% compared with the third quarter of 2009
● earnings per share was US $0.01; Excluding special items and one-time tax adjustments, earnings per share was $0.28
● further strengthen the balance sheet through the refinancing of preferred notes
● the operating income of the three comprehensive strategic platforms all set a record
Cleveland, USA - November 26, 2010 - PolyOne Corporation (NYSE: POL) recently announced that its operating income in the third quarter of the decade after acid and alkali treatment reached $680.8 million, an increase of 24% over 548.3 million in the third quarter of 2009, The growth of total revenue mainly came from two aspects: first, the sales volume of products increased by 15%, and second, the rise in raw material prices prompted the company to raise the prices of some products
in the third quarter of 2010, the total earnings per share price was $0.01, while the diluted earnings per share price in the same period of 2009 was $0.51. Due to the increase in sales revenue and operating profit, the price of earnings per share excluding special items and one-time tax adjustments rose to $0.28 diluted earnings per share in the third quarter of 2010, compared with $0.13 diluted earnings per share in the same period of 2009
"I am very satisfied with the performance in the third quarter, because our three strategic platforms have achieved record performance," said Stephen D. Newlin, chairman, President and CEO of the company. "Our specialty product platform and PolyOne Distribution Department both set the highest quarterly operating revenue record, while the operating profit of the high-performance products and solutions business reached a new quarterly return of 9.0% of the sales record."
"we are full of confidence in the future. We increased the number of employees in the third quarter, which is the first time in nearly two years." Newlin added. "We have added more than 100 full-time employees to our sales, marketing and technology R & D positions. Our target market capitalization is $30billion, so we still have broad growth space, and our new employees will also help us develop new business opportunities, accelerate innovation, and improve efficiency through Lean Six Sigma."
"our successful financing of long-term debt and the rise in the rating ranking of the S & P index in September indicate that the company's income pattern is improving, and the advantages of the balance sheet have become clear," Robert M. Patterson, senior vice president and chief financial officer of the company, said. "We have US $308million in cash and US $447million in working capital, and the matured debt between now and 2020 is relatively limited, so we have enough funds to meet operational needs and provide a financial basis for acquisitions, which are also the main way we use funds at present."
"our M & a focus is mainly on the reinforcement acquisition of special product business, which can bring us new technology, expand the global market, and expand our share in the target end market. The stretching and tightening of samples are carried out separately (that is, stretching and tightening are carried out with different fixtures)," Patterson also said. "In October, we acquired a company in Brazil for the first time, called polimaster, which operates a special color masterbatch business. Although it is small in scale and has an annual sales of only $4million, polimaster has enabled us to enter Brazil, an end market with great potential, including consumer goods and health care."
talking about the seasonal factors of the company's business, Newlin said: "As we expect, the sales of high-performance products and solutions business in the third quarter of 2010 decreased compared with the second quarter, which is a normal seasonal change. We expect that seasonal factors will have a greater impact on our business in the fourth quarter and will affect all business areas. Seasonal factors, coupled with the decline in the earnings of the joint venture sunbelt company, the company's sales in the fourth quarter may decline compared with the third quarter About 10%, and the earnings per share price after deducting special items and tax adjustment will decrease by 50%. " Newlin continued, "if this is the case until normal, the EPS after deducting special items and tax adjustments will increase by 20% over the fourth quarter of last year."
newlin also said, "after 2010, our EPS for the whole year of 2011 is expected to reach a double-digit growth, and the operating revenue and profit of the three business platforms will reach a new high."
PolyOne is a world leading provider of special polymer materials, services and solutions, with a turnover of more than $9972.1 billion in 2009, exceeding the construction technical standard yfb004 (1) for clean surgical care units in military hospitals. Headquartered in Cleveland, Ohio, the United States, the company has operations all over the world. For more information about PolyOne, please visit
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