Home / Knowledge / News / Textiles / Adjusted EPS rises 8% at Polyone Corp in Q4
Adjusted EPS rises 8% at Polyone Corp in Q4
08
Feb '16
Adjusted earnings per share in the three months to December 31, 2015 at Polyone Corporation rose 8 per cent to $0.39 from $0.36 in the fourth quarter of 2014.

In a press release, Polyone Corporation said GAAP earnings per share were $0.04 in the fourth quarter of 2015 compared to a loss of $0.16 in the same quarter prior year.

“Special items for the fourth quarter of 2015, the largest of which were debt extinguishment costs, resulted in a net after-tax charge of $30 million, or $0.35 per share,” the company observed.

Full year 2015 adjusted earnings per share increased to an all-time record $1.96, a 9 per cent increase from $1.80 in 2014, while GAAP earnings per share grew to $1.63 for 2015 as against $0.83 in 2014.

Revenue for the fourth quarter of 2015 stood at $776 million vis-à-vis $869 million in the fourth quarter of previous year, while full year revenue was $3.4 billion compared to $3.8 billion in 2014.

In addition to unfavourable foreign exchange, Polyone realised revenue declines as a result of lower selling prices due to lower hydro-carbon based raw material costs and integration of the acquired Spartech businesses.

The company reported that on a constant currency basis, its Color and Engineered Materials segments increased operating income by 17 per cent and 13 per cent, respectively, in 2015 versus the previous year.

“Both reached new record levels of profitability demonstrating the value of specialisation,” the supplier of specialised polymer materials, services and solutions noted.

CEO Robert Patterson said, "We overcame difficult macro-economic conditions and challenges from the ongoing integration of the Spartech business to achieve 25th consecutive quarter of year-over-year adjusted EPS growth."

"For the full year, while our growth rate fell slightly below our stated expectation of double-digit, we are pleased to still grow earnings 9 per cent in a very challenging environment,” he too added.

“On a constant currency basis, EPS expanded 14 per cent, driven by record results from Color and Engineered Materials," Patterson informed.

CFO Bradley Richardson too said, "With our recent refinancing, I'm extremely pleased to report we achieved a substantial reduction in our stated interest rates, extended maturities and improved our credit profile.”

“We have always been prudent with respect to our balance sheet, and due to our term loan offering and strong fourth quarter cash flow, we ended the year with nearly $280 million in cash and over $620 million of available liquidity," he stated.

"I'm excited to kick-off 2016 with our acquisition of Kraton's thermoplastic elastomer (TPE) business, which will continue to supply us with styrenic block co-polymers,” Patterson also stated. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search