Home / Knowledge / News / Textiles / Adjusted EPS soars 36% at PolyOne in Q3
Adjusted EPS soars 36% at PolyOne in Q3
27
Oct '14
Despite a drop in revenues, adjusted earnings per share soared 36% year-on-year at PolyOne Corp in the third quarter ended September 30, 2014, driven by mix improvement and accelerated Spartech synergies.

“As a result of mix improvement and accelerated Spartech synergies, adjusted earnings per share increased 36% to $0.49 for the third quarter of 2014, up from $0.36 in the third quarter of 2013,” PolyOne said.

This quarter was also the 20th consecutive quarter of strong double-digit adjusted earnings per share growth, with adjusted EPS expanding at a 27% compounded annual growth rate over this five-year period.

“Our mix of earnings has never been stronger or more sustainable, and this has translated into market-beating performance for our shareholders," said CEO Robert Patterson.

The producer of specialized polymer materials, services and solutions, reported sales of $958 million for the third quarter of 2014, compared to $1.01 billion in the third quarter of 2013.

PolyOne attributed the marginal decline in sales to exiting certain unprofitable products associated with the Spartech acquisition and operations in Brazil, coupled with recent weakness in Europe.

According to PolyOne, 43% of its specialty segment revenues now come from products introduced in the last five years.

Focus on working capital management and conversion of its accelerating earnings, drove $71 million in free cash flow, giving PolyOne $264 million in cash as of September 30, 2014.

During the quarter, PolyOne leveraged its strong financial position to continue to invest in innovation, realign assets supporting its specialty portfolio and repurchase 1.5 million shares.

Robert Patterson added, "Each of our strategic platforms delivered another outstanding quarter of both operating income and margin expansion.

"Despite softer macroeconomic conditions in Europe, we achieved record-setting third quarter results and we expect to deliver strong double-digit adjusted EPS growth in the fourth quarter and beyond." (AR)

Fibre2fashion News Desk - India

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Prathyusha Garimella
Prathyusha Garimella

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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