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PolyOne expects earnings improvement
27 Jun '08
4 min read
SunBelt earnings are projected to increase sequentially compared with the first quarter of 2008, but decline compared with the second quarter of 2007.
Strong chlor-alkali margins, driven by increasing caustic prices, are expected to be more than offset by weak end-market demand for chlorine derivatives compared with the same period last year.
Additional considerations:
- The Company expects second-quarter Corporate and eliminations to be between $11 million and $13 million, down from the prior-year quarter primarily due to adjustments in 2007 to associated operating reserves.
- The Company anticipates net financing expenses to be approximately $11 million in the second quarter of 2008. Second-quarter 2007 net financing expenses were $14.7 million, before consideration of a $1.1 million special item.
The lower expense is due to the redemption in 2007 of $241.4 million of senior notes due 2010, partially offset by debt incurred in connection with the acquisition of GLS.
- The Company anticipates an effective tax rate between 33% and 35%.
Second-quarter 2008 Earnings Release and Conference Call PolyOne intends to release its second-quarter earnings on Wednesday, August 6, 2008, and host a conference call at 9:00 a.m. Eastern time on Thursday, August 7, 2008.
Strong chlor-alkali margins, driven by increasing caustic prices, are expected to be more than offset by weak end-market demand for chlorine derivatives compared with the same period last year.
Additional considerations:
- The Company expects second-quarter Corporate and eliminations to be between $11 million and $13 million, down from the prior-year quarter primarily due to adjustments in 2007 to associated operating reserves.
- The Company anticipates net financing expenses to be approximately $11 million in the second quarter of 2008. Second-quarter 2007 net financing expenses were $14.7 million, before consideration of a $1.1 million special item.
The lower expense is due to the redemption in 2007 of $241.4 million of senior notes due 2010, partially offset by debt incurred in connection with the acquisition of GLS.
- The Company anticipates an effective tax rate between 33% and 35%.
Second-quarter 2008 Earnings Release and Conference Call PolyOne intends to release its second-quarter earnings on Wednesday, August 6, 2008, and host a conference call at 9:00 a.m. Eastern time on Thursday, August 7, 2008.
PolyOne Corporation
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