PolyOne Corp reports Q1 FY20 sales of $711 million

22 Apr '20

2 min read

Pic: PolyOne Corporation

PolyOne Corporation, a provider of specialised polymer materials, has reported its sales decreased to $711.5 million if first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $750.6 million in same period prior year. However, operating income during the quarter increased from $47.1 million in Q1 FY19 to $52.8 million in the reported quarter.

“"Improving margins in all three of our segments and an uptick in orders in Asia at the end of the quarter led to even better results than we expected," Robert Patterson, chairman, president and chief executive officer, PolyOne Corporation, said in a press release.

Selling, general and administrative expenses for the quarter were $118.7. Gross margin in Q1 FY20 were $171.5 million. Net income from continuing operations jumped to $33.1 million (Q1 FY19: $22.5 million.

“The pandemic has negatively impacted every region and many end markets, but certain end markets such as healthcare and packaging are holding up well,” Patterson said.

Sales of Colours, Additives and Inks fell marginally in the first quarter to $256.5 million (Q1 FY19: $263.3 million). Speciality Engineered Materials sales were $185.3 million (Q1 FY19: $189.9 million).

“Market conditions remain challenged, as most of the world outside of China remains under stay-at-home orders. While our business is essential in the supply chain for our customers, we are adjusting to and expecting reduced demand in the coming months most notably for transportation and consumer discretionary items,”Patterson added.

Fibre2Fashion News Desk (JL)

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