PolyOne yesterday reported net income from continuing operations of $30.9 million, or 33 cts/share, down 24.9% year-on-year (YOY), on net sales down 2.9%, to $1.01 billion. Adjusted earnings, however, rose 37.8% YOY, to 51 cts/share, slightly ahead of analysts’ consensus estimate of 50 cts/share, as reported by Thomson Reuters (New York). Plant shutdown costs accounted for most of the difference between reported and adjusted net income. Sales declined because PolyOne exited some low-margin businesses, the company says.
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