02 August 2010 13:22 [Source: ICIS news]
LONDON (ICIS)--PolyOne posted a second-quarter net profit of $45.7m (€35.2m), compared with a loss of $1.9m in the 2009 second quarter, as sales grew by 40%, the US specialty polymers and additives maker said on Monday.
PolyOne said second-quarter sales were $692.9m, driven by a 27% increase in volumes and higher selling prices “principally associated with raw material cost increases.”
“Each of PolyOne's three strategic platforms recorded double-digit sales and operating income increases attributable to new business gains and improving demand conditions,” it added.
PolyOne CEO Stephen Newlin said: “Both specialty and distribution achieved record levels of quarterly operating income, and operating margin from performance products and solutions reached a new quarterly return on sales record of 8.1%.”
“I am particularly pleased with these results when you consider demand from two of our key end markets, housing and auto, remains near historic lows,” he added.
The consensus estimate for US housing starts in 2010 is 650,000, compared with the 50-year statistical average of 1.5m a year, the company said in its earning statement.
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PolyOne expects global growth to continue in the second half of the year, although austerity measures in Europe may slow growth in some markets and
“While we may see a return of some level of seasonality in our business during the second half of 2010, we anticipate delivering solid sales and earnings growth compared with the second half of 2009,” he added.
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