04 November 2010 13:11 [Source: ICIS news]
TORONTO (ICIS)--PolyOne’s adjusted third-quarter net income more than doubled to $27.3m (€19.4m), from $12.6m in the same period last year, as sales rose by 24% to $680.8m, the US-based polymer firm said on Thursday.
Consolidated revenue growth was driven by a 15% increase in volume and higher selling prices as the company passed through raw material cost increases to customers, it said.
Before adjustments for special items and taxes in both periods, third-quarter net income was $1.0m, compared with $48.3m in the 2009 third quarter. The unadjusted 2010 quarter included a $29.4m pre-tax charge associated with the early retirement of debt.
Gross margin for the three months ended 30 September was $111.2m, up 5% from $106.0m in the 2009 third quarter, and operating income was $44.6m, compared with $54.9m in the 2009 third quarter.
“We feel confident about our future, and for the first time in nearly two years, we hired incremental resources during the third quarter,” said CEO Stephen Newlin.
“We added over 100 full-time employees primarily in sales, marketing and technical research and development positions, he added.
As for the near-term outlook, PolyOne expected fourth-quarter sales and earnings to decline sequentially from the third quarter because of seasonal effects, Newlin said.
($1 = €0.71)
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