03 May 2012 12:52 [Source: ICIS news]
LONDON (ICIS)--PolyOne’s first-quarter adjusted net income increased by 4.8% year on year to $26.4m (€20.1m) on earnings growth and margin expansion, the US-based polymer materials company said on Thursday.
Adjusted earnings per share (EPS) during the period rose 12% to $0.29, up from $0.26 in the same period last year. Sales were up by 8.7% year on year to reach a quarterly record of $781m, the company said.
"I am pleased with our first-quarter results, as each of our three strategic platforms reported operating income growth and margin expansion," said chairman, president and CEO Stephen Newlin.
“We overcame expected weakness in European demand to deliver record first-quarter adjusted earnings per share, due primarily to growth in North America and ?xml:namespace>
PolyOne completed the $486m acquisition of liquid colourant producer ColorMatrix Group in December last year.
The purchase was considered a “game-changer” for PolyOne, “as we now expect to derive more than 50% of our earnings from our specialty platform,” Newlin said at the time.
The adjusted net income and EPS figures exclude special items, tax adjustments and equity income from the company’s divested
($1 = €0.76)
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