US PolyOne Q1 earnings fall 24% on early debt payoff

01 May 2013 22:53  [Source: ICIS news]

HOUSTON (ICIS)--US-based compounder PolyOne reported on Wednesday a Q1 net income of $15.3m (€11.6m), down 24% from $20.2m reported for the same time last year because the company paid off some debt early.

PolyOne recorded a $10.6m charge for paying off the debt before it was due, the company said. Last year, it recorded no such charge.

Q1 net sales were $801.1m, up by 7.5% from $745.5m reported for the same time last year. Cost of sales were $638.8m, up by 4.2% from $613.2m reported for the same time last year.

Gross margins were $162.3m, up by 22.7% year on year.

($1 = €0.76)

By: Al Greenwood
+1 713 525 2645

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