US PolyOne Q3 net income drops 5% despite jump in sales

24 October 2013 23:10  [Source: ICIS news]

HOUSTON (ICIS)--PolyOne's Q3 net income fell 5% year over year despite a substantial rise in sales, the US compounder announced on Thursday.

Net income for the quarter that ended 30 September was $22.8m (€16.6m), down from $24.0m in Q3 2012, PolyOne said.

Sales for the quarter reached $1.0bn, up more than 41% from $707.7m the year prior. However, cost of sales increased as well, up to $827.6m from $572.6m in Q3 2012.

Revenue growth was driven by the acquisitions of Spartech and Glasforms, as well as organic growth in PolyOne’s Specialty and Distribution divisions, the company said.

For the first nine months of the fiscal year, PolyOne’s net income is up more than threefold to $218.5m from $68.8m the year prior.

"Specialisation, globalisation and commercial and operational excellence are woven into the culture of our organic businesses and are quickly being adopted by the recently acquired Spartech and Glasforms,” said CEO Stephen Newlin. “Our Specialty Platform has been the cornerstone of our transformation, and this quarter was no different, as specialty growth drove our strong results. With 64% of our segment operating income from our Specialty Platform, our mix of earnings has never been stronger."

($1 = €0.73)

By: Jeremy Pafford
+1 713 525 2653

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