SOURCE: Plastics News
The polymer producer and distributor said its net income in the quarter fell 42 percent, to $28.5 million, or 30 cents per diluted share, from $48.1 million, or 50 cents a share, in the second quarter of 2010.
PolyOne said special items in the year-earlier quarter included $9 million after tax for a favorable insurance recovery and legal settlements. Tax adjustments of $13.1 million in the second quarter of 2010 principally related to deferred tax asset valuation allowance reductions.
Excluding special items in both periods, PolyOne said its earnings rose 39 percent, to $29.8 million, or 31 cents a share, from $21.5 million, or 22 cents a share, in the second quarter of 2010.
Sales at PolyOne increased 11 percent, to $768.8 million from $692.9 million.
“I am pleased with our second quarter results, as we are reporting the highest level of quarterly revenue and adjusted earnings per share in PolyOne history,” Stephen Newlin, chairman, president and CEO, said in a statement. “The underlying earnings growth potential of our business is becoming increasingly evident as this marks the seventh consecutive quarter of increased year-over-year adjusted profits.”
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