PolyOne Announces Strong Fourth Quarter and Full Year 2013 Results
Published January 31, 2014
PolyOne Corporation reported $924 million in revenue for the fourth quarter of 2013, a 42% increase compared to $651 million in the fourth quarter of 2012. GAAP earnings per share totaled $0.25 in the fourth quarter of 2013, versus $0.03 reported in the fourth quarter of 2012. Special items for the quarter resulted in a net after-tax charge of $4.9 million, or $0.05 per share. Adjusted earnings per share increased 44% to $0.26 for the fourth quarter of 2013, from $0.18 in the fourth quarter of 2012.
Full year revenue in 2013 was $3.8 billion, 32% higher than 2012, primarily driven by the acquisitions of Spartech and Glasforms. GAAP earnings per share were $2.53 for the full year, which included the gain on the sale of the non-core resin assets in May 2013. Adjusted earnings per share for 2013 expanded 31% to $1.31.
“I am extremely pleased with our fourth quarter performance, which brings to a close another record year for PolyOne,” said Stephen D. Newlin, chairman, president and CEO “Due to our unwavering focus on executing our four pillar strategy, we have now delivered 17 quarters of consecutive double-digit adjusted earnings per share growth, with a compounded annual growth rate of 24%, a distinguished performance that all of our associates are justifiably proud of.
“Since our specialty transformation began, we have worked tirelessly to overhaul our culture and portfolio of businesses to better serve our customers with new and unique specialty solutions,” Newlin added, “This year was no exception, as we divested our last remaining base resin assets and reinvested the proceeds in our Specialty Platform with the acquisition of Spartech. These ambitious moves allowed us to strengthen the broadest portfolio of specialty offerings in the industry and further improve an underlying mix of earnings that has never been stronger.”
Commenting on the company’s 2014 outlook, Newlin said, “We finished 2013 very strong, building on our momentum throughout the year, and we are in an excellent position for another record year in 2014 with strong double-digit adjusted earnings per share growth. We anticipate our specialty platform will lead the way with new product introductions, growth from emerging markets and further accretion from the legacy Spartech businesses. We reaffirm our expectation to deliver $2.50 in adjusted earnings per share in 2015.”
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