PolyOne Q2 Profit Surges - Quick Facts

(RTTNews) - Polymer materials provider PolyOne Corp (POL) reported that second-quarter net earnings to common stockholders surged to $66.8 million or $0.74 per share from $31.7 million or $0.34 per share in the prior-year quarter, which included $0.01 per share income from discontinued operations.

Results for the latest quarter include a tax benefit and realignment charges, which resulted in a net gain of $0.17 per share, while the year-ago quarter included $0.18 per share of charges.

Excluding items, adjusted earnings for the quarter were $50.9 million or $0.57 per share, compared to $48.3 million or $0.51 per share in the year-ago quarter.

Sales for the quarter declined to $887.1 million from $1.01 billion in the same quarter last year.

Analysts polled by Thomson Reuters project earnings of $0.58 per share on quarterly revenue of $951.37 billion for the quarter. Analysts' estimates typically exclude special items.

The company noted that it achieved its 23rd consecutive quarter of adjusted earnings per share growth driven by established specialty businesses Color, Additives and Inks and Specialty Engineered Materials.