PolyOne Q4 Adj. Earnings Beats View - Quick Facts

(RTTNews) - PolyOne Corp. (POL), a provider of specialized polymer materials, on Tuesday reported that its fourth-quarter net income attributable to common shareholders surged to $465.3 million or $6.00 per share from $11.4 million or $0.14 per share in the prior-year quarter.

Net income from continuing operations attributable to shareholders for the quarter was $6.4 million or $0.08 per share, compared to net loss of $1.3 million or $0.02 per share in the year-ago period.

Adjusted earnings per share for the quarter were $0.34, and exceeded the $0.30 expected at the time of the company's fourth-quarter outlook announcement. Adjusted earnings per share for the year-ago period were $0.24.

The company noted that the better-than-expected earnings were driven primarily by record performance from Advanced Composites.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude special items.

However, fourth-quarter sales declined to $658.6 million from $677.1 million in the prior-year period. Analysts expected revenue of $687.88 million for the quarter.

Looking ahead, Robert Patterson, Chairman, President and CEO of PolyOne, said, "We embark on the new year with clear momentum and confidence in our ability to deliver double-digit adjusted EPS growth in 2020 and beyond. With a more specialty portfolio and less exposure to cyclical end markets, we believe our best days are ahead."