MOSCOW (MRC) -- PolyOne Corporation has reported its second quarter results for 2015. Adjusted earnings per share increased to an all-time quarterly high of USD0.57, up 12% from USD0.51 in the second quarter of 2014, as per the company's press release.
GAAP earnings per share of USD0.74 in the second quarter of 2015 increased from USD0.33 in the second quarter of 2014. Special items for the second quarter of 2015 included a tax benefit and realignment charges, which resulted in a net after-tax gain of USD15.9 million, or USD0.17 per share.
"I am very pleased to report we delivered double-digit adjusted earnings expansion of 12% for the second quarter and our 23rd consecutive quarter of EPS growth," said Robert M. Patterson, president and chief executive officer, PolyOne Corporation. "We were able to achieve this strong performance in the second quarter despite a weaker Euro, which reduced EPS by USD0.02 per share versus the prior year."
Mr. Patterson added, "Profitability expansion continues to be at the heart of our specialty transformation, and this quarter was no exception. Our Color, Additives and Inks business led the way with its highest level of quarterly operating income in segment history, and posting a record return on sales of 18.2%." Mr. Patterson added, "Specialty Engineered Materials, Performance Products and Solutions and Distribution also posted impressive profitability gains. On a consolidated basis, our operating margin surpassed 10% for the first time in our company's history."
Revenue for the second quarter of 2015 was USD887 million, compared to USD1.0 billion in the second quarter of 2014. The decline resulted from unfavorable foreign exchange, lower selling prices in Distribution and Performance Products & Solutions as a result of lower hydrocarbon based raw material costs, and the ongoing integration of legacy Spartech business.
Bradley C. Richardson, executive vice president and chief financial officer, PolyOne Corporation said, "We continued our strong track record of converting earnings to cash, generating approximately USD95 million in free cash flow in the quarter. We ended June with nearly USD500 million in available liquidity. This provides us significant financial capacity to invest in innovation, pursue acquisitions, and deliver cash to shareholders through opportunistic share repurchases and increasing dividends."
As MRC wrote previously, in June 2015, PolyOne Corp. celebrated the grand opening of its new Asia Innovation Center in Shanghai, China. The new facility enables collaborative innovation, accelerates application development and increases speed-to-market for customers in the Asia-Pacific region.
PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC