MOSCOW (MRC) -- PolyOne Corp. reported fourth-quarter net income of USD3.1 million, after reporting a loss in the same period a year earlier, said Cnbc.
The Avon Lake, Ohio-based company said it had profit of 4 cents per share. Earnings, adjusted for one-time gains and costs, came to 39 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The maker of resins used in plastic pipe and other products posted revenue of USD775.8 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected USD794.4 million.
For the year, the company reported profit of USD144.6 million, or USD1.63 per share. Revenue was reported as USD3.38 billion.
PolyOne shares have fallen 19 percent since the beginning of the year. The stock has dropped 30 percent in the last 12 months.
As MRC informed earlier, PolyOne Corporation in January 2016, announced the acquisition of Magenta Master Fibers (Magenta), an innovative developer of specialty solid color concentrates for the global fiber industry. PolyOne purchased Magenta from BASF for USD22 million, which represents a multiple of 6.8x EBITDA. The acquisition is expected to add USD16 million to revenues and be accretive to earnings in 2016.
PolyOne Corporation is a global 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