- Anticipate earnings per share before special items and tax adjustments of approximately $0.15 for first quarter 2010 versus First Call Consensus Estimate of $0.09
- Positive impact of new business gains and improving demand dynamics expected to drive revenues above $600 million for first quarter of 2010
- Strategic platform earnings are expected to overcome near break-even results from SunBelt joint venture
PolyOne Corporation (NYSE: POL) today announced expectations for first quarter 2010 revenue and earnings performance.
Due to the positive impact of new business gains and improving demand dynamics, the company expects revenues to exceed $600 million for the first quarter of 2010 – an approximate 30 percent increase from the first quarter of 2009 and 10 percent increase over the fourth quarter of 2009. Earnings per share before special items and tax adjustments are expected to approximate $0.15 for the first quarter of 2010. The First Call Consensus Estimate for the first quarter of 2010 is currently $0.09 per share.
“Through our relentless focus on specialization and winning new business in each of our three strategic platforms we have completely overhauled the underlying earnings power of PolyOne,” said Stephen D. Newlin, chairman, president and chief executive officer. “I am extremely pleased with the success of our transformation strategy, and for the first quarter of 2010 we expect to report the best mix of earnings in PolyOne’s history, overcoming near break-even results from our SunBelt joint venture.”
Newlin added, “While auto demand appears to be picking-up we are still seeing trough-like conditions in housing and chlor-alkali. Fortunately, we have an expanding portfolio of sustainable and growing earnings streams in end markets such as healthcare and consumer goods as well as in emerging markets in Asia. We view a future recovery of housing and chlor-alkali as upside to the underlying base of earnings we expect to report in the first quarter of 2010, although raw material inflation could make margin expansion challenging.”
|Joseph P. Kelley|
Vice President, Planning & Investor Relations
Director, Corporate Communications