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- Earnings per share of $0.27; earnings per share as adjusted of $0.33, a third quarter record and a 27% year-over-year increase
- Expanded operating margins and operating profits in all business platforms
- Mix improvement strategy drives margin expansion
- Accelerating conference call to discuss third quarter earnings to 9:00 a.m. EDT Wednesday, October 24, which will also include discussion on the recently announced Spartech Corporation acquisition
CLEVELAND – PolyOne Corporation (NYSE: POL) today reported $740.2 million of revenues for the third quarter of 2012, compared to $735.8 million in the third quarter of 2011.
Diluted earnings per share totaled $0.27 in the third quarter of 2012 compared to $0.23 in the third quarter of 2011. Adjusted diluted earnings per share increased 27% to $0.33 for the third quarter of 2012, compared to $0.26 in the third quarter last year.
“I am very pleased with our record third quarter results, which marks PolyOne’s twelfth consecutive quarter of year-over-year double-digit adjusted earnings per share growth. Over the past three years, PolyOne has grown adjusted EPS more than twice the CAGR of the S&P 500,” said Stephen D. Newlin, chairman, president and chief executive officer. “We delivered record third quarter adjusted earnings per share, driven by our ongoing and successful mix improvement strategy.”
Commenting on the quarter, Mr. Newlin said, “This was an outstanding quarter on many dimensions, including earnings growth and organic operating margin expansion due to mix improvement, with all platforms contributing to this success. On-time delivery to our customers reached an all-time record level of 96%, as measured to their original requested date, while we successfully maintained world-class working capital levels. Innovation was a significant driver of mix improvement, as evidenced by record levels of our Specialty platform sales generated from products introduced in the past five years.”