PolyOne Corp Q4 revenues surge 42%

Fourth Quarter Results

Organic growth across all platforms, plus the addition of Spartech, drove a 42% year-over-year increase in revenue

GAAP earnings per share improved to $0.25 versus $0.03 in the prior year quarter

Adjusted earnings per share increased 44% to $0.26 over the prior year quarter,17th consecutive quarter of double-digit adjusted earnings per share growth

Further enhanced balance sheet with $651 million in liquidity

Full Year Results

Revenue increased 32% versus 2012 driven by solid second half top-line organic growth and the acquisitions of Spartech and Glasforms

GAAP earnings per share of $2.53 significantly exceeded $0.80 in prior year

Adjusted earnings per share grew 31% to $1.31 up from $1.00 in 2012

Specialty portfolio transformation accelerated with the acquisition of Spartech and the divestiture of non-core resin assets

GAAP earnings per share totaled $0.25 in the fourth quarter of 2013, versus $0.03 reported in the fourth quarter of 2012.  Special items for the quarter resulted in a net after-tax charge of $4.9 million, or $0.05 per share. Adjusted earnings per share increased 44% to $0.26 for the fourth quarter of 2013, from $0.18 in the fourth quarter of 2012.

Full year revenue in 2013 was $3.8 billion, 32% higher than 2012, primarily driven by the acquisitions of Spartech and Glasforms. GAAP earnings per share were $2.53 for the full year, which included the gain on the sale of the non-core resin assets in May 2013. Adjusted earnings per share for 2013 expanded 31% to $1.31.

Outlook

Commenting on the Company's 2014 outlook, Mr. Newlin said, "We finished 2013 very strong, building on our momentum throughout the year, and we are in an excellent position for another record year in 2014 with strong double-digit adjusted earnings per share growth.  We anticipate our specialty platform will lead the way with new product introductions, growth from emerging markets and further accretion from the legacy Spartech businesses.  We reaffirm our expectation to deliver $2.50 in adjusted earnings per share in 2015."

About PolyOne

PolyOne Corporation, with 2013 revenues of $3.8 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence.

PolyOne Corporation