PolyOne Corporation reported $1 billion in revenue for the first quarter of 2014, a 25% increase compared to $801 million in the first quarter of 2013.

 

Highlights: 

-First quarter revenue reached an all-time high of $1 billion, and increased 25% over the first quarter of 2013, driven by organic growth and the addition of Spartech

-Adjusted earnings per share increased 42% to $0.44, marking the 18th consecutive quarter of double-digit adjusted earnings per share growth; GAAP EPS totaled $0.31 versus $0.16 in the prior year quarter, a 94% increase

-Specialty platform delivered record-setting growth driven by continued mix improvement and synergies from the Spartech acquisition

 

Earnings per share totaled $0.31 in the first quarter of 2014, versus $0.16 in the prior year quarter. Adjusted earnings per share were $0.44 for the first quarter of 2014, compared to $0.31 in the first quarter of 2013, a 42% increase.

 

"I am extremely pleased to report another record-setting quarter for PolyOne," said Stephen D. Newlin, Chairman, President and Chief Executive Officer.  "Our Specialty platform led the way as Global Color Additives and Inks and Global Specialty Engineered Materials delivered milestone levels of operating income and profitability, and we continue to drive synergies from the Spartech acquisition.  In addition, our Distribution platform achieved record sales and operating income for the quarter."

 

Mr. Newlin continued, "Our core values of collaboration, innovation and excellence are woven into the fabric of PolyOne.  Our commitment to these values, underpinned by the execution of our four-pillar strategy, has led to 18 consecutive quarters of strong, double-digit adjusted earnings per share growth. Our innovation pipeline remains robust with unique, differentiated solutions for high-growth end markets, like healthcare, transportation, consumer and packaging, which are poised to drive our growth far into the future."  

 

Commenting on the first quarter results, Robert M. Patterson, Executive Vice President and Chief Operating Officer said, "Our first quarter performance highlights accelerating momentum driven by Specialty platform growth and impressive year-over-year gains from Performance Products and Solutions and Distribution as well. This momentum fortifies our confidence to continue to meet or exceed our aggressive goals for margin expansion and EPS growth." 

Executive Vice President and Chief Financial Officer, Bradley C. Richardson said, "We ended the quarter with $238 million in cash and $566 million in total liquidity.  Our ability to invest in innovation, commercial resources, and return value to shareholders has never been stronger."

 

Mr. Richardson continued, "During the quarter, we repurchased approximately 1.4 million shares at an average price of $35.42, bringing the total share buyback since April of 2013, to 6.4 million. We expect to complete the repurchase of all 10 million shares issued in conjunction with the acquisition of Spartech by the first quarter of 2015."

 

Commenting on the Company's outlook, Mr. Newlin said, "We are off to a very strong start in 2014, and I couldn't be more pleased with our momentum and the strength of our earnings growth.  I am confident we will continue to innovate and execute to add value that will help our customers grow, and at the same time deliver market-beating performance for PolyOne shareholders.  In this regard, we remain very focused on our stated goal of $2.50 adjusted earnings per share by 2015, and we also expect strong double-digit EPS growth for many years to follow."

 

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.