In the three months ended September 30, 2016, GAAP earnings per share at PolyOne Corp were flat over the same quarter of prior year at $0.50. However, adjusted earnings per share rose 4 per cent year over year to $0.56. Adjusted earnings per share exclude acquisition related costs, which resulted in a net after tax charge of $4.7 million, or $0.06 per share.
Revenue grew marginally to $844 million in the third quarter of 2016 as against $842 million in the third quarter of 2015.In the three months ended September 30, 2016, GAAP earnings per share at PolyOne Corp were flat over the same quarter of prior year at $0.50. However, adjusted earnings per share rose 4 per cent year over year to $0.56. Adjusted earnings per share exclude acquisition related costs, which resulted in a net after tax charge of $4.7 million, or $0.06 per share.#
PolyOne said its balance sheet and cash flow remain strong, and they continue to provide them with flexibility to invest in strategic initiatives and return cash to shareholders.
During the quarter, the company repurchased 318,000 shares of common stock and increased its Term Loan B by $100 million to fund the acquisitions of Gordon Composites and Polystrand.
In addition, PolyOne recently announced a 12.5 per cent rise in its annual dividend to $0.54, the sixth consecutive annual increase. (AR)
Fibre2Fashion News Desk – India
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