Adjusted earnings per share in the three months to December 31, 2015 at Polyone Corporation rose 8 per cent to $0.39 from $0.36 in the fourth quarter of 2014.
In a press release, Polyone Corporation said GAAP earnings per share were $0.04 in the fourth quarter of 2015 compared to a loss of $0.16 in the same quarter prior year.Adjusted earnings per share in the three months to December 31, 2015 at Polyone Corporation rose 8 per cent to $0.39 from $0.36 in the fourth quarter#
“Special items for the fourth quarter of 2015, the largest of which were debt extinguishment costs, resulted in a net after-tax charge of $30 million, or $0.35 per share,” the company observed.
Full year 2015 adjusted earnings per share increased to an all-time record $1.96, a 9 per cent increase from $1.80 in 2014, while GAAP earnings per share grew to $1.63 for 2015 as against $0.83 in 2014.
Revenue for the fourth quarter of 2015 stood at $776 million vis-à-vis $869 million in the fourth quarter of previous year, while full year revenue was $3.4 billion compared to $3.8 billion in 2014.
In addition to unfavourable foreign exchange, Polyone realised revenue declines as a result of lower selling prices due to lower hydro-carbon based raw material costs and integration of the acquired Spartech businesses.
The company reported that on a constant currency basis, its Color and Engineered Materials segments increased operating income by 17 per cent and 13 per cent, respectively, in 2015 versus the previous year.
“Both reached new record levels of profitability demonstrating the value of specialisation,” the supplier of specialised polymer materials, services and solutions noted.
CEO Robert Patterson said, "We overcame difficult macro-economic conditions and challenges from the ongoing integration of the Spartech business to achieve 25th consecutive quarter of year-over-year adjusted EPS growth."
"For the full year, while our growth rate fell slightly below our stated expectation of double-digit, we are pleased to still grow earnings 9 per cent in a very challenging environment,” he too added.
“On a constant currency basis, EPS expanded 14 per cent, driven by record results from Color and Engineered Materials," Patterson informed.
CFO Bradley Richardson too said, "With our recent refinancing, I'm extremely pleased to report we achieved a substantial reduction in our stated interest rates, extended maturities and improved our credit profile.”
“We have always been prudent with respect to our balance sheet, and due to our term loan offering and strong fourth quarter cash flow, we ended the year with nearly $280 million in cash and over $620 million of available liquidity," he stated.
"I'm excited to kick-off 2016 with our acquisition of Kraton's thermoplastic elastomer (TPE) business, which will continue to supply us with styrenic block co-polymers,” Patterson also stated. (AR)
Fibre2Fashion News Desk – India
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