Posted on March - 28 - 2010
PolyOne Corp. forecasts strong first-quarter results
Polymer producer PolyOne Corp. (NYSE: POL) is projecting first-quarter results considerably above analysts’ expectations. Investors reacted with enthusiasm, and the stock rose 14% by mid-afternoon.
The Avon Lake-based company said after the market’s close on Thursday that it expects revenue to exceed $600 million for the first quarter, an increase of about 30% from the like quarter of 2009 and 10% higher than last year’s fourth quarter. Earnings per share before special items and tax adjustments are expected to be about 15 cents per share in the first quarter; the First Call consensus estimate currently is 9 cents per share.
“Through our relentless focus on specialization and winning new business in each of our three strategic platforms, we have completely overhauled the underlying earnings power of PolyOne,” said Stephen D. Newlin, PolyOne chairman, president and CEO, in a statement.
“While auto demand appears to be picking up we are still seeing trough-like conditions in housing,” Mr. Newlin said. “Fortunately, we have an expanding portfolio of sustainable and growing earnings streams in end markets such as health care and consumer goods as well as in emerging markets in Asia.”
As of 1:45 this afternoon, PolyOne shares were up $1.255, or 14%, to $10.195. The stock now is at a 52-week high.
Similar Posts:
- LNB Bancorp Inc. posts flat first-quarter earnings
- Applied Industrial Technologies posts higher third-quarter earnings, ups guidance
- Hickok Inc. reports smaller second-quarter loss
- Sherwin-Williams sees dip in first-quarter earnings, but raises full-year guidance
- Preformed Line Products Co. reports lower first-quarter profits despite higher sales
