PolyOne Corp. (POL) Tuesday reported a decline in profit for the second quarter, due mainly to higher operating expenses.
The Avon Lake, Ohio-based company's second-quarter net profit attributable to common shareholders was $24.6 million or $0.27 per share, compared to $28.5 million or $0.30 per share last year.
Adjusted income for the quarter rose to $33.5 million or $0.37 per share from $29.8 million or $0.31 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.33 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $792.0 million from $768.8 million in the prior-year quarter. Five analysts had a consensus revenue estimate of $844.68 million for the quarter.
For the quarter, total operating expenses increased to $101.6 million from $78.7 million in the year-ago quarter.
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