Thursday, polymer materials maker PolyOne Corp. (POL), reported a plunge in second-quarter profit as sales declined sharply from same period last year on continued weak global demand.
The Avon Lake, Ohio-based company posted a second quarter net income of $3.5 million or $0.04 per share, compared to $8.8 million or $0.09 per share a year ago. Net income before special items was $11.9 million or $0.13 per share, compared to $11.6 million or $0.12 per share in the corresponding quarter of the previous year.
On average, 7 analysts expected the company to post breakeven per share for the quarter. Analysts' estimates typically exclude special items.
Results for the quarter included special items totaling $3.1 million of expense primarily related to previously announced restructuring actions and tax adjustments totaling $5.3 million.
Quarterly sales declined to $496.5 million from $748.1 million in the same quarter of last year.
Analysts had a consensus revenue estimate of $513.73 million for the quarter.
The decline in sales was mainly due to continued weak global demand as volume fell 30% from same period last year.
For the first six months of the year, the company posted a net loss of $5.8 million or $0.06 per share, compared to a net income of $15.3 million or $0.16 per share in the prior year. Net income before special items was $8.5 million or $0.09 per share, compared to $19.3 million or $0.21 per share in the prior year.
Sales for the six-month period plunged to $959.9 million from $1.46 billion a year earlier.
Looking ahead, Stephen Newlin, chief executive officer said, "We are encouraged by the accelerated activity in Asia, and modest increases in sales in Europe and North America from the first quarter to the second. That being said, demand levels are still significantly below historic norms and this may continue for some time."
POL closed at $4.59 on the NYSE.
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