PolyOne Corp. (POL) on Wednesday announced its financial outlook for fiscal 2015 and said it has the strategy, plans and team in place to deliver results.
Ahead of its investor day, the Ohio-based maker of specialized polymer materials forecasts adjusted earnings for fiscal 2015 of at least $2.50 per share on revenues of $5 billion.
PolyOne said that as part of its Investor Day being held in New York later today, its senior leadership will review several key operating and financial performance milestones the company plans to achieve by 2015. This includes the ranges for operating income as a percentage of sales for each of the company's business platforms.
Stephen Newlin, chairman, president and CEO of PolyOne Corp. said, "Having nearly met or exceeded each of the long-term goals we established in 2006, we're now elevating our expectations even higher."
In early May, PolyOne reported a decline in net income for the first quarter to $20.2 million or $0.22 per share from $110.2 million or $1.14 per share in the year-ago period, when results benefited from a gain of $128.2 million on sale of the company's SunBelt joint venture investment.
Adjusting for one-time gains and charges, earnings for the quarter increased to $26.4 million or $0.29 per share from $25.2 million or $0.26 per share last year. Revenues grew 9 percent to $781 million from $718.5 million in the same period of the prior year.
At that time, PolyOne said it continues to expect record adjusted earnings per share in 2012. On average, seven analysts polled by Thomson Reuters expect the company to earn $1.16 per share for the year. Analysts estimates typically exclude special items.
In Wednesday's regular session, POL is trading at $13.79, up $0.20 or 1.47 percent on a volume of 92,055 shares.
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