GAAP earnings per share from continuing operations were
"Our investments in sustainable solutions combined with our initiatives to control costs, are helping to offset weak demand across many end markets," said
The company noted ongoing weakness in demand, especially in
As previously announced on
"The divestment of PP&S is expected to close soon, which will reduce our exposure to more cyclical end markets and strengthen our balance sheet. This also provides us greater financial flexibility to continue building our portfolio with higher growth specialty and sustainable solutions," Mr. Patterson said.
Sustainability remains a focus and key area of investment. To articulate the company's strategy and recent contributions to sustainability initiatives,
The Company plans to provide additional details on its third quarter performance and outlook for the balance of the year during its regularly scheduled conference call with analysts and investors.
Conference Call
The company will conduct a conference call at
A recording of the call will also be available for one week, beginning at
About
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: the time required to consummate the proposed divestiture of the PP&S segment; the satisfaction or waiver of conditions in the sale agreement; any material adverse changes in the business supporting the PP&S assets being sold; the ability to consummate the proposed divestiture; our ability to identify and evaluate acquisition targets and consummate and integrate acquisitions; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to raise or sustain prices for products or services; an ability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to acquisition and integration, working capital reductions, costs reductions and employee productivity goals; information systems failures and cyberattacks; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the
# # #
To access
Attachment 1 |
|||||||||||
PolyOne Corporation |
|||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||
Sales |
$ |
705.3 |
$ |
729.0 |
$ |
2,204.1 |
$ |
2,203.9 |
|||
Operating income |
43.1 |
48.7 |
136.3 |
148.4 |
|||||||
Net income from continuing operations attributable to PolyOne |
23.5 |
32.5 |
69.1 |
89.0 |
|||||||
Basic earnings per share from continuing operations attributable to |
$ |
0.31 |
$ |
0.41 |
$ |
0.89 |
$ |
1.11 |
|||
Diluted earnings per share from continuing operations attributable to |
$ |
0.30 |
$ |
0.40 |
$ |
0.89 |
$ |
1.10 |
Senior management uses comparisons of adjusted net income from continuing operations attributable to PolyOne shareholders and diluted adjusted earnings per share (EPS) from continuing operations attributable to PolyOne shareholders, excluding special items, to assess performance and facilitate comparability of results. Senior management believes these measures are useful to investors because they allow for comparison to PolyOne's performance in prior periods without the effect of items that, by their nature, tend to obscure PolyOne's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items. |
|||||||||||
With respect to our forecasted results for full-year 2019 adjusted EPS, the Company does not provide a reconciliation of this forward-looking non-GAAP financial measure because it is not possible for the Company to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, restructuring costs, environmental remediation costs, acquisition-related costs, and other non-routine costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. |
|||||||||||
Three Months Ended |
Three Months Ended |
||||||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||||||
Net income from continuing operations attributable to PolyOne shareholders |
$ |
23.5 |
$ |
0.30 |
$ |
32.5 |
$ |
0.40 |
|||
Special items, after tax (Attachment 3) |
10.5 |
0.14 |
0.5 |
0.01 |
|||||||
Adjusted net income / EPS - excluding special items |
$ |
34.0 |
$ |
0.44 |
$ |
33.0 |
$ |
0.41 |
|||
Nine Months Ended |
Nine Months Ended |
||||||||||
Reconciliation to Condensed Consolidated Statements of |
$ |
EPS |
$ |
EPS |
|||||||
Net income from continuing operations attributable to PolyOne shareholders |
$ |
69.1 |
$ |
0.89 |
$ |
89.0 |
$ |
1.10 |
|||
Special items, after tax (Attachment 3) |
35.9 |
0.46 |
13.0 |
0.16 |
|||||||
Adjusted net income / EPS - excluding special items |
$ |
105.0 |
$ |
1.35 |
$ |
102.0 |
$ |
1.26 |
Attachment 2 |
|||||||||||
PolyOne Corporation |
|||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||
Sales |
$ |
705.3 |
$ |
729.0 |
$ |
2,204.1 |
$ |
2,203.9 |
|||
Cost of sales |
544.8 |
571.8 |
1,700.2 |
1,720.0 |
|||||||
Gross margin |
160.5 |
157.2 |
503.9 |
483.9 |
|||||||
Selling and administrative expense |
117.4 |
108.5 |
367.6 |
335.5 |
|||||||
Operating income |
43.1 |
48.7 |
136.3 |
148.4 |
|||||||
Interest expense, net |
(15.5) |
(15.6) |
(47.6) |
(47.2) |
|||||||
Debt extinguishment costs |
— |
— |
— |
(0.1) |
|||||||
Other income, net |
0.6 |
0.7 |
1.4 |
2.0 |
|||||||
Income from continuing operations before income taxes |
28.2 |
33.8 |
90.1 |
103.1 |
|||||||
Income tax expense |
(4.6) |
(1.3) |
(20.8) |
(14.2) |
|||||||
Net income from continuing operations |
23.6 |
32.5 |
69.3 |
88.9 |
|||||||
Income from discontinued operations, net of income taxes |
19.5 |
17.7 |
54.2 |
59.4 |
|||||||
Net income |
$ |
43.1 |
$ |
50.2 |
$ |
123.5 |
$ |
148.3 |
|||
Net (income) loss attributable to noncontrolling interests |
(0.1) |
— |
(0.2) |
0.1 |
|||||||
Net income attributable to PolyOne common shareholders |
$ |
43.0 |
$ |
50.2 |
$ |
123.3 |
$ |
148.4 |
|||
Earnings per common share attributable to PolyOne common shareholders - Basic: |
|||||||||||
Continuing operations |
$ |
0.31 |
$ |
0.41 |
$ |
0.89 |
$ |
1.11 |
|||
Discontinued operations |
0.25 |
0.22 |
0.71 |
0.74 |
|||||||
Total |
$ |
0.56 |
$ |
0.63 |
$ |
1.60 |
$ |
1.85 |
|||
Earnings per common share attributable to PolyOne common shareholders - Diluted: |
|||||||||||
Continuing operations |
$ |
0.30 |
$ |
0.40 |
$ |
0.89 |
$ |
1.10 |
|||
Discontinued operations |
0.26 |
0.22 |
0.69 |
0.74 |
|||||||
Total |
$ |
0.56 |
$ |
0.62 |
$ |
1.58 |
$ |
1.84 |
|||
Weighted-average shares used to compute earnings per common |
|||||||||||
Basic |
76.9 |
79.8 |
77.3 |
80.1 |
|||||||
Diluted |
77.4 |
80.7 |
77.8 |
80.8 |
|||||||
Cash dividends declared per share of common stock |
$ |
0.195 |
$ |
0.175 |
$ |
0.585 |
$ |
0.525 |
Attachment 3 |
|||||||||||
PolyOne Corporation |
|||||||||||
Special items (1) |
Three Months Ended |
Nine Months Ended |
|||||||||
2019 |
2018 |
2019 |
2018 |
||||||||
Cost of sales: |
|||||||||||
Restructuring costs |
$ |
— |
$ |
(0.1) |
$ |
0.3 |
$ |
(0.5) |
|||
Environmental remediation costs |
(6.4) |
(7.4) |
(10.4) |
(19.2) |
|||||||
Reimbursement of previously incurred environmental costs |
4.0 |
1.5 |
4.0 |
3.8 |
|||||||
Acquisition related costs |
— |
— |
(2.0) |
(1.8) |
|||||||
Impact on cost of sales |
(2.4) |
(6.0) |
(8.1) |
(17.7) |
|||||||
Selling and administrative expense: |
|||||||||||
Restructuring, legal and other |
(3.0) |
(1.5) |
(15.0) |
(12.2) |
|||||||
Acquisition earn-out adjustments |
(10.0) |
— |
(20.7) |
— |
|||||||
Acquisition related costs |
(1.0) |
(0.7) |
(3.3) |
(2.7) |
|||||||
Impact on selling and administrative expense |
(14.0) |
(2.2) |
(39.0) |
(14.9) |
|||||||
Impact on operating income |
(16.4) |
(8.2) |
(47.1) |
(32.6) |
|||||||
Debt extinguishment costs |
— |
— |
— |
(0.1) |
|||||||
Other income, net |
0.1 |
— |
0.4 |
0.2 |
|||||||
Impact on income from continuing operations before income taxes |
(16.3) |
(8.2) |
(46.7) |
(32.5) |
|||||||
Income tax benefit on above special items |
4.1 |
2.9 |
11.5 |
9.2 |
|||||||
Tax adjustments(2) |
1.7 |
4.8 |
(0.7) |
10.3 |
|||||||
Impact of special items on net income from continuing operations |
$ |
(10.5) |
$ |
(0.5) |
$ |
(35.9) |
$ |
(13.0) |
|||
Diluted earnings per common share impact |
$ |
(0.14) |
$ |
(0.01) |
$ |
(0.46) |
$ |
(0.16) |
|||
Weighted average shares used to compute adjusted earnings per share: |
|||||||||||
Diluted |
77.4 |
80.7 |
77.8 |
80.8 |
(1) |
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. |
(2) |
Tax adjustments include the net tax benefit/(expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments. |
Attachment 4 |
|||||
PolyOne Corporation |
|||||
September 30, 2019 |
December 31, |
||||
Assets |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ |
199.6 |
$ |
170.9 |
|
Accounts receivable, net |
368.7 |
347.2 |
|||
Inventories, net |
281.6 |
284.6 |
|||
Current assets held for sale |
265.5 |
129.7 |
|||
Other current assets |
58.4 |
66.4 |
|||
Total current assets |
1,173.8 |
998.8 |
|||
Property, net |
386.0 |
384.5 |
|||
Goodwill |
682.6 |
639.1 |
|||
Intangible assets, net |
475.8 |
422.4 |
|||
Operating lease assets, net |
65.0 |
— |
|||
Non-current assets held for sale |
— |
124.5 |
|||
Other non-current assets |
163.0 |
154.0 |
|||
Total assets |
$ |
2,946.2 |
$ |
2,723.3 |
|
Liabilities and Equity |
|||||
Current liabilities: |
|||||
Short-term and current portion of long-term debt |
$ |
18.6 |
$ |
19.4 |
|
Accounts payable |
289.3 |
305.0 |
|||
Current operating lease obligations |
20.7 |
— |
|||
Current liabilities held for sale |
105.2 |
104.5 |
|||
Accrued expenses and other current liabilities |
191.7 |
128.7 |
|||
Total current liabilities |
625.5 |
557.6 |
|||
Non-current liabilities: |
|||||
Long-term debt |
1,406.3 |
1,336.2 |
|||
Pension and other post-retirement benefits |
52.7 |
54.3 |
|||
Non-current operating lease obligations |
44.3 |
— |
|||
Non-current liabilities held for sale |
— |
3.3 |
|||
Other non-current liabilities |
225.2 |
231.3 |
|||
Total non-current liabilities |
1,728.5 |
1,625.1 |
|||
Equity: |
|||||
PolyOne shareholders' equity |
591.4 |
540.0 |
|||
Noncontrolling interests |
0.8 |
0.6 |
|||
Total equity |
592.2 |
540.6 |
|||
Total liabilities and equity |
$ |
2,946.2 |
$ |
2,723.3 |
Attachment 5 |
|||||
PolyOne Corporation |
|||||
Nine Months Ended September 30, |
|||||
2019 |
2018 |
||||
Operating Activities |
|||||
Net income |
$ |
123.5 |
$ |
148.3 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||
Depreciation and amortization |
68.4 |
69.0 |
|||
Debt extinguishment costs |
— |
0.1 |
|||
Share-based compensation expense |
8.7 |
8.3 |
|||
Change in assets and liabilities, net of the effect of acquisitions: |
|||||
Increase in accounts receivable |
(12.7) |
(70.6) |
|||
Decrease (increase) in inventories |
20.0 |
(0.1) |
|||
Increase (decrease) in accounts payable |
(28.3) |
28.4 |
|||
Decrease in pension and other post-retirement benefits |
(7.0) |
(7.7) |
|||
Increase (decrease) in accrued expenses and other assets and liabilities, net |
26.0 |
(4.8) |
|||
Net cash provided by operating activities |
198.6 |
170.9 |
|||
Investing Activities |
|||||
Capital expenditures |
(47.9) |
(51.2) |
|||
Business acquisitions, net of cash acquired |
(119.6) |
(98.6) |
|||
Sale of and proceeds from other assets |
5.3 |
3.9 |
|||
Net cash used by investing activities |
(162.2) |
(145.9) |
|||
Financing Activities |
|||||
Borrowings under credit facilities |
882.4 |
835.3 |
|||
Repayments under credit facilities |
(808.5) |
(797.5) |
|||
Repayment of other debt |
— |
(16.4) |
|||
Purchase of common shares for treasury |
(26.9) |
(53.0) |
|||
Cash dividends paid |
(45.7) |
(42.1) |
|||
Repayment of long-term debt |
(4.9) |
(4.9) |
|||
Payments of withholding tax on share awards |
(2.0) |
(3.9) |
|||
Debt financing costs |
(0.2) |
(0.5) |
|||
Net cash used by financing activities |
(5.8) |
(83.0) |
|||
Effect of exchange rate changes on cash |
(1.9) |
(4.8) |
|||
Increase (decrease) in cash and cash equivalents |
28.7 |
(62.8) |
|||
Cash and cash equivalents at beginning of period |
170.9 |
243.6 |
|||
Cash and cash equivalents at end of period |
$ |
199.6 |
$ |
180.8 |
Attachment 6 |
|||||||||||
PolyOne Corporation |
|||||||||||
Operating income at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. These costs are included in Corporate and eliminations. |
|||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||
2019 |
2018 |
2019 |
2018 |
||||||||
Sales: |
|||||||||||
Color, Additives and Inks |
$ |
246.3 |
$ |
261.0 |
$ |
777.1 |
$ |
805.6 |
|||
Specialty Engineered Materials |
183.0 |
166.7 |
568.2 |
495.3 |
|||||||
Distribution |
295.9 |
321.8 |
919.8 |
960.6 |
|||||||
Corporate and eliminations |
(19.9) |
(20.5) |
(61.0) |
(57.6) |
|||||||
Sales |
$ |
705.3 |
$ |
729.0 |
$ |
2,204.1 |
$ |
2,203.9 |
|||
Gross margin: |
|||||||||||
Color, Additives and Inks |
$ |
83.7 |
$ |
88.8 |
$ |
264.5 |
$ |
275.3 |
|||
Specialty Engineered Materials |
48.1 |
44.4 |
152.5 |
134.8 |
|||||||
Distribution |
32.7 |
31.4 |
101.1 |
95.2 |
|||||||
Corporate and eliminations |
(4.0) |
(7.4) |
(14.2) |
(21.4) |
|||||||
Gross margin |
$ |
160.5 |
$ |
157.2 |
$ |
503.9 |
$ |
483.9 |
|||
Selling and administrative expense: |
|||||||||||
Color, Additives and Inks |
$ |
45.3 |
$ |
47.7 |
$ |
144.3 |
$ |
146.8 |
|||
Specialty Engineered Materials |
27.8 |
25.5 |
85.2 |
74.7 |
|||||||
Distribution |
13.9 |
13.8 |
42.7 |
40.7 |
|||||||
Corporate and eliminations |
30.4 |
21.5 |
95.4 |
73.3 |
|||||||
Selling and administrative expense |
$ |
117.4 |
$ |
108.5 |
$ |
367.6 |
$ |
335.5 |
|||
Operating income: |
|||||||||||
Color, Additives and Inks |
$ |
38.4 |
$ |
41.1 |
$ |
120.2 |
$ |
128.5 |
|||
Specialty Engineered Materials |
20.3 |
18.9 |
67.3 |
60.1 |
|||||||
Distribution |
18.8 |
17.6 |
58.4 |
54.5 |
|||||||
Corporate and eliminations |
(34.4) |
(28.9) |
(109.6) |
(94.7) |
|||||||
Operating income |
$ |
43.1 |
$ |
48.7 |
$ |
136.3 |
$ |
148.4 |
Attachment 7 |
|||||||||||||||
PolyOne Corporation |
|||||||||||||||
Senior management uses gross margin before special items and operating income before special items to assess performance and allocate resources because senior management believes that these measures are useful in understanding current profitability levels and how it may serve as a basis for future performance. In addition, operating income before the effect of special items is a component of PolyOne annual and long-term employee incentive plans and is used in debt covenant computations. Senior management believes these measures are useful to investors because they allow for comparison to PolyOne's performance in prior periods without the effect of items that, by their nature, tend to obscure PolyOne's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items. |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
Reconciliation to Consolidated Statements of Income |
2019 |
2018 |
2019 |
2018 |
|||||||||||
Sales |
$ |
705.3 |
$ |
729.0 |
$ |
2,204.1 |
$ |
2,203.9 |
|||||||
Gross margin - GAAP |
160.5 |
157.2 |
503.9 |
483.9 |
|||||||||||
Special items in gross margin (Attachment 3) |
2.4 |
6.0 |
8.1 |
17.7 |
|||||||||||
Adjusted Gross margin |
$ |
162.9 |
$ |
163.2 |
$ |
512.0 |
$ |
501.6 |
|||||||
Adjusted Gross margin as a percent of sales |
23.1 |
% |
22.4 |
% |
23.2 |
% |
22.8 |
% |
|||||||
Operating income - GAAP |
43.1 |
48.7 |
136.3 |
148.4 |
|||||||||||
Special items in operating income (Attachment 3) |
16.4 |
8.2 |
47.1 |
32.6 |
|||||||||||
Adjusted Operating income |
$ |
59.5 |
$ |
56.9 |
$ |
183.4 |
$ |
181.0 |
|||||||
Adjusted Operating income as a percent of sales |
8.4 |
% |
7.8 |
% |
8.3 |
% |
8.2 |
% |
|||||||
The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures. |
Three Months Ended September |
Three Months Ended September |
||||||||||||||||||||
GAAP |
Special |
Adjusted |
GAAP |
Special |
Adjusted |
||||||||||||||||
Income from continuing operations before income |
$ |
28.2 |
$ |
16.3 |
$ |
44.5 |
$ |
33.8 |
$ |
8.2 |
$ |
42.0 |
|||||||||
Income tax expense - GAAP |
(4.6) |
— |
(4.6) |
(1.3) |
— |
(1.3) |
|||||||||||||||
Income tax impact of special items (Attachment |
— |
(4.1) |
(4.1) |
— |
(2.9) |
(2.9) |
|||||||||||||||
Tax adjustments (Attachment 3) |
— |
(1.7) |
(1.7) |
— |
(4.8) |
(4.8) |
|||||||||||||||
Income tax expense |
$ |
(4.6) |
$ |
(5.8) |
$ |
(10.4) |
$ |
(1.3) |
$ |
(7.7) |
$ |
(9.0) |
|||||||||
Effective Tax Rate |
16.3 |
% |
23.4 |
% |
3.8 |
% |
21.4 |
% |
|||||||||||||
Nine Months Ended September 30, 2019 |
Nine Months Ended September 30, 2018 |
||||||||||||||||||||
GAAP |
Special |
Adjusted |
GAAP |
Special |
Adjusted |
||||||||||||||||
Income from continuing operations before income |
$ |
90.1 |
$ |
46.7 |
$ |
136.8 |
$ |
103.1 |
$ |
32.5 |
$ |
135.6 |
|||||||||
Income tax expense - GAAP |
(20.8) |
— |
(20.8) |
(14.2) |
— |
(14.2) |
|||||||||||||||
Income tax impact of special items (Attachment |
— |
(11.5) |
(11.5) |
— |
(9.2) |
(9.2) |
|||||||||||||||
Tax adjustments (Attachment 3) |
— |
0.7 |
0.7 |
— |
(10.3) |
(10.3) |
|||||||||||||||
Income tax expense |
$ |
(20.8) |
$ |
(10.8) |
$ |
(31.6) |
$ |
(14.2) |
$ |
(19.5) |
$ |
(33.7) |
|||||||||
Effective Tax Rate |
23.1 |
% |
23.1 |
% |
13.8 |
% |
24.9 |
% |
|||||||||||||
Attachment 8 |
|||||||||||||||||||||||||
PolyOne Corporation |
|||||||||||||||||||||||||
Three Months Ended March 31, |
Three Months Ended June 30, |
Three Months Ended September 30, |
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||||||||
2019 |
2018 |
2019 |
2018 |
2019 |
2018 |
2018 |
2018 |
||||||||||||||||||
Estimated adjusted EPS |
$ |
0.43 |
$ |
0.39 |
$ |
0.48 |
$ |
0.46 |
$ |
0.44 |
$ |
0.41 |
$ |
0.24 |
$ |
1.51 |
|||||||||
Estimated adjusted EPS |
0.21 |
0.29 |
0.26 |
0.25 |
0.26 |
0.22 |
0.17 |
0.92 |
|||||||||||||||||
$ |
0.64 |
$ |
0.68 |
$ |
0.74 |
$ |
0.71 |
$ |
0.70 |
$ |
0.63 |
$ |
0.41 |
$ |
2.43 |
||||||||||
Special items, before |
(0.17) |
(0.11) |
(0.25) |
(0.18) |
(0.21) |
(0.11) |
(0.33) |
(0.75) |
|||||||||||||||||
Income tax benefit on |
0.04 |
0.03 |
0.06 |
0.05 |
0.05 |
0.04 |
0.07 |
0.19 |
|||||||||||||||||
Tax adjustments |
(0.02) |
(0.01) |
(0.01) |
0.06 |
0.02 |
0.06 |
— |
0.13 |
|||||||||||||||||
GAAP EPS |
$ |
0.49 |
$ |
0.59 |
$ |
0.54 |
$ |
0.64 |
$ |
0.56 |
$ |
0.62 |
$ |
0.15 |
$ |
2.00 |
|||||||||
See Attachment 1 for details on the use by senior management of diluted adjusted earnings per share (EPS) from continuing operations attributable to PolyOne shareholders, excluding special items, to assess performance and facilitate comparability of results. See Attachment 3 for a definition and summary of special items and tax adjustments. |
View original content:http://www.prnewswire.com/news-releases/polyone-announces-third-quarter-2019-results-300942868.html
SOURCE
Investor Relations Contact: Joe Di Salvo, Vice President, Treasurer and Investor Relations, PolyOne Corporation, +1 440-930-1921, giuseppe.disalvo@avient.com; Media Contact: Kyle G. Rose, Vice President, Corporate Communications, PolyOne Corporation, +1 440-930-3162, kyle.rose@avient.com