Dow, PolyOne report strong earnings in 2010
Canadian PlasticsEconomy Plastics Industry Economic Changes/Forecast
The odds might have been against it, but 2010 turned out to be a good year for some of the biggest material suppliers in the plastics industry, with Dow Chemical and PolyOne Corporation both reported strong, profitable 52-week performances in...
The odds might have been against it, but 2010 turned out to be a good year for some of the biggest material suppliers in the plastics industry, with Dow Chemical and PolyOne Corporation both reported strong, profitable 52-week performances in 2010.
Dow Chemical reported sales of US$13.8 billion for the fourth quarter, an increase of 22 per cent versus the same quarter last year. The company’s full-year profit more than tripled to US$2.3 billion compared to 2009.
According to Dow, the US$4.5 billion earned in emerging regions sales set a new quarterly record, driven by volume growth in Thailand (33 per cent), India (31 per cent), Russia (30 per cent), and Brazil (14 per cent).¿
Dow also reported that its Performance Products unit recorded sales of US$10.9 billion in 2010, a 20 per cent increase when compared to 2009. Dow’s Plastics and Performance Products business units combined to account for more than 40 per cent of the company’s total sales in 2010.
The company is also optimistic about 2011. “Dow is well-positioned for the improving economic climate and will continue to benefit from growth in high-margin sectors such as electronics and packaging,” Dow chairman and CEO Andrew Liveris said in a news release.
According to PolyOne, meanwhile, the company had full-year revenues in 2010 of US$2.6 billion, a 27 per cent increase from 2009, and ended the year with US$378 million in cash and US$506 million of liquidity. Also, fourth-quarter revenues of US$617.8 million marked a 12 per cent increase compared to revenues of US$552.5 million in the fourth quarter of 2009.
“I am pleased with our fourth quarter results as each of our three strategic platforms recorded double digit revenue growth, and earnings per share, excluding special items and tax adjustments, expanded 55% over prior year levels,” said Stephen D. Newlin, chairman, president and chief executive officer. “These quarterly results mark the completion of a record-breaking year, and illustrate the progress we have made in transforming PolyOne.”