PolyOne reports profit in Q3 2009
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Resin supplier PolyOne Corporation has turned things around within the past year, reporting a net income of ...
Resin supplier PolyOne Corporation has turned things around within the past year, reporting a net income of US$49.6 million for the third quarter of 2009 – a further step in its ongoing transformation into a specialty company.
This compares with a net loss of US$5.6 million that the Avon Lake, Ohio-based company reported in third-quarter 2008.
On the negative side, however, the company admitted that third-quarter 2009 sales fell 25 percent from one year ago, to US$548 million.
According to Stephen D. Newlin, PolyOne’s chairman, president and CEO, the company was particularly pleased with the US$19.5 million of operating income generated by the firm’s specialty platform in the third quarter, the highest amount posted by that unit in PolyOne’s near 10-year operating history. “In 2005, PolyOne derived only 2 per cent of its business unit operating income from specialty businesses. In the third quarter of 2009, specialty operating income contributed 47 per cent of total business unit operating income,” Newlin said. “This is a record for PolyOne and very strong evidence that we are transforming PolyOne into a specialty company.”