PolyOne Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 27, 2015 at 04:59 pm
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PolyOne Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, adjusted net income was $32.9 million or $0.36 per diluted share compared to adjusted net income of $25.6 million or $0.26 per diluted share a year ago. Special items for the fourth quarter of 2014, the large of which was the mark-to-market pension adjustment, resulted in a net after-tax charge of $47.5 million, or $0.52 per share. Revenue was $869 million compared to $924 million in the fourth quarter of 2013. Operating loss was $14.3 million compared to operating income of $48.7 million a year ago. Net loss from continuing operations attributable to the company was $14.6 million or $0.16 per diluted share compared to net income from continuing operations attributable to the company of $21 million or $0.22 per diluted share a year ago. Loss from continuing operations, before income taxes was $31.2 million compared to income from continuing operations, before income taxes of $33.6 million a year ago. Net loss attributable to common shareholders of the company was $14.6 million or $0.16 per diluted share compared to net income attributable to common shareholders of the company of $24.6 million or $0.25 per diluted share a year ago. Net cash provided by operating activities was $208.4 million compared to $109 million a year ago. Adjusted operating income was $65.9 million compared to $56.5 million a year ago.
For the full year, revenue was $3.84 billion, 2% higher than 2013 revenue of $3.77 billion. This growth, combined with significant profitability expansion, led to adjusted earnings per share for 2014 expanding 37%. Adjusted net income was $168.5 million or $1.80 per diluted share compared to adjusted net income of $126.6 million or $1.31 per diluted share a year ago. GAAP earnings per share were $0.83 for the full year, versus $0.97 in 2013. Operating income was $155.1 million compared to operating income of $231.5 million a year ago. Net income from continuing operations attributable to common shareholders of the company was $78 million or $0.83 per diluted share compared to net income from continuing operations attributable to the company of $94 million or $0.97 per diluted share a year ago. Income from continuing operations, before income taxes was $88.4 million compared to income from continuing operations, before income taxes of $151 million a year ago. Net loss attributable to common shareholders of the company was $79.2 million or $0.85 per diluted share compared to net income attributable to common shareholders of the company of $243.8 million or $2.53 per diluted share a year ago. Capital expenditures were $92.8 million compared to $76.4 million a year ago. Adjusted operating income was $320 million compared to $261.5 million a year ago. Net debt was $785.2 million. Adjusted EBITDA was $416.3 million.
Avient Corporation is a premier formulator of specialized and sustainable materials solutions. The Companyâs products include specialty engineered materials, performance fibers, advanced composites and color and additive systems. The Company operates through two segments: Color, Additives and Inks and Specialty Engineered Materials. The Color, Additives, and Inks segment is a formulator of specialized custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, as well as specialty inks. Color and additive solutions include a range of colors, special effects and performance enhancing and sustainable solutions. It also provides custom-formulated liquid systems. The Specialty Engineered Materials segment is a formulator of specialty and sustainable polymer formulations, services and solutions for designers, assemblers, and processors of thermoplastic materials across variety of markets and end-use applications.