PolyOne: 2Q Earnings Snapshot
AVON LAKE, Ohio (AP) _ PolyOne Corp. (POL) on Tuesday reported second-quarter net income of $51.3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Avon Lake, Ohio-based company said it had profit of 63 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 71 cents per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The maker of resins used in plastic pipe and other products posted revenue of $914.8 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $911.5 million.
PolyOne shares have risen slightly more than 2 percent since the beginning of the year. The stock has increased 16 percent in the last 12 months.