AVON LAKE, Ohio (March 19, 2010)—Compounder and distributor PolyOne Corp. is projecting first-quarter results considerably above analysts' expectations.
The Avon Lake-based company said it expects revenue to exceed $600 million for the first quarter, an increase of about 30 percent from the like quarter of 2009 and 10 percent higher than last year's fourth quarter.
Earnings per share before special items and tax adjustments are expected to be about 15 cents per share in the first quarter; the First Call consensus estimate currently is 9 cents per share.
Stephen Newlin, PolyOne chairman, president and CEO, said focusing on specialization and winning new business in each of the company's three strategic platforms contributed to the optimistic forecast.
PolyOne shares rose 81 cents, or 9.1 percent, to $9.55 in after-hours trading March 18 after having closed up 17 cents for the day. The stock now is at a 52-week high.