PolyOne announces record Q2 2015 results

MOSCOW (MRC) -- PolyOne Corporation has reported its second quarter results for 2015. Adjusted earnings per share increased to an all-time quarterly high of USD0.57, up 12% from USD0.51 in the second quarter of 2014, reported the producer on its site.

GAAP earnings per share of USD0.74 in the second quarter of 2015 increased from USD0.33 in the second quarter of 2014. Special items for the second quarter of 2015 included a tax benefit and realignment charges, which resulted in a net after-tax gain of USD15.9 million, or USD0.17 per share.

"I am very pleased to report we delivered double-digit adjusted earnings expansion of 12% for the second quarter and our 23rd consecutive quarter of EPS growth," said Robert M. Patterson, president and chief executive officer, PolyOne Corporation. "We were able to achieve this strong performance in the second quarter despite a weaker Euro, which reduced EPS by USD0.02 per share versus the prior year."

Mr. Patterson added, "Profitability expansion continues to be at the heart of our specialty transformation, and this quarter was no exception. Our Color, Additives and Inks business led the way with its highest level of quarterly operating income in segment history, and posting a record return on sales of 18.2%." Mr. Patterson added, "Specialty Engineered Materials, Performance Products and Solutions and Distribution also posted impressive profitability gains. On a consolidated basis, our operating margin surpassed 10% for the first time in our company's history."

Polyone's revenue for the second quarter of 2015 was USD887 million, compared to USD1.0 billion in the second quarter of 2014. The decline resulted from unfavorable foreign exchange, lower selling prices in Distribution and Performance Products & Solutions as a result of lower hydrocarbon based raw material costs, and the ongoing integration of legacy Spartech business.

Bradley C. Richardson, executive vice president and chief financial officer, PolyOne Corporation said, "We continued our strong track record of converting earnings to cash, generating approximately USD95 million in free cash flow in the quarter. We ended June with nearly USD500 million in available liquidity. This provides us significant financial capacity to invest in innovation, pursue acquisitions, and deliver cash to shareholders through opportunistic share repurchases and increasing dividends."

As MRC reported earlier, the Board of Directors of PolyOne Corporation has declared a quarterly cash dividend of ten cents (USD0.10) per share on the common stock outstanding, to be paid on October 7, 2015, to stockholders of record on September 14, 2015.

PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC

MOSCOW (MRC) -- Sinopec Yangzi Petrochemical is in plans to shut a linear low density polyethylene (LLDPE) plant for maintenance turnaround, according to Apic-online.

A Polymerupdate source in China informed that the plant is planned to be shut in end-July 2015. It is likely to remain off-stream for around one month.

Located at Nanjing in China, the plant has a production capacity of 200,000 mt/year.

As MRC informed previously, on March 26, 2015, Sinopec Cangzhou Petrochemical has shut its refinery for maintenance turnaround. It is planned to remain off-stream for around two months. Located at Cangzhou in Hebei province of China, the plant has a production capacity of 2.5 million mt/year.

Sinopec Corp. is one of the largest scale integrated energy and chemical companies with upstream, midstream and downstream operations. Its refining and ethylene capacity ranks No.2 and No.4 globally. The Company has 30,000 sales and distribution networks of oil products and chemical products, its service stations are now ranked third largest in the world.
MRC

MOSCOW (MRC) -- Korea Petrochemical Industry Co. (KPIC) has developed plans to increase ethylene and aromatics (benzene, toluene and xylene) capacity at its Onsan complex in Korea, as well as add propylene production at the site, according to Apic-online with reference to local media reports.

KPIC has awarded GS Engineering & Construction a USD270-million contract to increase ethylene capacity to 800,000 t/y from 490,000 t/y and aromatics capacity to 300,000 t/y from 220,000 t/y currently. The project also includes the capacity to produce 150,000 t/y of propylene.

The project is scheduled for completion in the first half of 2017, with production expected to come on stream during the second half of the year.

We remind that, as MRC wrote previously, anouther South Korean petrochemical company LG Chem shut down a naphtha cracker for a one-month maintenance turnaround on March 15, 2015. Located at Daesan in South Korea, the cracker has an ethylene capacity of 900,000 mt/year, propylene capacity of 450,000 mt/year and butadiene capacity of 145,000 mt/year.
MRC

MOSCOW (MRC) -- Using a collaborative and progressive approach to innovation, PolyOne Corporation is helping its customer TenPoint Crossbow Technologies to improve performance of its renowned products, reported Polyone on its site.

PolyOne has been working closely with TenPoint for more than a year to identify opportunities to reduce weight, substitute materials, and improve performance and manufacturability. TenPoint crossbows, as well as its Horton and Wicked Ridge crossbow product lines, incorporate PolyOne solutions from its broad portfolio of materials, including soft-touch thermoplastic elastomers, sound-dampening materials, and high-strength engineered technologies.

"When we wanted to take our products to the next level of performance, we chose PolyOne, whose expertise and service to us has been exceptional," said Rick Bednar, CEO, TenPoint. "PolyOne's portfolio is specialized and expansive, and their technical support team is fully committed to our goals and success - exactly what you want in a strategic supplier."

The outdoor sports and equipment industry is a growing market for PolyOne, and the company is well positioned to deliver on its customers' most demanding requirements for specialty materials.

As MRC informed before, in June 2015, PolyOne joined the Zero Discharge of Hazardous Chemicals (ZDHC) Group as an associate member. The Group is led by leading global clothing and footwear brands and is committed to steering the industry towards a goal to reduce discharge of harmful chemicals to zero by 2020.

PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC

MOSCOW (MRC) -- The overall imports of polyethylene (PE) to the Republic of Belarus grew by 2.5% over the first five months of 2015 to 40,100 tonnes. Linear low density polyethylene (LLDPE) accounted for the main increase in demand, reported MRC analysts.

According to the National Statistical Office of the Republic of Belarus, May PE imports to Belarus dropped to 8,500 tonnes from 8,900 tonnes a month earlier because of lower shipments of high density polyethylene (HDPE). The overall PE imports totalled 40,100 tonnes from January to May 2015 versus 39,100 tonnes over the same period a year earlier.

The structure of PE imports to Belarus by grades looks the following way over the stated period.

The overall May imports of low density polyethylene (LDPE) and LLDPE dropped to 5,200 tonnes from 5,300 tonnes a month earlier. LDPE shipments from Russia accounted for the bulk of reduction. The overall imports of these PE grades were 25,900 tonnes over the first five months of the year, up by 39.7% year on year.

May HDPE imports fell to 3,100 tonnes from 3,500 tonnes a month earlier because of lower supplies from the Middle Eastern producers. The overall imports of this PE grade to Belarus were 14,200 tonnes over the stated period versus 20,600 tonnes a year earlier.

MRC