PolyOne posts 3Q loss; adjusted results top Street

CLEVELAND - PolyOne Corp., which makes specialized plastics and resins for constructing buildings and vehicles, said Wednesday it swung to a loss in the third quarter as it recorded several one-time charges.

However, excluding special items, the company's results beat analyst estimates.

For the three months ended in September, the Cleveland-based company lost $5.6 million, or 6 cents per share, compared with a profit if $2.3 million, or 2 cents per share, in the year-earlier quarter.

However, excluding one-time charges for layoffs, writedowns, environmental remediation and legal issues, PolyOne earned 13 cents per share.

Analysts polled by Thomson Reuters expected, on average, earnings per share of 10 cents. Analyst estimates typically exclude one-time items.

Sales climbed to $735.1 million from $664.8 million.

Selling and administrative expenses rose modestly to $69.7 million.

"Our International Color and Engineered Materials segment reported an operating income decline versus the third quarter of 2007, and on a sequential basis versus the second quarter of 2008," Chief Executive Stephen D. Newlin said in a statement. "This confirms the concerns we have communicated in our outlook updates that the economic slowdown already present in the U.S. is taking hold in Europe and Asia."

Shares of PolyOne fell 5 cents to $4.61 shortly after the market opened.

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