PolyOne Announces 2015 Performance Targets, Including $2.50 of Adjusted Earnings Per Share on $5 Billion in Revenues
NEW YORK, May 16, 2012 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL), a premier provider of specialized polymer materials, services and solutions, today will announce to the public the company's long-term growth objectives and performance targets.
As part of its Investor Day, PolyOne's senior leadership will review several key operating and financial performance milestones it is targeting to achieve by 2015, including ranges for operating income as a percentage of sales for each of the company's business platforms.
"Having nearly met or exceeded each of the long-term goals we established in 2006, we're now elevating our expectations even higher," said Stephen D. Newlin, chairman, president and chief executive officer, PolyOne Corporation. "By 2015 our goal is to achieve at least $2.50 of adjusted earnings per share on a $5 billion revenue base, and we have the strategy, plans and team in place to deliver it."
PolyOne's Investor Day is being held for investment professionals at the Grand Hyatt New York today from 8 a.m. to 1 p.m. Eastern time. The event will be webcast, and details are posted on the Investor Relations section of the PolyOne website at www.polyone.com/investor. The slide presentations will be made available via PolyOne's website at the onset of the event.
"Our ability to innovate and provide exceptional customer service has fueled our transformation thus far. Those same qualities will be what drive us to achieve our new goals as well," Newlin added.
PolyOne Corporation, with 2011 revenues of $2.9 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside Cleveland, Ohio USA, PolyOne has operations around the world. Consistent with the company's strategy of specialty growth and global expansion, in December of 2011 PolyOne acquired ColorMatrix Group, Inc., a highly specialized company with a premier suite of additive technologies and a leading market position in liquid colorants. For additional information on PolyOne, visit our website at www.polyone.com.
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks; changes in polymer consumption growth rates where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions, and employee productivity goals; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; the inability to achieve expected results from our acquisition activities; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; SunBelt's future results of operations and corresponding impact on any additional earn-outs that we may be entitled to; the ability to successfully integrate ColorMatrix and achieve the expected results from the acquisition, including the acquisition being accretive; the ability to retain ColorMatrix's management team and its relationships with customers; the ability to successfully form and operate our joint venture in the Middle East; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
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SOURCE PolyOne Corporation