PolyOne gives 1st-quarter guidance above Wall Street expectations as auto demand improves
By APThursday, March 18, 2010
PolyOne gives 1Q forecast above expectations
CLEVELAND — PolyOne Corp., which makes specialized plastics and resins for constructing buildings and vehicles, gave a first-quarter forecast well above Wall Street’s expectations Thursday, sending shares up in after-hours trading.
The company expects profit of 15 cents per share for the quarter on revenue of more than $600 million.
Analysts, on average, forecast profit of 8 cents per share on revenue of $542.8 million, according to a poll by Thomson Reuters.
PolyOne said improving demand and new business is driving its results higher.
The company said auto demand seems to be picking up, though housing is still weak.
Shares rose 81 cents, or 9.1 percent, to $9.55 in after-hours trading after closing up 17 cents at $8.94. The stock has ranged from $1.89 to $9 over the past year.
