GAAP earnings per share in the fourth quarter of 2017 of $0.43 compared to $0.42 in the fourth quarter of 2016. Adjusted earnings per share of $0.41 increased from $0.39 in the prior year fourth quarter.
Full year GAAP earnings per share of $2.11 in 2017 compared to $1.96 in 2016.Adjusted earnings per share in 2017 increased to $2.21, a 7% increase from $2.06 in 2016.
“I am pleased to report record adjusted EPS for the eighth consecutive year,” said Robert M. Patterson, chairman, president and CEO, PolyOne Corporation.“In 2017, we delivered the highest level of organic sales expansion since coming out of the recession in 2010, allowing us to overcome substantial raw material inflation and supply chain disruptions resulting from Hurricane Harvey.
“Color, Additives and Inks had an outstanding quarter to end the year, driven by a 5% increase in organic sales and a 24% increase in operating income,” Patterson added. “Color has tremendous momentum heading into 2018 bolstered by the four bolt-on acquisitions we have completed over the last twelve months, adding to our specialty colorant technology portfolio and geographic presence.”
“Our strong free cash flow for the year enabled us to fund the acquisitions of SilCoTec, Rutland, Mesa, and IQAP while also returning cash to shareholders,” Bradley C. Richardson, EVP and CFO, PolyOne Corporation, said. “With liquidity of nearly $600 million, we have significant financial capacity to continue to pursue strategic acquisitions, invest in innovation and return cash to shareholders via share repurchases and dividends.”