Adjusted earnings per share expanded to $0.68 from $0.59 in the first quarter of 2017.
“I’m very pleased to report a strong start to the year, as we reported adjusted EPS growth of 15% for the first quarter,” said Robert M. Patterson, chairman, president and CEO, PolyOne Corporation. “Our Color, Additives & Inks (CAI) segment led the way with record first quarter operating income, driven by both organic gains and recent acquisitions.”
The company noted that in the first quarter, organic sales increased 6% and recent specialty acquisitions added 4%, while favorable foreign exchange added 3%.
“We have a track record of generating strong free cash flow, and with the exception of seasonal working capital investment, this was once again the case in the first quarter,” said Bradley C. Richardson, EVP and CFO, PolyOne Corporation. “Our balance sheet remains very strong, and we ended March with over $470 million of available liquidity.”