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PolyOne first quarter earnings, distribution volumes increase
HOUSTON, April 26, 2016 (PCW) -- PolyOne on Tuesday reported a 29% jump in 1Q earnings from a year earlier after increasing its sales force by 10% last year.
In a conference call with analysts, President and CEO Bob Patterson noted significant growth in the Distribution segment, where 1Q volumes increased by 12%. Sales dollars only increased by 1%.
Some of the year-over-year improvement in distribution volumes was likely due to customers trying to buy more ahead of polymer price increases, especially in February and March, whereas the business saw a destocking trend in 1Q 2015.
PolyOne officials also cited efforts to expand distribution operations in North Central Mexico, including hiring experience local sellers and opening a warehouse facility in San Luis Potosi.
PolyOne's distribution segment had operating margins of 6.5% in the quarter. -- David Barry