Organic Revenue Growth Continues; Adjusting Estimates for the Divested DSS Segment
- 2Q17 (June) adjusted (for the now divested DSS segment) were 63 cents (vs an adjusted 59 cents last year) on 6% organic growth, although operating income was down 1% on higher raw material costs, with EPS benefitting from a lower tax rate;
- With organic growth aided by the expanded salesforce expected to continue, offset by higher raw material costs not fully offset by price increases, our EPS estimate for 2017 is now $2.20 (from $2.32, which had included DSS), up 8% from a record 2016;
- Our 2018 EPS estimate is now $2.46 (from $2.59, which had included DSS), up 12% from our 2017 projection.
PolyOne is a provider of polymer materials, services and solutions with operations in engineered materials, composites, color and additive systems and polymer distribution. The company is also a developer and manufacturer of additives, liquid colorants and fluoropolymers and silicone colorants. Co.'s segments include: Color, Additives and Inks, which is a provider of custom color and additive concentrates for thermoplastics, dispersions for thermosets, and specialty inks, plastisols, and vinyl slush molding solutions; and Specialty Engineered Materials, which is a provider of specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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