AVIENT CORPORATION CLEVELAND, Oct. 23, 2014 /PRNewswire/ -- PolyOne Corporation (NYSE: POL) today reported its third quarter results. As previously announced, the Company exited certain unprofitable products associated with the Spartech acquisition and operations in Brazil. These actions, coupled with recent weakness in Europe, resulted in revenues of $958 million for the third quarter of 2014, compared to $1.01 billion in the third quarter of 2013.
As a result of mix improvement and accelerated Spartech synergies, adjusted earnings per share increased 36% to $0.49 for the third quarter of 2014, up from $0.36 in the third quarter of 2013. GAAP earnings per share totaled $0.35 in the third quarter of 2014, versus $0.24 in the prior year quarter.
"Each of our strategic platforms delivered another outstanding quarter of both operating income and margin expansion," said Robert M. Patterson, president and chief executive officer. "Despite softer macroeconomic conditions in Europe, we achieved record-setting third quarter results. I am extremely pleased to report this marks our 20(th) consecutive quarter of strong double-digit adjusted earnings per share growth. Over this five year period, adjusted EPS has expanded at a 27% compounded annual growth rate."
Mr. Patterson continued, "We have never lost sight of the fundamental principles of our transformation, and we continue to deliver on our goals. By putting our customers first and investing in innovation, we have developed a full suite of specialty offerings unmatched in the industry. Today, 43% of our specialty revenues now come from products introduced in the last five years."
"As we focus on helping our customers grow, we are not reluctant to replace existing business with new technology. Our commitment to this strategy is unwavering. Our mix of earnings has never been stronger or more sustainable, and this has translated into market-beating performance for our shareholders," added Mr. Patterson.
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Executive vice-president and chief financial officer Bradley C. Richardson said, "Our focus on working capital management and conversion of our accelerating earnings drove $71 million in free cash flow, giving us $264 million in cash as of September 30, 2014. During the quarter, we leveraged our strong financial position to continue to invest in innovation, realign assets supporting our specialty portfolio and repurchase 1.5 million shares."
Commenting on the Company's outlook, Mr. Patterson said, "While our first half 2014 performance included solid growth in Europe, we experienced declining demand from customers in this region during the third quarter. With heightened geopolitical concerns and macroeconomic weakness, we view European business conditions as a headwind for the remainder of the year and going into 2015." Mr. Patterson continued, "Fortunately, we have a proven strategy, a relentless focus on execution and an outstanding management team aligned with achieving our 2015 goals. I have confidence that we will overcome the challenges in Europe, and we expect to deliver strong double-digit adjusted EPS growth in the fourth quarter and beyond."
About PolyOne
PolyOne Corporation, with 2013 revenues of $3.8 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises Pledge(SM), PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles. For more information, visit www.polyone.com.
To access PolyOne's news library online, please visit www.polyone.com/news.
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to realize anticipated savings and operational benefits from the realignment of assets, including the planned closure of certain manufacturing facilities; the timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen disruptions of service or quality caused by such closings and/or production shifts; separation and severance amounts that differ from original estimates, amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from original estimates; our ability to identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired companies into our operations, retain the management teams of acquired companies and retain relationships with customers of acquired companies including, without limitation, Spartech Corporation; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions and employee productivity goals; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
Attachment 1
PolyOne Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Sales $958.4 $1,008.9 $2,966.2 $2,847.6
Operating income 63.6 61.6 169.4 182.8
Net income from
continuing operations
attributable to
PolyOne shareholders 32.3 23.2 92.6 73.0
Basic earnings per
share from continuing
operations
attributable to
PolyOne shareholders $0.35 $0.24 $0.99 $0.77
Diluted earnings per
share from continuing
operations
attributable to
PolyOne shareholders $0.35 $0.24 $0.98 $0.76
Senior management uses comparisons of adjusted net income from continuing operations attributable to PolyOne shareholders and diluted earnings per share (EPS) from continuing operations attributable to PolyOne shareholders, excluding special items, to assess performance and facilitate comparability of results. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable measures calculated and presented in accordance with U.S. GAAP (GAAP).
Three Months Ended Three Months Ended
September 30, 2014 September 30, 2013
------------------ ------------------
Reconciliation to Condensed Consolidated Statements of Income
$ EPS $ EPS
--- --- --- ---
Net income from continuing operations attributable to PolyOne shareholders $32.3 $0.35 $23.2 $0.24
Special items, after tax (Attachment 3) 13.2 0.14 10.5 0.11
Tax adjustments (a) (0.1) - 1.8 0.01
---- ---
Adjusted net income / EPS $45.4 $0.49 $35.5 $0.36
===== ===== ===== =====
Nine Months Ended Nine Months Ended
September 30, 2014 September 30, 2013
------------------ ------------------
Reconciliation to Condensed Consolidated Statements of Income
$ EPS $ EPS
--- --- --- ---
Net income from continuing operations attributable to PolyOne shareholders $92.6 $0.98 $73.0 $0.76
Special items, after tax (Attachment 3) 49.9 0.53 25.5 0.26
Tax adjustments (a) (6.9) (0.07) 2.5 0.03
---- ----- --- ----
Adjusted net income / EPS $135.6 $1.44 $101.0 $1.05
====== ===== ====== =====
(a) Tax adjustments include the net tax expense (benefit) from one-time income tax items and deferred income tax valuation allowance adjustments.
Attachment 2
PolyOne Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Sales $958.4 $1,008.9 $2,966.2 $2,847.6
Cost of sales 775.8 827.6 2,410.9 2,300.3
----- ----- ------- -------
Gross margin 182.6 181.3 555.3 547.3
Selling and administrative
expense 119.0 119.7 385.9 364.6
Income related to previously
owned equity affiliates - - - 0.1
--- --- --- ---
Operating income 63.6 61.6 169.4 182.8
Interest expense, net (15.4) (16.0) (46.6) (48.2)
Debt extinguishment costs - (5.2) - (15.8)
Other expense, net (1.8) (1.6) (3.2) (1.4)
---- ---- ---- ----
Income from continuing
operations, before income
taxes 46.4 38.8 119.6 117.4
Income tax expense (14.1) (15.8) (27.4) (45.1)
----- ----- ----- -----
Net income from continuing
operations 32.3 23.0 92.2 72.3
Income (loss) from discontinued
operations, net of income
taxes 0.4 (0.2) 1.2 146.2
--- ---- --- -----
Net income 32.7 22.8 93.4 218.5
Net loss attributable to
noncontrolling interests - 0.2 0.4 0.7
--- --- --- ---
Net income attributable to
PolyOne common shareholders $32.7 $23.0 $93.8 $219.2
===== ===== ===== ======
Earnings per common share attributable to
PolyOne common shareholders -Basic:
Continuing operations $0.35 $0.24 $0.99 $0.77
Discontinued operations 0.01 - 0.02 1.53
---- --- ---- ----
Total $0.36 $0.24 $1.01 $2.30
Earnings per common share attributable to
PolyOne common shareholders -Diluted:
Continuing operations $0.35 $0.24 $0.98 $0.76
Discontinued operations - - 0.01 1.51
--- --- ---- ----
Total $0.35 $0.24 $0.99 $2.27
Cash dividends declared per
share of common stock $0.08 $0.06 $0.24 $0.18
Weighted-average shares used to compute
earnings per share:
Basic 91.8 96.7 93.1 95.4
Diluted 93.1 98.1 94.3 96.4
Attachment 3
PolyOne Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Three Months Ended Nine Months Ended
Special items (1) September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Cost of sales:
Plant phase-out costs $(7.8) $(4.8) $(40.9) $(4.8)
Reimbursement of previously incurred
environmental costs 1.6 - 1.6 20.1
Environmental remediation costs (5.9) (5.3) (7.7) (8.6)
Acquisition related costs - - - (7.6)
--- --- --- ----
Impact on cost of sales (12.1) (10.1) (47.0) (0.9)
Selling and administrative expense:
Employee separation and plant phase-
out costs (9.0) (6.1) (38.7) (20.9)
Unrealized gain on foreign currency
option contracts - 0.3 - 0.9
Acquisition/divestiture related costs (0.4) (1.2) (1.1) (7.2)
Legal related and other (0.5) 6.3 2.1 5.8
---- --- --- ---
Impact on selling and administrative
expense (9.9) (0.7) (37.7) (21.4)
Gain on sale of investment in equity
affiliates - - - 0.1
Impact on operating income (22.0) (10.8) (84.7) (22.2)
Debt extinguishment costs - (5.2) - (15.8)
Bridge loan commitment fees - interest
expense - - - (1.9)
Other income, net 0.1 - 0.6 1.4
--- --- --- ---
Impact on income from continuing
operations before income taxes (21.9) (16.0) (84.1) (38.5)
Income tax benefit on special items 8.7 5.5 34.2 13.0
Impact of special items on net income
attributable to PolyOne Shareholders $(13.2) $(10.5) $(49.9) $(25.5)
====== ====== ====== ======
Basic earnings per common share impact $(0.14) $(0.11) $(0.54) $(0.27)
Diluted earnings per common share
impact $(0.14) $(0.11) $(0.53) $(0.26)
Weighted average shares used to compute earnings per
share:
Basic 91.8 96.7 93.1 95.4
Diluted 93.1 98.1 94.3 96.4
((1)) Special items are a non-GAAP financial measure. Special items include charges related to specific strategic initiatives or financial restructurings such as: consolidation of operations; debt extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-out costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other postretirement benefit plans; environmental remediation costs, fines, penalties, remediation costs and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; unrealized gains and losses from foreign currency option contracts; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results.
Attachment 4
PolyOne Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited) December 31,
2013
September 30, 2014
------------------
Assets
Current assets:
Cash and cash equivalents $263.6 $365.2
Accounts receivable, net 459.0 428.0
Inventories, net 305.6 342.5
Other current assets 88.7 117.9
---- -----
Total current assets 1,116.9 1,253.6
Property, net 595.6 646.2
Goodwill 568.4 559.0
Intangible assets, net 349.8 365.8
Other non-current assets 125.1 119.5
----- -----
Total assets $2,755.8 $2,944.1
======== ========
Liabilities and Shareholders' Equity
Current liabilities:
Short-term and current portion
of long-term debt $13.1 $12.7
Accounts payable 408.0 386.9
Accrued expenses and other
liabilities 153.8 209.3
Total current liabilities 574.9 608.9
Non-current liabilities:
Long-term debt 965.8 976.2
Pension and other post-
retirement benefits 62.1 77.3
Deferred income taxes 104.2 133.8
Other non-current liabilities 180.8 169.4
----- -----
Total non-current liabilities 1,312.9 1,356.7
Shareholders' equity:
PolyOne shareholders' equity 866.7 976.8
Noncontrolling interests 1.3 1.7
--- ---
Total equity 868.0 978.5
-----
Total liabilities and
shareholders' equity $2,755.8 $2,944.1
======== ========
Attachment 5
PolyOne Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
-------------
2014 2013
---- ----
Operating Activities
Net income $93.4 $218.5
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation and amortization 98.9 76.1
Debt extinguishment costs - 15.8
Provision for doubtful accounts 0.2 0.5
Stock based compensation expense 11.4 13.2
Gain on sale of business (1.2) (223.7)
Change in assets and liabilities, net of effect
of acquisitions and divestitures:
Increase in accounts receivable (37.9) (50.8)
Decrease in inventories 30.3 21.5
Increase (decrease) in accounts
payable 26.3 (2.8)
Decrease in pension and other
post-retirement benefits (24.3) (76.9)
(Decrease) increase in accrued
expenses and other assets and
liabilities -net (65.3) 3.8
----- ---
Net cash provided (used) by
operating activities 131.8 (4.8)
Investing Activities
Capital expenditures (60.7) (41.8)
Business acquisitions, net of
cash acquired - (259.4)
Proceeds from sale of equity
affiliate and other assets 28.2 274.7
---- -----
Net cash used by investing
activities (32.5) (26.5)
Financing Activities
Repayment of long-term debt (8.0) (341.7)
Premium on early extinguishment
of debt - (4.6)
Proceeds from long-term debt - 600.0
Debt financing costs - (13.0)
Borrowings under credit
facilities 21.7 126.2
Repayments under credit
facilities (20.9) (117.5)
Purchase of common shares (175.0) (95.7)
Exercise of stock awards 6.8 5.2
Cash dividends paid (22.5) (15.7)
----- -----
Net cash (used) provided by
financing activities (197.9) 143.2
Effect of exchange rate changes
on cash (3.0) 0.9
---- ---
(Decrease) increase in cash and
cash equivalents (101.6) 112.8
Cash and cash equivalents at
beginning of period 365.2 210.0
----- -----
Cash and cash equivalents at end
of period $263.6 $322.8
====== ======
Attachment 6
PolyOne Corporation
Business Segment and Platform Operations (Unaudited)
(In millions)
Operating income at the segment level does not include: special items as defined on Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit
eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. These
costs are included in Corporate and eliminations.
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Sales:
Global Color, Additives
and Inks $212.0 $219.0 $660.3 $653.7
Global Specialty
Engineered Materials 145.8 157.6 461.0 $469.3
Designed Structures and
Solutions 152.3 187.8 489.9 $428.2
----- ----- -----
Specialty Platform 510.1 564.4 1,611.2 1,551.2
Performance Products and
Solutions 213.0 207.4 631.8 584.3
PolyOne Distribution 280.5 275.0 851.6 818.1
Corporate and
eliminations (45.2) (37.9) (128.4) (106.0)
----- ----- ------ ------
Sales $958.4 $1,008.9 $2,966.2 $2,847.6
====== ======== ======== ========
Gross margin:
Global Color, Additives
and Inks $71.8 $71.8 $228.4 $214.7
Global Specialty
Engineered Materials 39.7 39.2 125.8 117.4
Designed Structures and
Solutions 25.7 26.9 78.2 57.6
Specialty Platform 137.2 137.9 432.4 389.7
Performance Products and
Solutions 29.2 27.6 86.2 78.5
PolyOne Distribution 29.3 27.6 87.9 83.9
Corporate and
eliminations (13.1) (11.8) (51.2) (4.8)
----- ----- ----- ----
Gross margin $182.6 $181.3 $555.3 $547.3
====== ====== ====== ======
Selling and administrative expense:
Global Color, Additives
and Inks $41.7 $42.9 $130.2 $130.7
Global Specialty
Engineered Materials 21.3 24.6 70.2 72.0
Designed Structures and
Solutions 12.6 16.0 41.0 36.2
---- ---- ---- ----
Specialty Platform 75.6 83.5 241.4 238.9
Performance Products and
Solutions 11.4 12.5 34.8 34.5
PolyOne Distribution 10.6 11.0 34.7 34.2
Corporate and
eliminations 21.4 12.7 75.0 57.0
---- ---- ---- ----
Selling and
administrative expense $119.0 $119.7 $385.9 $364.6
====== ====== ====== ======
Operating income:
Global Color, Additives
and Inks $30.1 $28.9 $98.2 $84.0
Global Specialty
Engineered Materials 18.4 14.6 55.6 45.4
Designed Structures and
Solutions 13.1 10.9 37.2 21.4
---- ---- ---- ----
Specialty Platform 61.6 54.4 191.0 150.8
Performance Products and
Solutions 17.8 15.1 51.4 44.0
PolyOne Distribution 18.7 16.6 53.2 49.7
Corporate and
eliminations (34.5) (24.5) (126.2) (61.7)
----- ----- ------ -----
Operating income $63.6 $61.6 $169.4 $182.8
===== ===== ====== ======
Specialty Platform consists of our three specialty segments: Global Specialty Engineered Materials; Global Color, Additives and Inks; and Designed Structures and Solutions. We present Specialty Platform sales, gross margin, selling and administration, and operating income because management believes that this is useful information to investors by highlighting our collective progress in advancing our specialization strategy.
Attachment 7
PolyOne Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items, operating income before special items and free cash flow to assess performance and allocate resources because senior management believes that these measures are useful in understanding current profitability levels and that current levels may serve as
a base for future performance. In addition, operating income before the effect of special items is a component of various PolyOne annual and long-term employee incentive plans and is used in debt covenant computations. Below is a reconciliation of non-GAAP financial measures to the most directly
comparable measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition of special items.
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
Reconciliation to Consolidated Statements of Income 2014 2013 2014 2013
---- ---- ---- ----
Sales $958.4 $1,008.9 $2,966.2 $2,847.6
Gross margin before special items 194.7 191.4 602.3 548.2
Special items in gross margin (Attachment 3) (12.1) (10.1) (47.0) (0.9)
----- ----- ----- ----
Gross margin - GAAP $182.6 $181.3 $555.3 $547.3
====== ====== ====== ======
Gross margin before special items as a percent of sales 20.3% 19.0% 20.3% 19.3%
Operating income adjusted 85.6 72.4 254.1 205.0
Special items in operating income (Attachment 3) (22.0) (10.8) (84.7) (22.2)
----- ----- ----- -----
Operating income - GAAP $63.6 $61.6 $169.4 $182.8
===== ===== ====== ======
Operating income before special items as a percent of sales 8.9% 7.2% 8.6% 7.2%
The tables below reconcile pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures.
Three Months Ended Nine Months Ended
September 30, 2014 September 30, 2014
------------------ ------------------
GAAP Special Items Pre- GAAP Special Pre-
Results special Results Items special
Results Results
------- ------- ------- ----- -------
Income from continuing operations, before income taxes $46.4 $21.9 $68.3 $119.6 $84.1 $203.7
Income tax expense - GAAP (14.1) - (14.1) (27.4) - (27.4)
Tax benefit on special items (Attachment 3) - (8.7) (8.7) - (34.2) (34.2)
Tax specials - (benefit) (Attachment 1) - (0.1) (0.1) - (6.9) (6.9)
--- ---- ---- --- ---- ----
Income tax expense $(14.1) $(8.8) $(22.9) $(27.4) $(41.1) $(68.5)
====== ===== ====== ====== ====== ======
Effective Tax Rate 30.4% 33.5% 22.9% 33.6%
Three Months Ended Nine Months Ended
September 30, 2013 September 30, 2013
------------------ ------------------
GAAP Special Pre- GAAP Special Pre-
Results Items special Results Results Items special Results
------- ----- --------------- ------- ----- ---------------
Income from continuing operations, before income taxes $38.8 $16.0 $54.8 $117.4 $38.5 $155.9
Income tax expense - GAAP (15.8) - (15.8) (45.1) - (45.1)
Tax benefit on special items (Attachment 3) - (5.5) (5.5) - (13.0) (13.0)
Tax specials - expense (Attachment 1) - 1.8 1.8 - 2.5 2.5
--- --- --- --- --- ---
Income tax expense $(15.8) $(3.7) $(19.5) $(45.1) $(10.5) $(55.6)
====== ===== ====== ====== ====== ======
Effective Tax Rate 40.7% 35.6% 38.4% 35.7%
Senior management uses the "Mix Shift Highlights Specialty Transformation" graph to show PolyOne's progression toward its specialty targets.
Specialty Platform % of Operating Income 2005Y* 2008Y* 2010Y* 2013Y Q3 2014YTD
----- ----- ----- ----- ----------
Global Color, Additives and Inks $4.3 $28.1 $37.7 $104.0 $98.2
Global Specialty Engineered Materials 0.4 17.6 49.7 57.2 55.6
Designed Structures and Solutions - - - 33.4 37.2
Specialty Platform $4.7 $45.7 $87.4 $194.6 $191.0
Performance Products and Solutions 75.7 31.3 54.0 56.0 51.4
Distribution 19.5 28.1 42.0 63.3 53.2
Joint ventures 91.9 28.6 18.9 - -
Corporate and eliminations (51.5) (425.1) (27.7) (82.4) (126.2)
----- ------ ----- ----- ------
Operating income (loss) $140.3 $(291.4) $174.6 $231.5 $169.4
Less: Corporate and special items 51.5 425.1 27.7 82.4 126.2
Operating income excluding Corporate and special items $191.8 $133.7 $202.3 $313.9 $295.6
====== ====== ====== ====== ======
Specialty platform operating mix percentage 2% 34% 43% 62% 65%
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal or discontinued operations.
Free cash flow is calculated as follows:
YTD YTD
9/30/2014 9/30/2013
--------- ---------
Net cash provided (used) by
operating activities 131.8 (4.8)
Capital expenditures (60.7) (41.8)
Free cash flow $71.1 $(46.6)
===== ======
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SOURCE PolyOne Corporation
