PolyOne expects 15% revenue dip for Q408 due to decline in demand

Polyone Corporation has recently updated its outlook for the Q4 - 2008. The company expects the revenues to go down by approximately 15% in the Q4 - 2008 compared to the same period last year owing to a significant reduction in demand. However, despite the sales volumes decline the gross margin improvement is expected to result in operating income excluding special items that approximates prior year operating income before special items. This updated outlook for operating income before special items is an improvement from its previous projection in November. PolyOne recently completed its planning process and as a result now expects that lower housing and auto demand, incremental pension expense, and restructuring costs will lead to a pre-tax loss in the U.S. in 2009. However, the Company's international operations are expected to be profitable in 2009. Commenting on the outlook, Stephen D. Newlin, chairman, president and chief executive officer said, "While we are pleased with the improved short term outlook for operating income before special items, we recognize that the recent demand decline presents a challenging scenario for 2009."
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