Specialty polymer producer PolyOne expects sales to decline by 20% year-on-year in the second quarter amid the coronavirus pandemic which crushes global demand for its products, CEO Robert Patterson said during a call with analysts on June 16. Patterson said that PolyOne’s five facilities were shut temporarily due to restrictions by local government and to ensure health and safety of the company’s associates. Patterson on Tuesday said that all of those facilities had resumed operations
Sales fell 15% in April, due to shutdown in the automotive sector. Patterson noted that automotive-related sales accounted for about 10% of PolyOne’s total sales. However, it contributed to almost 40% of total year-on-year decline in second-quarter sales. Sales of consumer discretionary items were also struck by the health crisis. In contrast, demand from the packaging and healthcare sectors has been robust in Q2, with sales expected to rise by 5% and 8%, respectively.
Patterson said that PolyOne’s Q2 sales would likely fall by 27% in Europe and 20% in the US. Meanwhile, sales in China is expected to rise by 10% as the country begins resuming businesses after the lockdown. However, there are concerns that a new wave of COVID-19 infections will hamper sales.
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Published on June 17, 2020 3:55 PM (GMT+8)Last Updated on June 17, 2020 3:55 PM (GMT+8)
