- First quarter GAAP EPS from continuing operations of
$0.54 compared to $0.23 in the prior year quarter
- First quarter adjusted EPS of $0.76 exceeded guidance of $0.68 primarily as a result of
better-than-expected customer demand from defense applications and
lower raw material costs
- First quarter adjusted EPS increased 21% over the prior year
driven by improved margins from lower raw material costs and
favorable mix, and lower net interest expense
- Revised 2024 full-year adjusted EPS guidance range to
$2.50 to $2.65, from prior guidance of $2.40 to $2.65
given strong first quarter results; Revised full-year guidance
range reflects 6% to 12% growth in adjusted EPS over the prior
year
CLEVELAND, May 7, 2024
/PRNewswire/ -- Avient Corporation (NYSE: AVNT), a leading provider
of specialized and sustainable materials solutions, today announced
its first quarter results for 2024. The company reported first
quarter sales of $829.0 million
compared to $845.7 million in the
prior year quarter.
First quarter GAAP earnings per share (EPS) from continuing
operations was $0.54 compared to
$0.23 in the prior year quarter. The
company noted that first quarter 2024 GAAP EPS includes
$0.06 of special items (see
Attachment 3) and $0.16 of intangible
amortization expense (see Attachment 1). First quarter 2024
adjusted EPS was $0.76 compared to
$0.63 in the prior year.
"It is a positive start to the year, as we grew first quarter
adjusted EPS by 21% over the prior year," said Dr. Ashish Khandpur, President and Chief Executive
Officer, Avient Corporation. "Our performance was supported by
strong demand for our Dyneema® fiber technology used in personal
protection applications and raw material deflation. These drivers
resulted in total company adjusted EBITDA margin of 17.3% for the
quarter, a 150 basis point year-over-year improvement."
Dr. Khandpur added, "From a regional standpoint, the Americas
continues to be the most resilient, delivering year over year sales
growth in the first quarter. In Greater
China, we also saw year over year growth primarily from
industrial and healthcare end markets. The underlying growth in
these regions helped offset softer demand in Europe and Southeast
Asia."
2024 Outlook
"Looking ahead to the second quarter, we expect adjusted EPS of
$0.71, a 13% increase over the prior
year," said Jamie Beggs, Senior Vice
President and Chief Financial Officer, Avient Corporation. "We
expect year over year demand improvement from consumer, packaging
and defense end markets, which make up roughly half of our
portfolio. We also expect raw material deflation to support margin
expansion year over year, albeit to a lesser extent than in the
first quarter."
Ms. Beggs continued, "On a full-year basis, we remain optimistic
about demand conditions improving while remaining mindful of a
strengthening U.S. dollar, persistent macro inflation and a higher
for longer interest rate environment. Accordingly, we are taking a
balanced view considering these factors and our
better-than-expected first quarter performance, and raising the low
end of our full year guidance. Our revised range for adjusted
EBITDA is between $510 million and
$535 million, from our previous range
of $505 million and $535 million. Our revised range for adjusted EPS
is between $2.50 and $2.65, from our previous range of $2.40 and $2.65."
"We are focused on driving profitable, organic, top-line growth
while expanding margins," added Dr. Khandpur. "To do so, we will
amplify our innovation by prioritizing our investments in high
growth end markets with attractive secular trends. This will be an
important component to delivering long-term sustainable growth, and
I look forward to communicating our detailed strategy later this
year."
Avient will provide additional details on its 2024 first quarter
and 2024 outlook during its webcast scheduled for 8:00 a.m. Eastern Time on May 7, 2024.
Webcast Details
Avient will host a webcast on Tuesday,
May 7, 2024 at 8:00 a.m. ET.
The webcast can be viewed live at avient.com/investors, or by
clicking on the webcast link here. Conference call participants in
the question and answer session should pre-register using the link
at avient.com/investors, or here, to receive the dial-in numbers
and personal PIN. This information is required to access the
conference call. The question and answer session will follow the
company's presentation and prepared remarks.
A recording of the webcast and the slide presentation will be
available at
avient.com/investors/events-presentations immediately
following the conference call and will be accessible for one
year.
Non-GAAP Financial Measures
The Company uses both GAAP (generally accepted accounting
principles) and non-GAAP financial measures. The non-GAAP financial
measures include adjusted EPS, adjusted operating income, adjusted
EBITDA and adjusted EBITDA margins. Avient's chief operating
decision maker uses these financial measures to monitor and
evaluate the ongoing performance of the Company and each business
segment and to allocate resources.
The Company does not provide reconciliations of forward-looking
non-GAAP financial measures, such as adjusted EPS and adjusted
EBITDA, to the most comparable GAAP financial measures on a
forward-looking basis because the Company is unable to provide a
meaningful or accurate calculation or estimation of reconciling
items and the information is not available without unreasonable
effort. This is due to the inherent difficulty of forecasting the
timing and amount of certain items, such as, but not limited to,
environmental remediation costs, mark-to-market adjustments
associated with benefit plans, acquisition related costs, and other
non-routine costs. Each of such adjustments has not yet occurred,
are out of the Company's control and/or cannot be reasonably
predicted. For the same reasons, the Company is unable to address
the probable significance of the unavailable information.
To access Avient's news library online, please visit
www.avient.com/news-events.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and
sustainable materials solutions that transform customer challenges
into opportunities, bringing new products to life for a better
world. Examples include:
- Dyneema®, the world's strongest fiber™, enables unmatched
levels of performance and protection for end-use applications,
including ballistic personal protection, marine and sustainable
infrastructure and outdoor sports
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation and reduce carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient is certified ACC Responsible Care®, a founding member of
the Alliance to End Plastic Waste and certified Great Place to
Work®. For more information, visit https://www.avient.com.
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:
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 effect
on foreign operations of currency fluctuations, tariffs and other
political, economic and regulatory risks; disruptions or
inefficiencies in our supply chain, logistics, or operations;
changes in laws and regulations in jurisdictions where we conduct
business, including with respect to plastics and climate change;
fluctuations in raw material prices, quality and supply, and in
energy prices and supply; demand for our products and services;
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; our ability to pay regular quarterly cash
dividends and the amounts and timing of any future dividends;
information systems failures and cyberattacks; amounts for cash and
non-cash charges related to restructuring plans that may differ
from original estimates, including because of timing changes
associated with the underlying actions; our ability to achieve
strategic objectives and successfully integrate acquisitions,
including the implementation of a cloud-based enterprise resource
planning system, S/4HANA; and other factors affecting our business
beyond our control, including without limitation, changes in the
general economy, changes in interest rates, changes in the rate of
inflation, geopolitical conflicts and any recessionary conditions.
The above list of factors is not exhaustive.
Any forward-looking statement speaks only as of the date on
which such statement is made, and 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
|
Avient
Corporation
|
Summary of Condensed
Consolidated Statements of Income (Unaudited)
|
(In millions, except
per share data)
|
|
|
Three Months
Ended
March 31,
|
|
2024
|
|
2023
|
|
|
|
|
Sales
|
$
829.0
|
|
$
845.7
|
Operating
income
|
94.0
|
|
57.1
|
Net income from
continuing operations attributable to Avient
shareholders
|
49.4
|
|
20.8
|
Diluted earnings per
share from continuing operations attributable to Avient
shareholders
|
$
0.54
|
|
$
0.23
|
|
Senior management uses
comparisons of adjusted net income from continuing operations
attributable to Avient shareholders and diluted adjusted earnings
per share (EPS) from continuing operations attributable to Avient
shareholders, excluding special items, to assess performance and
facilitate comparability of results. Senior management believes
these measures are useful to investors because they allow for
comparison to Avient's performance in prior periods without the
effect of items that, by their nature, tend to obscure Avient's
operating results due to the potential variability across periods
based on timing, frequency and magnitude. Non-GAAP financial
measures have limitations as analytical tools and should not be
considered in isolation from, or solely as alternatives to,
financial measures prepared in accordance with GAAP. Below is a
reconciliation of these non-GAAP financial measures to their most
directly comparable financial measures calculated and presented in
accordance with GAAP. See Attachment 3 for a definition and
summary of special items.
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
Reconciliation to
Condensed Consolidated Statements of Income
|
$
|
|
EPS
|
|
$
|
|
EPS
|
|
|
|
|
|
|
|
|
Net income from
continuing operations attributable to Avient
shareholders
|
$
49.4
|
|
$
0.54
|
|
$
20.8
|
|
$
0.23
|
Special items,
after-tax (Attachment 3)
|
5.5
|
|
0.06
|
|
22.3
|
|
0.24
|
Amortization expense,
after-tax
|
14.9
|
|
0.16
|
|
15.1
|
|
0.16
|
Adjusted net income /
EPS
|
$
69.8
|
|
$
0.76
|
|
$
58.2
|
|
$
0.63
|
Attachment
2
|
Avient
Corporation
|
Condensed
Consolidated Statements of Income (Unaudited)
|
(In millions, except
per share data)
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
|
|
|
|
Sales
|
$
829.0
|
|
$
845.7
|
Cost of
sales
|
550.8
|
|
598.1
|
Gross margin
|
278.2
|
|
247.6
|
Selling and
administrative expense
|
184.2
|
|
190.5
|
Operating
income
|
94.0
|
|
57.1
|
Interest expense,
net
|
(26.6)
|
|
(28.8)
|
Other (expense) income,
net
|
(0.9)
|
|
0.7
|
Income from continuing
operations before income taxes
|
66.5
|
|
29.0
|
Income tax
expense
|
(16.8)
|
|
(7.7)
|
Net income from
continuing operations
|
49.7
|
|
21.3
|
Loss from discontinued
operations, net of income taxes
|
—
|
|
(0.9)
|
Net income
|
49.7
|
|
20.4
|
Net income attributable
to noncontrolling interests
|
(0.3)
|
|
(0.5)
|
Net income attributable
to Avient common shareholders
|
$
49.4
|
|
$
19.9
|
|
|
|
|
Earnings (loss) per
share attributable to Avient common shareholders -
Basic:
|
|
|
|
Continuing
operations
|
$
0.54
|
|
$
0.23
|
Discontinued
operations
|
—
|
|
(0.01)
|
Total
|
$
0.54
|
|
$
0.22
|
|
|
|
|
Earnings (loss) per
share attributable to Avient common shareholders -
Diluted:
|
|
|
|
Continuing
operations
|
$
0.54
|
|
$
0.23
|
Discontinued
operations
|
—
|
|
(0.01)
|
Total
|
$
0.54
|
|
$
0.22
|
|
|
|
|
Cash dividends declared
per share of common stock
|
$
0.2575
|
|
$
0.2475
|
|
|
|
|
Weighted-average shares
used to compute earnings per common share:
|
|
|
|
Basic
|
91.2
|
|
91.0
|
Diluted
|
92.0
|
|
91.8
|
Attachment
3
|
Avient
Corporation
|
Summary of Special
Items (Unaudited)
|
(In millions,
except per share data)
|
|
Special items
(1)
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
Cost of
sales:
|
|
|
|
Restructuring costs,
including accelerated depreciation
|
$
3.6
|
|
$
(6.6)
|
Environmental
remediation costs
|
(4.0)
|
|
(1.4)
|
Impact on cost of
sales
|
(0.4)
|
|
(8.0)
|
|
|
|
|
Selling and
administrative expense:
|
|
|
|
Restructuring and
employee separation costs
|
(0.7)
|
|
(11.3)
|
Legal and
other
|
(3.5)
|
|
(4.4)
|
Acquisition related
costs
|
(1.6)
|
|
(3.4)
|
Impact on selling and
administrative expense
|
(5.8)
|
|
(19.1)
|
|
|
|
|
Impact on operating
income
|
(6.2)
|
|
(27.1)
|
|
|
|
|
Other income (loss),
net
|
—
|
|
(0.2)
|
|
|
|
|
Impact on income from
continuing operations before income taxes
|
(6.2)
|
|
(27.3)
|
Income tax benefit on
above special items
|
1.4
|
|
6.9
|
Tax
adjustments(2)
|
(0.7)
|
|
(1.9)
|
Impact of special
items on net income from continuing operations
|
$
(5.5)
|
|
$
(22.3)
|
|
|
|
|
Diluted earnings per
common share impact
|
$
(0.06)
|
|
$
(0.24)
|
|
|
|
|
Weighted average shares
used to compute adjusted earnings per share:
|
|
|
|
Diluted
|
92.0
|
|
91.8
|
|
|
(1)
|
Special items include
charges related to specific strategic initiatives or financial
restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to
acquisitions or divestitures; employee separation costs resulting
from personnel reduction programs, plant realignment costs,
executive separation agreements; asset impairments; settlement
gains or losses and mark-to-market adjustments associated with
gains and losses on pension and other post-retirement benefit
plans; environmental remediation costs, fines, penalties and
related insurance recoveries related to facilities no longer owned
or closed in prior years; gains and losses on the divestiture of
operating businesses, 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; one-time, non-recurring items; and the effect of changes in
accounting principles or other such laws or provisions affecting
reported results.
|
|
|
(2)
|
Tax adjustments include
the net tax impact from non-recurring income tax items, adjustments
to uncertain tax position reserves and the establishment, reversal
or changes to valuation allowances.
|
Attachment
4
|
Avient
Corporation
|
Condensed
Consolidated Balance Sheets
|
(In
millions)
|
|
|
(Unaudited)
March 31,
2024
|
|
December 31,
2023
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
444.3
|
|
$
545.8
|
Accounts receivable,
net
|
475.3
|
|
399.9
|
Inventories,
net
|
354.0
|
|
347.0
|
Other current
assets
|
117.1
|
|
114.9
|
Total current
assets
|
1,390.7
|
|
1,407.6
|
Property,
net
|
1,021.7
|
|
1,028.9
|
Goodwill
|
1,700.1
|
|
1,719.3
|
Intangible assets,
net
|
1,546.5
|
|
1,590.8
|
Other non-current
assets
|
217.1
|
|
221.9
|
Total
assets
|
$
5,876.1
|
|
$
5,968.5
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term and current
portion of long-term debt
|
$
9.6
|
|
$
9.5
|
Accounts
payable
|
428.3
|
|
432.3
|
Accrued expenses and
other current liabilities
|
294.2
|
|
331.8
|
Total current
liabilities
|
732.1
|
|
773.6
|
Non-current
liabilities:
|
|
|
|
Long-term
debt
|
2,069.4
|
|
2,070.5
|
Pension and other
post-retirement benefits
|
66.3
|
|
67.2
|
Deferred income
taxes
|
280.0
|
|
281.6
|
Other non-current
liabilities
|
390.5
|
|
437.6
|
Total non-current
liabilities
|
2,806.2
|
|
2,856.9
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Avient shareholders'
equity
|
2,321.3
|
|
2,319.2
|
Noncontrolling
interest
|
16.5
|
|
18.8
|
Total
equity
|
2,337.8
|
|
2,338.0
|
Total liabilities
and equity
|
$
5,876.1
|
|
$
5,968.5
|
Attachment
5
|
Avient
Corporation
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(In
millions)
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
Operating
activities
|
|
|
|
Net income
|
$
49.7
|
|
$
20.4
|
Adjustments to
reconcile net income to net cash used by operating
activities:
|
|
|
|
Depreciation and
amortization
|
43.8
|
|
48.7
|
Accelerated
depreciation
|
0.5
|
|
1.8
|
Share-based
compensation expense
|
3.3
|
|
3.2
|
Changes in assets and
liabilities:
|
|
|
|
Increase in accounts
receivable
|
(81.9)
|
|
(40.2)
|
(Increase) decrease in
inventories
|
(12.3)
|
|
3.8
|
Increase (decrease) in
accounts payable
|
1.7
|
|
(9.9)
|
Accrued expenses and
other assets and liabilities, net
|
(47.6)
|
|
(50.0)
|
Net cash used by
operating activities
|
(42.8)
|
|
(22.2)
|
|
|
|
|
Investing
activities
|
|
|
|
Capital
expenditures
|
(24.4)
|
|
(20.3)
|
Net proceeds from
divestiture
|
—
|
|
7.3
|
Proceeds from plant
closures
|
2.0
|
|
—
|
Other investing
activities
|
(2.1)
|
|
—
|
Net cash used by
investing activities
|
(24.5)
|
|
(13.0)
|
|
|
|
|
Financing
activities
|
|
|
|
Cash dividends
paid
|
(23.5)
|
|
(22.5)
|
Repayment of long-term
debt
|
(2.7)
|
|
(0.8)
|
Other financing
activities
|
(1.9)
|
|
(2.3)
|
Net cash used by
financing activities
|
(28.1)
|
|
(25.6)
|
Effect of exchange rate
changes on cash
|
(6.1)
|
|
2.4
|
Decrease in cash and
cash equivalents
|
(101.5)
|
|
(58.4)
|
Cash and cash
equivalents at beginning of year
|
545.8
|
|
641.1
|
Cash and cash
equivalents at end of period
|
$
444.3
|
|
$
582.7
|
Attachment
6
|
Avient
Corporation
|
Business Segment
Operations (Unaudited)
|
(In
millions)
|
|
Operating income and
earnings before interest, taxes, depreciation and amortization
(EBITDA) at the segment level does not include: special items as
defined in 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.
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
Sales:
|
|
|
|
Color,
Additives and Inks
|
$
515.3
|
|
$
537.0
|
Specialty
Engineered Materials
|
314.4
|
|
309.7
|
Corporate
|
(0.7)
|
|
(1.0)
|
Sales
|
$
829.0
|
|
$
845.7
|
|
|
|
|
Gross
margin:
|
|
|
|
Color,
Additives and Inks
|
$
171.2
|
|
$
162.0
|
Specialty
Engineered Materials
|
107.0
|
|
93.9
|
Corporate
|
—
|
|
(8.3)
|
Gross
margin
|
$
278.2
|
|
$
247.6
|
|
|
|
|
Selling and
administrative expense:
|
|
|
|
Color,
Additives and Inks
|
$
96.4
|
|
$
96.4
|
Specialty
Engineered Materials
|
53.6
|
|
50.8
|
Corporate
|
34.2
|
|
43.3
|
Selling and
administrative expense
|
$
184.2
|
|
$
190.5
|
|
|
|
|
Operating
income:
|
|
|
|
Color,
Additives and Inks
|
$
74.8
|
|
$
65.6
|
Specialty
Engineered Materials
|
53.4
|
|
43.1
|
Corporate
|
(34.2)
|
|
(51.6)
|
Operating
income
|
$
94.0
|
|
$
57.1
|
|
|
|
|
Depreciation &
amortization:
|
|
|
|
Color, Additives and
Inks
|
$
21.9
|
|
$
25.8
|
Specialty Engineered
Materials
|
19.6
|
|
21.2
|
Corporate
|
2.8
|
|
3.5
|
Depreciation &
amortization
|
$
44.3
|
|
$
50.5
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
(EBITDA):
|
|
|
|
Color,
Additives and Inks
|
$
96.7
|
|
$
91.4
|
Specialty
Engineered Materials
|
73.0
|
|
64.3
|
Corporate
|
(31.4)
|
|
(48.1)
|
Other (expense) income,
net
|
(0.9)
|
|
0.7
|
EBITDA from continuing
operations
|
137.4
|
|
108.3
|
Special items, before
tax
|
6.2
|
|
27.3
|
Depreciation and
amortization included in special items
|
(0.5)
|
|
(1.8)
|
Adjusted
EBITDA
|
$
143.1
|
|
$
133.8
|
Attachment
7
|
Avient
Corporation
|
Reconciliation of
Non-GAAP Financial Measures (Unaudited)
|
(In millions, except
per share data)
|
|
Senior management uses
gross margin before special items and operating income before
special items to assess performance and allocate resources because
senior management believes that these measures are useful in
understanding current profitability levels and how it may serve as
a basis for future performance. In addition, operating income
before the effect of special items is a component of Avient's
annual incentive plans and is used in debt covenant computations.
Senior management believes these measures are useful to investors
because they allow for comparison to Avient's performance in prior
periods without the effect of items that, by their nature, tend to
obscure Avient's operating results due to the potential variability
across periods based on timing, frequency and magnitude. Non-GAAP
financial measures have limitations as analytical tools and should
not be considered in isolation from, or solely as alternatives to,
financial measures prepared in accordance with GAAP. Below is a
reconciliation of these non-GAAP financial measures to their most
directly comparable financial measures calculated and presented in
accordance with GAAP. See Attachment 3 for a definition and
summary of special items.
|
|
|
Three Months
Ended
March
31,
|
Reconciliation to
Consolidated Statements of Income
|
2024
|
|
2023
|
|
|
|
|
Sales
|
$
829.0
|
|
$
845.7
|
|
|
|
|
Gross margin -
GAAP
|
278.2
|
|
247.6
|
Special items in gross
margin (Attachment 3)
|
0.4
|
|
8.0
|
Adjusted gross
margin
|
$
278.6
|
|
$
255.6
|
|
|
|
|
Adjusted gross margin
as a percent of sales
|
33.6 %
|
|
30.2 %
|
|
|
|
|
Operating income -
GAAP
|
94.0
|
|
57.1
|
Special items in
operating income (Attachment 3)
|
6.2
|
|
27.1
|
Adjusted operating
income
|
$
100.2
|
|
$
84.2
|
|
|
|
|
Adjusted operating
income as a percent of sales
|
12.1 %
|
|
10.0 %
|
|
|
Three Months
Ended
March
31,
|
Reconciliation to
EBITDA and Adjusted EBITDA:
|
2024
|
|
2023
|
Net income from
continuing operations - GAAP
|
$
49.7
|
|
$
21.3
|
Income tax
expense
|
16.8
|
|
7.7
|
Interest expense,
net
|
26.6
|
|
28.8
|
Depreciation and
amortization
|
44.3
|
|
50.5
|
EBITDA from continuing
operations
|
137.4
|
|
108.3
|
Special items, before
tax
|
6.2
|
|
27.3
|
Depreciation and
amortization included in special items
|
(0.5)
|
|
(1.8)
|
Adjusted
EBITDA
|
$
143.1
|
|
$
133.8
|
|
|
|
|
Adjusted EBITDA as a
percent of sales
|
17.3 %
|
|
15.8 %
|
|
|
Year
Ended
December 31,
2023
|
Reconciliation to
Condensed Consolidated Statements of Income
|
$
|
|
EPS
|
|
|
|
|
Net income from
continuing operations attributable to Avient
shareholders
|
$
75.8
|
|
$
0.83
|
Special items,
after-tax
|
79.3
|
|
0.86
|
Amortization expense,
after-tax
|
61.5
|
|
0.67
|
Adjusted net income /
EPS
|
$
216.6
|
|
$
2.36
|
|
|
Three Months
Ended
June 30,
2023
|
Reconciliation to
Condensed Consolidated Statements of Income
|
$
|
|
EPS
|
|
|
|
|
Net income from
continuing operations attributable to Avient
shareholders
|
$
22.1
|
|
$
0.24
|
Special items,
after-tax
|
19.6
|
|
0.21
|
Amortization expense,
after-tax
|
16.2
|
|
0.18
|
Adjusted net income /
EPS
|
$
57.9
|
|
$
0.63
|
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SOURCE Avient Corporation