Avient Corp

NYSE:AVNTUnited States

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• -- Earnings Flash (AVNT) AVIENT CORPORATION Posts Q1 Revenue $829M, from 1 hour ago by MT Newswires

  1 hour ago by MT Newswires
  Companies Mentioned: AVNT
  06:32 AM EDT, 05/07/2024 (MT Newswires) -- ...

• -- Earnings Flash (AVNT) AVIENT CORPORATION Posts Q1 Adjusted EPS $0.76, from 1 hour ago by MT Newswires

  1 hour ago by MT Newswires
  Companies Mentioned: AVNT
  06:30 AM EDT, 05/07/2024 (MT Newswires) -- ...

• Avient Announces First Quarter 2024 Results, from 1 hour ago by PR Newswire

  1 hour ago by PR Newswire
  Companies Mentioned: AVNT

  -- 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

• *DJ Avient 1Q EPS 54c >AVNT, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: AVNT

• Avient Announces First Quarter 2024 Results, from 1 hour ago by Dow Jones

  1 hour ago by Dow Jones
  Companies Mentioned: AVNT
  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 ======================= =======================