https://www.avient.com/sites/default/files/2022-04/Avient Q1 2022 Earnings Release.pdf
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 84.2 $ 0.91 $ 79.3 $ 0.86
Special items, after tax (Attachment 3) 7.2 0.08 2.6 0.03
Adjusted net income / EPS - excluding special items $ 91.4 $ 0.99 $ 81.9 $ 0.89
6
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
2022 2021
Sales $ 1,293.8 $ 1,162.3
Cost of sales 1,000.1 859.9
Gross margin 293.7 302.4
Selling and administrative expense 165.1 182.0
Operating income 128.6 120.4
Interest expense, net (16.9) (19.3)
Other (expense) income, net (0.6) 1.5
Income before income taxes 111.1 102.6
Income taxes (26.6) (22.9)
Net income 84.5 79.7
Net income attributable to noncontrolling interests (0.3) (0.4)
Net income attributable to Avient shareholders $ 84.2 $ 79.3
Earnings per share attributable to Avient common shareholders - Basic $ 0.92 $ 0.87
Earnings per share attributable to Avient common shareholders - Diluted $ 0.91 $ 0.86
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125
Weighted-average shares used to compute earnings per common share:
Basic 91.5 91.3
Diluted 92.3 92.2
7
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
March 31,
2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation and amortization $ (4.4) $ (1.8)
Environmental remediation costs (2.0) (0.5)
Reimbursement of previously incurred environmental costs 0.6 4.5
Impact on cost of sales (5.8) 2.2
Selling and administrative expense:
Restructuring, legal and other 0.9 (1.3)
Acquisition related costs (2.9) (3.3)
Impact on selling and administrative expense (2.0) (4.6)
Impact on operating income (7.8) (2.4)
Other income, net 0.1 —
Impact on income before income taxes (7.7) (2.4)
Income tax benefit on above special items 2.0 0.9
Tax adjustments(2) (1.5) (1.1)
Impact of special items on net income attributable to Avient Shareholders $ (7.2) $ (2.6)
Diluted earnings per common share impact $ (0.08) $ (0.03)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.3 92.2
(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 actuarial 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, 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; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
Three Months Ended
March 31,
Reconciliation to Consolidated Statements of Income 2022 2021
Sales $ 1,293.8 $ 1,162.3
Gross margin - GAAP 293.7 302.4
Special items in gross margin (Attachment 3) 5.8 (2.2)
Adjusted gross margin $ 299.5 $ 300.2
Adjusted gross margin as a percent of sales 23.2 % 25.8 %
Operating income - GAAP 128.6 120.4
Special items in operating income (Attachment 3) 7.8 2.4
Adjusted operating income $ 136.4 $ 122.8
Adjusted operating income as a percent of sales 10.5 % 10.6 %
The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US
GAAP figures.
Three Months Ended March 31,
2022 2021
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
$111.1 $ 7.7 $ 118.8 $102.6 $ 2.4 $ 105.0
Income tax expense - GAAP (26.6) — (26.6) (22.9) — (22.9)
Income tax impact of special items (Attachment 3) — (2.0) (2.0) — (0.9) (0.9)
Tax adjustments (Attachment 3) — 1.5 1.5 — 1.1 1.1
Income tax (expense) benefit $ (26.6) $ (0.5) $ (27.1) $ (22.9) $ 0.2 $ (22.7)
Effective Tax Rate(1) 23.9 % 22.8 % 22.3 % 21.6 %
(1) Rates may not recalculate from figures presented herein due to rounding
12
Reconciliation of EBITDA by Segment Three Months Ended
March 31,
2022 2021
Operating income:
Color, Additives and Inks $ 94.5 $ 88.8
Specialty Engineered Materials 39.7 34.2
Distribution 24.2 24.0
Corporate and eliminations (29.8) (26.6)
Operating income $ 128.6 $ 120.4
Items below OI in Corporate:
Other income, net $ (0.6) $ 1.5
Depreciation & amortization:
Color, Additives and Inks $ 26.0 $ 27.4
Specialty Engineered Materials 7.8 7.8
Distribution 0.2 0.2
Corporate and eliminations 3.8 1.7
Depreciation & Amortization $ 37.8 $ 37.1
EBITDA:
Color, Additives and Inks $ 120.5 $ 116.2
Specialty Engineered Materials 47.5 42.0
Distribution 24.4 24.2
Corporate and eliminations (26.0) (24.9)
Other income, net (0.6) 1.5
EBITDA $ 165.8 $ 159.0
EBITDA as a % of Sales:
Color, Additives and Inks 18.6 % 19.1 %
Specialty Engineered Materials 19.4 % 19.4 %
Distribution 5.6 % 6.7 %
Three Months Ended
March 31,
Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021
Net income from continuing operations – GAAP $ 84.5 $ 79.7
Income tax expense 26.6 22.9
Interest expense 16.9 19.3
Depreciation and amortization 37.8 37.1
EBITDA $ 165.8 $ 159.0
Special items, before tax 7.7 2.4
Depreciation and amortization included in special items (2.1) (0.5)
Adjusted EBITDA $ 171.4 $ 160.9
NEWS RELEASE
Attachment 1
https://www.avient.com/sites/default/files/2023-11/AVNT Q3 2023 Earnings Press Release.pdf
Beggs added, “Last month, we also increased our dividend for the thirteenth consecutive
year.
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023 2022 2023 2022
Sales $ 753.7 $ 823.3 $ 2,423.8 $ 2,606.5
Operating Income 34.3 40.6 153.7 242.9
Net income (loss) from continuing operations attributable to Avient
shareholders 5.1 (27.4) 48.0 99.8
Basic earnings per share from continuing operations attributable to
Avient shareholders $ 0.06 $ (0.30) $ 0.53 $ 1.09
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.06 $ (0.30) $ 0.52 $ 1.08
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.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation to Consolidated Statements of Income 2023 2022 2023 2022
Sales $ 753.7 $ 823.3 $ 2,423.8 $ 2,606.5
Gross margin - GAAP 195.3 195.4 683.6 710.7
Special items in gross margin (Attachment 3) 40.2 31.8 62.4 35.6
Adjusted gross margin $ 235.5 $ 227.2 $ 746.0 $ 746.3
Adjusted gross margin as a percent of sales 31.2 % 27.7 % 30.8 % 28.6 %
Operating income - GAAP 34.3 40.6 153.7 242.9
Special items in operating income (Attachment 3) 41.0 40.2 89.9 48.8
Adjusted operating income $ 75.3 $ 80.8 $ 243.6 $ 291.7
Adjusted operating income as a percent of sales 10.0 % 9.8 % 10.1 % 11.2 %
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022 2023 2022
Net income from continuing operations – GAAP $ 5.1 $ (27.8) $ 48.7 $ 99.7
Income tax (benefit) expense (0.1) (1.2) 18.0 41.5
Interest expense, net 30.3 37.3 88.5 70.4
Depreciation and amortization 46.4 39.8 144.5 113.7
EBITDA from continuing operations $ 81.7 $ 48.1 $ 299.7 $ 325.3
Special items, before tax 43.2 82.0 92.2 89.6
Interest expense included in special items (2.2) (10.0) (2.2) (10.0)
Depreciation and amortization included in special items — (0.8) (1.9) (4.0)
Adjusted EBITDA $ 122.7 $ 119.3 $ 387.8 $ 400.9
Adjusted EBITDA as a % of sales 16.3 % 14.5 % 16.0 % 15.4 %
NEWS RELEASE
Attachment 1
https://www.avient.com/sites/default/files/2023-07/AVNT Q2 2023 Earnings Press Release%5B43%5D.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Sales $ 824.4 $ 891.0 $ 1,670.1 $ 1,783.2
Operating Income 62.3 100.1 119.4 202.3
Net income from continuing operations attributable to Avient
shareholders 22.1 62.8 42.9 127.2
Basic earnings per share from continuing operations attributable to
Avient shareholders $ 0.24 $ 0.69 $ 0.47 $ 1.39
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.24 $ 0.68 $ 0.47 $ 1.38
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.
Three Months Ended
June 30, 2023
Three Months Ended
June 30, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 22.1 $ 0.24 $ 62.8 $ 0.68
Special items, after tax (Attachment 3) 19.6
0.21 3.2 0.03
Amortization expense, after-tax 16.2 0.18 10.5 0.12
Adjusted net income / EPS $ 57.9 $ 0.63 $ 76.5 $ 0.83
Six Months Ended
June 30, 2023 Six Months Ended
June 30, 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient
shareholders $ 42.9 $ 0.47 $ 127.2 $ 1.38
Special items, after tax (Attachment 3) 41.9 0.46 9.6 0.10
Amortization expense, after-tax 31.3 0.34 21.3 0.23
Adjusted net income / EPS $ 116.1 $ 1.27 $ 158.1 $ 1.71
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Sales $ 824.4 $ 891.0 $ 1,670.1 $ 1,783.2
Cost of sales 583.7 630.1 1,181.8 1,267.9
Gross margin 240.7 260.9 488.3 515.3
Selling and administrative expense 178.4 160.8 368.9 313.0
Operating income 62.3 100.1 119.4 202.3
Interest expense, net (29.4) (16.2) (58.2) (33.1)
Other (expense) income, net (0.2) 1.6 0.5 1.0
Income from continuing operations before income taxes 32.7 85.5 61.7 170.2
Income tax expense (10.4) (22.7) (18.1) (42.7)
Net income from continuing operations 22.3 62.8 43.6 127.5
Income (loss) from discontinued operations, net of income taxes — 21.9 (0.9) 41.7
Net income 22.3 84.7 42.7 169.2
Net income attributable to noncontrolling interests (0.2) — (0.7) (0.3)
Net income attributable to Avient common shareholders $ 22.1 $ 84.7 $ 42.0 $ 168.9
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.24 $ 0.69 $ 0.47 $ 1.39
Discontinued operations — 0.24 (0.01) 0.46
Total $ 0.24 $ 0.93 $ 0.46 $ 1.85
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.24 $ 0.68 $ 0.47 $ 1.38
Discontinued operations — 0.24 (0.01) 0.45
Total $ 0.24 $ 0.92 $ 0.46 $ 1.83
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 $ 0.4950 $ 0.4750
Weighted-average shares used to compute earnings per common share:
Basic 91.1 91.4 91.1 91.4
Diluted 91.9 92.1 91.9 92.2
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (1.2) $ (2.6) $ (7.8) $ (7.0)
Environmental remediation costs (13.0) (3.0) (14.4) (5.0)
Reimbursement of previously incurred environmental costs — 7.6 — 8.2
Impact on cost of sales (14.2) 2.0 (22.2) (3.8)
Selling and administrative expense:
Restructuring (0.5) (2.9) (11.9) (1.3)
Legal and other (6.4) 1.2 (10.6) 1.5
Acquisition related costs (0.7) (2.1) (4.2) (5.0)
Impact on selling and administrative expense (7.6) (3.8) (26.7) (4.8)
Impact on operating income (21.8) (1.8) (48.9) (8.6)
Other income (loss), net 0.1 0.9 (0.1) 1.0
Impact on income from continuing operations before income taxes (21.7) (0.9) (49.0) (7.6)
Income tax expense (benefit) on above special items 5.5 0.2 12.4 2.0
Tax adjustments(2) (3.4) (2.5) (5.3) (4.0)
Impact of special items on net income from continuing operations $ (19.6) $ (3.2) $ (41.9) $ (9.6)
Diluted earnings per common share impact $ (0.21) $ (0.03) $ (0.46) $ (0.10)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.9 92.1 91.9 92.2
(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
Three Months Ended
June 30,
Six Months Ended
June 30,
Reconciliation to Consolidated Statements of Income 2023 2022 2023 2022
Sales $ 824.4 $ 891.0 $ 1,670.1 $ 1,783.2
Gross margin - GAAP 240.7 260.9 488.3 515.3
Special items in gross margin (Attachment 3) 14.2 (2.0) 22.2 3.8
Adjusted gross margin $ 254.9 $ 258.9 $ 510.5 $ 519.1
Adjusted gross margin as a percent of sales 30.9 % 29.1 % 30.6 % 29.1 %
Operating income - GAAP 62.3 100.1 119.4 202.3
Special items in operating income (Attachment 3) 21.8 1.8 48.9 8.6
Adjusted operating income $ 84.1 $ 101.9 $ 168.3 $ 210.9
Adjusted operating income as a percent of sales 10.2 % 11.4 % 10.1 % 11.8 %
Three Months Ended
June 30,
Six Months Ended June
30,
Reconciliation to EBITDA and Adjusted EBITDA: 2023 2022 2023 2022
Net income from continuing operations – GAAP $ 22.3 $ 62.8 $ 43.6 $ 127.5
Income tax expense 10.4 22.7 18.1 42.7
Interest expense, net 29.4 16.2 58.2 33.1
Depreciation and amortization 47.6 36.5 98.1 74.3
EBITDA from continuing operations $ 109.7 $ 138.2 $ 218.0 $ 277.6
Special items, before tax 21.7 0.9 49.0 7.6
Depreciation and amortization included in special items (0.1) (1.1) (1.9) (3.2)
Adjusted EBITDA $ 131.3 $ 138.0 $ 265.1 $ 282.0
Adjusted EBITDA as a % of sales 15.9 % 15.5 % 15.9 % 15.8 %
NEWS RELEASE
Attachment 1
https://www.avient.com/sites/default/files/2024-10/Avient Announces Third Quarter 2024 Results.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8
Operating income 77.2 34.3 243.7 153.7
Net income from continuing operations attributable to Avient
shareholders 38.2 5.1 121.2 48.0
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.41 $ 0.06 $ 1.32 $ 0.52
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.
Three Months Ended September 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 38.2 $ 0.41 $ 5.1 $ 0.06
Special items, after-tax (Attachment 3) 6.6 0.07 32.0 0.35
Amortization expense, after-tax 15.0 0.16 15.2 0.16
Adjusted net income / EPS $ 59.8 $ 0.65 $ 52.3 $ 0.57
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Nine Months Ended September 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 121.2 $ 1.32 $ 48.0 $ 0.52
Special items, after-tax (Attachment 3) 33.9 0.37 73.9 0.81
Amortization expense, after-tax 44.7 0.49 46.5 0.51
Adjusted net income / EPS $ 199.8 $ 2.17 $ 168.4 $ 1.84
(1) Per share amounts may not recalculate from figures presented herein due to rounding
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8
Cost of sales 553.8 558.4 1,696.7 1,740.2
Gross margin 261.4 195.3 797.2 683.6
Selling and administrative expense 184.2 161.0 553.5 529.9
Operating income 77.2 34.3 243.7 153.7
Interest expense, net (26.9) (30.3) (80.1) (88.5)
Other (expense) income, net (0.3) 1.0 (2.1) 1.5
Income from continuing operations before income taxes 50.0 5.0 161.5 66.7
Income tax (expense) benefit (11.3) 0.1 (39.3) (18.0)
Net income from continuing operations 38.7 5.1 122.2 48.7
Loss from discontinued operations, net of income taxes — — — (0.9)
Net income $ 38.7 $ 5.1 $ 122.2 $ 47.8
Net income attributable to noncontrolling interests (0.5) — (1.0) (0.7)
Net income attributable to Avient common shareholders $ 38.2 $ 5.1 $ 121.2 $ 47.1
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.42 $ 0.06 $ 1.33 $ 0.53
Discontinued operations — — — (0.01)
Total $ 0.42 $ 0.06 $ 1.33 $ 0.52
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.41 $ 0.06 $ 1.32 $ 0.52
Discontinued operations — — — (0.01)
Total $ 0.41 $ 0.06 $ 1.32 $ 0.51
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 0.7725 $ 0.7425
Weighted-average shares used to compute earnings per common share:
Basic 91.3 91.1 91.3 91.1
Diluted 92.3 91.9 92.0 91.8
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024 2023 2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ 1.8 $ (2.1) $ 5.6 $ (9.9)
Environmental remediation costs (2.4) (38.1) (28.2) (52.5)
Impact on cost of sales (0.6) (40.2) (22.6) (62.4)
Selling and administrative expense:
Restructuring and employee separation costs (3.1) (2.0) (6.6) (13.8)
Legal and other (4.3) 1.7 (10.1) (9.1)
Acquisition related costs (0.4) (0.5) (2.5) (4.6)
Impact on selling and administrative expense (7.8) (0.8) (19.2) (27.5)
Impact on operating income (8.4) (41.0) (41.8) (89.9)
Interest expense, net - financing costs (1.3) (2.2) (2.3) (2.2)
Other income (loss) — — 0.1 (0.1)
Impact on income from continuing operations before income taxes (9.7) (43.2) (44.0) (92.2)
Income tax benefit on special items 3.5 10.8 11.9 23.2
Tax adjustments(2) (0.4) 0.4 (1.8) (4.9)
Impact of special items on net income from continuing operations $ (6.6) $ (32.0) $ (33.9) $ (73.9)
Diluted earnings per common share impact $ (0.07) $ (0.35) $ (0.37) $ (0.81)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.3 91.9 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
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation to Consolidated Statements of Income 2024 2023 2024 2023
Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8
Gross margin - GAAP 261.4 195.3 797.2 683.6
Special items in gross margin (Attachment 3) 0.6 40.2 22.6 62.4
Adjusted gross margin $ 262.0 $ 235.5 $ 819.8 $ 746.0
Adjusted gross margin as a percent of sales 32.1 % 31.2 % 32.9 % 30.8 %
Operating income - GAAP 77.2 34.3 243.7 153.7
Special items in operating income (Attachment 3) 8.4 41.0 41.8 89.9
Adjusted operating income $ 85.6 $ 75.3 $ 285.5 $ 243.6
Adjusted operating income as a percent of sales 10.5 % 10.0 % 11.4 % 10.1 %
Three Months Ended
September 30,
Nine Months Ended
September 30,
Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 2024 2023
Net income from continuing operations – GAAP $ 38.7 $ 5.1 $ 122.2 $ 48.7
Income tax expense (benefit) 11.3 (0.1) 39.3 18.0
Interest expense, net 26.9 30.3 80.1 88.5
Depreciation & amortization 45.1 46.4 134.3 144.5
EBITDA from continuing operations $ 122.0 $ 81.7 $ 375.9 $ 299.7
Special items, before tax 9.7 43.2 44.0 92.2
Interest expense included in special items (1.3) (2.2) (2.3) (2.2)
Depreciation & amortization included in special items (0.4) — (1.2) (1.9)
Adjusted EBITDA $ 130.0 $ 122.7 $ 416.4 $ 387.8
Adjusted EBITDA as a percent of sales 15.9 % 16.3 % 16.7 % 16.0 %
Year Ended
December 31, 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1)
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
https://www.avient.com/sites/default/files/2024-08/AVNT Second Quarter Earnings Press Release.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Operating Income 72.5 62.3 166.5 119.4
Net income from continuing operations attributable to Avient
shareholders 33.6 22.1 83.0 42.9
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.36 $ 0.24 $ 0.90 $ 0.47
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.
Three Months Ended
June 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 33.6 $ 0.36 $ 22.1 $ 0.24
Special items, after-tax (Attachment 3) 21.8 0.24 19.6 0.21
Amortization expense, after-tax 14.8 0.16 16.2 0.18
Adjusted net income / EPS $ 70.2 $ 0.76 $ 57.9 $ 0.63
Six Months Ended
June 30,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 83.0 $ 0.90 $ 42.9 $ 0.47
Special items, after-tax (Attachment 3) 27.3 0.30 41.9 0.46
Amortization expense, after-tax 29.7 0.32 31.3 0.34
Adjusted net income / EPS $ 140.0 $ 1.52 $ 116.1 $ 1.27
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Cost of sales 592.1 583.7 1,142.9 1,181.8
Gross margin 257.6 240.7 535.8 488.3
Selling and administrative expense 185.1 178.4 369.3 368.9
Operating income 72.5 62.3 166.5 119.4
Interest expense, net (26.6) (29.4) (53.2) (58.2)
Other (expense) income, net (0.9) (0.2) (1.8) 0.5
Income from continuing operations before income taxes 45.0 32.7 111.5 61.7
Income tax expense (11.2) (10.4) (28.0) (18.1)
Net income from continuing operations 33.8 22.3 83.5 43.6
Loss from discontinued operations, net of income taxes — — — (0.9)
Net income $ 33.8 $ 22.3 $ 83.5 $ 42.7
Net income attributable to noncontrolling interests (0.2) (0.2) (0.5) (0.7)
Net income attributable to Avient common shareholders $ 33.6 $ 22.1 $ 83.0 $ 42.0
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.37 $ 0.24 $ 0.91 $ 0.47
Discontinued operations — — — (0.01)
Total $ 0.37 $ 0.24 $ 0.91 $ 0.46
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.36 $ 0.24 $ 0.90 $ 0.47
Discontinued operations — — — (0.01)
Total $ 0.36 $ 0.24 $ 0.90 $ 0.46
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 0.5150 $ 0.4950
Weighted-average shares used to compute earnings per common share:
Basic 91.3 91.1 91.3 91.1
Diluted 92.2 91.9 92.0 91.9
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024 2023 2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ 0.2 $ (1.2) $ 3.8 $ (7.8)
Environmental remediation costs (21.8) (13.0) (25.8) (14.4)
Impact on cost of sales (21.6) (14.2) (22.0) (22.2)
Selling and administrative expense:
Restructuring and employee separation costs (2.8) (0.5) (3.5) (11.9)
Legal and other (2.3) (6.4) (5.8) (10.6)
Acquisition related costs (0.5) (0.7) (2.1) (4.2)
Impact on selling and administrative expense (5.6) (7.6) (11.4) (26.7)
Impact on operating income (27.2) (21.8) (33.4) (48.9)
Interest expense, net - financing costs (1.0) — (1.0) —
Other income (loss) 0.1 0.1 0.1 (0.1)
Impact on income from continuing operations before income taxes (28.1) (21.7) (34.3) (49.0)
Income tax benefit on above special items 7.0 5.5 8.4 12.4
Tax adjustments(2) (0.7) (3.4) (1.4) (5.3)
Impact of special items on net income from continuing operations $ (21.8) $ (19.6) $ (27.3) $ (41.9)
Diluted earnings per common share impact $ (0.24) $ (0.21) $ (0.30) $ (0.46)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.2 91.9 92.0 91.9
(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
Three Months Ended
June 30,
Six Months Ended
June 30,
Reconciliation to Consolidated Statements of Income 2024 2023 2024 2023
Sales $ 849.7 $ 824.4 $ 1,678.7 $ 1,670.1
Gross margin - GAAP 257.6 240.7 535.8 488.3
Special items in gross margin (Attachment 3) 21.6 14.2 22.0 22.2
Adjusted gross margin $ 279.2 $ 254.9 $ 557.8 $ 510.5
Adjusted gross margin as a percent of sales 32.9 % 30.9 % 33.2 % 30.6 %
Operating income - GAAP 72.5 62.3 166.5 119.4
Special items in operating income (Attachment 3) 27.2 21.8 33.4 48.9
Adjusted operating income $ 99.7 $ 84.1 $ 199.9 $ 168.3
Adjusted operating income as a percent of sales 11.7 % 10.2 % 11.9 % 10.1 %
Three Months Ended
June 30,
Six Months Ended
June 30,
Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 2024 2023
Net income from continuing operations – GAAP $ 33.8 $ 22.3 $ 83.5 $ 43.6
Income tax expense 11.2 10.4 28.0 18.1
Interest expense, net 26.6 29.4 53.2 58.2
Depreciation & amortization 44.9 47.6 89.2 98.1
EBITDA from continuing operations $ 116.5 $ 109.7 $ 253.9 $ 218.0
Special items, before tax 28.1 21.7 34.3 49.0
Interest expense included in special items (1.0) — (1.0) —
Depreciation & amortization included in special items (0.3) (0.1) (0.8) (1.9)
Adjusted EBITDA $ 143.3 $ 131.3 $ 286.4 $ 265.1
Adjusted EBITDA as a percent of sales 16.9 % 15.9 % 17.1 % 15.9 %
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
14
Three Months Ended
September 30, 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS
Net income from continuing operations attributable to Avient shareholders $ 5.1 $ 0.06
Special items, after-tax 32.0 0.35
Amortization expense, after-tax 15.2 0.16
Adjusted net income / EPS $ 52.3 $ 0.57
https://www.avient.com/investor-center/news/polyone-signs-definitive-agreement-acquire-clariant-color-and-additive-masterbatch-business
see Attachment 1), representing an 11.1x multiple of last twelve months adjusted EBITDA, or 7.6x including anticipated synergies.
for the last twelve months, includes specialty technologies and solutions for high-growth global end markets, such as consumer, packaging, and healthcare.
https://www.avient.com/investor-center/news/avient-provides-fourth-quarter-2020-updates
Pro forma for the acquisition of Clariant Masterbatch, the company noted sales for October and November increased 5.4% over the same months in the prior year.
Three Months Ended
https://www.avient.com/sites/default/files/2024-10/Avient_CodeConduct_2024_CZ2.pdf
Ashish Khandpur, prezident a výkonný ředitel
POCTIVOST NA
INTEGRITA PŘI NAŠEM
SPOLEČENSKÁ
KODEX CHOVÁNÍ | 1
POCTIVOST NA
INTEGRITA PŘI NAŠEM
SPOLEČENSKÁ
KODEX CHOVÁNÍ | 2
Pokyny pro etické chování
Le Code de conduite d’Avient (le « Code ») est un guide de conduite
des Kodex chování společnosti Avient („Kodex“) je průvodce firemním
chováním.
Otázka: Všimla jsem si něčeho, co podle mě porušovalo Kodex.
Otázka: Někdo mě právě požádal, abych podržel otevřené dveře,
aby mohl vstoupit do některé z našich budov.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_Canada.pdf
Que
dois-je faire pour m’assurer d’être remboursé
pour les frais que j’engage pour mes voyages
d’affaires pour le compte de l’entreprise?
Concurrence
Avient s’efforce de faire des affaires basées sur des
produits, des services et des rendements supérieurs.
Lorsque vous décidez d’accepter ou de fournir des repas,
des divertissements ou des voyages, tenez compte de la
fréquence et de la valeur de ceux-ci.
https://www.avient.com/sites/default/files/2020-10/demystifing-cmf-brochure.pdf
STANDING APART
FROM THE
COMPETITION
HOW DO MY CMF CHOICES SET ME APART
FROM COMPETITORS?