https://www.avient.com/sites/default/files/2022-02/Q4 2021 Avient Earnings Release_0.pdf
Rose
Vice President, Corporate 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
December 31,
Year Ended
December 31,
2021 2020 2021 2020
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1
Operating Income 74.0 65.0 381.2 189.3
Net income from continuing operations attributable to Avient
shareholders 29.8 74.2 230.8 132.0
Basic earnings per share from continuing operations attributable to
Avient shareholders $ 0.33 $ 0.81 $ 2.53 $ 1.47
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.32 $ 0.81 $ 2.51 $ 1.46
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
December 31,
Year Ended
December 31,
Reconciliation to Consolidated Statements of Income 2021 2020 2021 2020
Sales $ 1,201.5 $ 997.0 $ 4,818.8 $ 3,242.1
Gross margin - GAAP 253.1 252.9 1,099.6 784.3
Special items in gross margin (Attachment 3) 5.9 1.7 33.6 25.3
Adjusted Gross margin $ 259.0 $ 254.6 $ 1,133.2 $ 809.6
Adjusted Gross margin as a percent of sales 21.6 % 25.5 % 23.5 % 25.0 %
Operating income - GAAP 74.0 65.0 381.2 189.3
Special items in operating income (Attachment 3) 11.2 14.6 47.8 73.7
Adjusted Operating income $ 85.2 $ 79.6 $ 429.0 $ 263.0
Adjusted Operating income as a percent of sales 7.1 % 8.0 % 8.9 % 8.1 %
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
December 31,
2021 2020
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
Income from continuing operations before income taxes $ 51.1 $ 20.6 $ 71.7 $ 57.4 $ 4.2 $ 61.6
Income tax (expense) benefit - GAAP (22.2) — (22.2) 17.3 — 17.3
Income tax impact of special items (Attachment 3) — (4.1) (4.1) — 1.3 1.3
Tax adjustments (Attachment 3) — 7.5 7.5 — (32.2) (32.2)
Income tax (expense) benefit $ (22.2) $ 3.4 $ (18.8) $ 17.3 $ (30.9) $ (13.6)
Effective Tax Rate(1) 43.4 % 26.0 % (30.1) % 22.1 %
(1) Rates may not recalculate from figures presented herein due to rounding
14
Year Ended
December 31,
2021 2020
GAAP
Results
Special
Items
Adjusted
Results
GAAP
Results
Special
Items
Adjusted
Results
Income from continuing operations before income taxes $304.6 $ 57.1 $ 361.7 $ 139.0 $ 66.2 $ 205.2
Income tax expense - GAAP (74.0) — (74.0) (5.2) — (5.2)
Income tax impact of special items (Attachment 3) — (13.0) (13.0) — (14.1) (14.1)
Tax adjustments (Attachment 3) — 5.9 5.9 — (27.3) (27.3)
Income tax expense $ (74.0) $ (7.1) $ (81.1) $ (5.2) $ (41.4) $ (46.6)
Effective Tax Rate(1) 24.3 % 22.4 % 3.7 % 22.7 %
(1) Rates may not recalculate from figures presented herein due to rounding
The following pro forma adjustments are referenced by management to provide comparable business performance by
incorporating the Clariant Color business in periods prior to the acquisition date (July 1, 2020).
https://www.avient.com/sites/default/files/2024-05/AVNT Q1 2024 Earnings Press Release_0.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
6
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.
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
7
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
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
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
13
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
NEWS RELEASE
Attachment 1
https://www.avient.com/news/new-details-specialty-sustainable-technologies-and-services-avient-featured-k-2022
DÜSSELDORF, Germany – October 18, 2022 – At this month’s K 2022, Avient will exhibit its latest innovations and initiatives for the plastics industry as part of its drive toward creating sustainable and specialized material solutions.
https://www.avient.com/knowledge-base/article/three-ways-soft-touch-enhances-consumer-products
Within a month of its release, the first shoe with the new technology was featured as the “Editor’s Choice” in the Runner’s World Spring 2010 Shoe Guide.
https://www.avient.com/news/avient-feature-sustainable-solutions-fiber-itma-2023
MILAN, Italy – May 16, 2023 – At ITMA 2023, the annual trendsetting fiber, textile, and garment exhibition taking place next month, Avient Corporation is highlighting its latest portfolio of colorants and functional additives for spin-dyeing, dyes, chemicals, and finishes for the mass coloring and modification of synthetic fibers.
https://www.avient.com/news/polyone-helps-polycase-win-“ammo-year”-polymer-based-ammunition
Last month, PolyOne announced
the creation of a dedicated team to serve customers focused on designing and manufacturing equipment and accessories in this growing industry.
https://www.avient.com/news/polyone-accentuates-what’s-possible-application-specific-materials-and-design-npe-2018
COMPTEK™ High Temperature Formulations: Eighteen months ago, PolyOne acquired COMPTEK (Diez, Germany), a specialist in formulations based on extreme-heat polymeric materials such as PEEK, PES, PEI, PPS, PSU and PPSU.
https://www.avient.com/knowledge-base/case-study/auto-supplier-drives-exceptional-quality-productivity?ind[]=6601
Several months ago, application development engineers at Jäger needed a special material for the “Case Mat Q5,” an elastomeric insert for the map case pocket of each door on the Audi Q5, a compact SUV.
https://www.avient.com/knowledge-base/case-study/auto-supplier-drives-exceptional-quality-productivity?rtype[]=1124
Several months ago, application development engineers at Jäger needed a special material for the “Case Mat Q5,” an elastomeric insert for the map case pocket of each door on the Audi Q5, a compact SUV.
https://www.avient.com/news/dyneema-changes-game-fabric-engineering-yet-again-new-composite-technology
With the help of Hyperlite’s extensive network of elite athletes and mountaineers, they tested prototype backpacks during months-long expeditions on some of the most extreme hiking trails from the Alaskan wilderness to the summit of the Rockies and beyond.