https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
The company noted net proceeds from the Distribution sale are being used to retire its $600 million 2023 Senior Unsecured Notes and pay down $150 million of its term loan debt as shown below. 3 More details will be provided on the company's third quarter performance and full year outlook during its webcast scheduled for 8:00 a.m.
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 a personal PIN, which are required to access the conference call.
Three Months Ended September 30, 2022 2021 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results (Loss) income from continuing operations before income taxes $ (29.0) $ 82.0 $ 53.0 $ 35.4 $ 19.9 $ 55.3 Income tax expense - GAAP 1.2 — 1.2 (2.0) — (2.0) Income tax impact of special items (Attachment 3) — (20.5) (20.5) — (4.6) (4.6) Tax adjustments (Attachment 3) — 6.8 6.8 — (3.6) (3.6) Income tax (expense) benefit $ 1.2 $ (13.7) $ (12.5) $ (2.0) $ (8.2) $ (10.2) Effective Tax Rate(1) 4.1 % 23.7 % 5.7 % 18.4 % (1) Rates may not recalculate from figures presented herein due to rounding 14 Nine Months Ended September 30, 2022 2021 GAAP Results Special Items Adjusted Results GAAP Results Special Items Adjusted Results Income from continuing operations before income taxes $141.2 $ 89.6 $ 230.8 $176.1 $ 36.5 $ 212.6 Income tax expense - GAAP (41.5) — (41.5) (32.1) — (32.1) Income tax impact of special items (Attachment 3) — (22.5) (22.5) — (8.9) (8.9) Tax adjustments (Attachment 3) — 10.8 10.8 — (1.6) (1.6) Income tax (expense) benefit $ (41.5) $ (11.7) $ (53.2) $ (32.1) $ (10.5) $ (42.6) Effective Tax Rate(1) 29.4 % 23.1 % 18.2 % 20.0 % (1) Rates may not recalculate from figures presented herein due to rounding Three Months Ended September 30, Nine Months Ended September 30, Reconciliation to EBITDA and Adjusted EBITDA: 2022 2021 2022 2021 Net (loss) income from continuing operations – GAAP $ (27.8) $ 33.4 $ 99.7 $ 144.0 Income tax (benefit) expense (1.2) 2.0 41.5 32.1 Interest expense 37.3 19.0 70.4 57.8 Depreciation and amortization from continuing operations 39.8 36.6 113.7 107.1 EBITDA $ 48.1 $ 91.0 $ 325.3 $ 341.0 Special items, before tax 82.0 19.9 89.6 36.5 Interest expense included in special items (10.0) — (10.0) — Depreciation and amortization included in special items (0.8) (0.9) (4.0) (0.1) Adjusted EBITDA $ 119.3 $ 110.0 $ 400.9 $ 377.4 NEWS RELEASE Attachment 1
https://www.avient.com/sites/default/files/2022-03/Avient 2021 Annual Report.pdf
Personal Values Integrity.
Interest rate exposure — Interest on our Revolving Credit Facility and senior secured term loan is based upon a Prime rate or LIBOR, plus a margin.
The credit line had an interest rate equal to the Saudi Arabia Interbank Offered Rate plus a fixed rate of 0.85% and is subject to annual renewal.
https://www.avient.com/sites/default/files/resources/Polyone%2520AR.pdf
Interest expense, net Interest expense, net increased $2.0 million in 2018 compared to 2017 due to the impact of increased interest rates associated with our variable rate debt.
The weighted average annual interest rate under the senior secured term loan for the year ended December 31, 2018 and 2017 was 3.80% and 3.27%, respectively.
Interest rate exposure — Interest on our revolving credit facility and senior secured term loan is based upon a Prime rate or LIBOR, plus a margin.
https://www.avient.com/sites/default/files/resources/PolyOne%25202013%2520Annual%2520Report.pdf
These valuations reflect assumptions about financial markets and interest rates.
There would be no material impact on our interest expense or cash flows from either a 10% increase or decrease in market rates of interest on our outstanding variable rate debt as of December 31, 2013.
The floating rate income fund strategy is to invest primarily in a diversified portfolio of first and second lien high-yield senior floating rate loans and other floating rate debt securities.
https://www.avient.com/industries/packaging/household-packaging/fabric-care
Personal Products
Personal Care Packaging
Also of Interest
https://www.avient.com/sites/default/files/resources/PolyOne%25202015%2520Annual%2520Report.pdf
The interest rate associated with the term loan is 300 basis points plus the greater of (i) the 1-, 2-, 3- or 6-month LIBOR, at the Company’s discretion, or (ii) 75 basis points.
Interest rate exposure — Interest on our revolving credit facility is based upon a Prime rate or LIBOR, plus a margin.
The interest rate associated with the term loan is 300 basis points plus the greater of (i) the 1-, 2-, 3- or 6-month LIBOR, at the Company’s discretion, or (ii) 75 basis points.
https://www.avient.com/products/long-fiber-technology/complet-moisture-resistant-nylons
Complēt™ Hybrid Moisture Resistant Composite material used to consolidate parts in a personal watercraft steering column
Personal Watercraft OEM Steering Column
https://www.avient.com/sites/default/files/2022-08/AVNT Aug 2022 Presentation - Jefferies.pdf
Personal Values Integrity.
These personal values begin with each of us—the judgments and decisions we make as individuals affect the way Avient is viewed in the marketplace and in the communities where we work.
EPS (ex Amort & Financing) 3.96$ 0.82$ 4.78$ (0.88)$ 3.90$ Impact of Financing - April Announcement - (0.47) (0.47) 0.30 (0.17) Incremental Interest Expense Since Announcement - (0.22) (0.22) (0.22) Adj.
https://www.avient.com/uncovering-possibilities
We can recommend changes based on Moldflow® analysis and our knowledge of best practices for thermoplastic part design, flow rates and gating.
ALSO OF INTEREST
https://www.avient.com/knowledge-base/article/developing-your-esg-framework?rtype[]=1164
Each category is scored out of 100 and given a total rating of bronze, silver, gold, or platinum.
If you are interested in learning more about your ESG data and how to achieve your sustainability goals, contact us.
Interested in learning more about your ESG data and how to achieve your sustainability goals?