https://www.avient.com/sites/default/files/2022-07/Avient Announces Second Quarter 2022 Results_1.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@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
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Operating Income 129.5 108.1 258.1 228.5
Net income attributable to Avient shareholders 84.7 68.8 168.9 148.1
Basic earnings per share attributable to Avient shareholders $ 0.93 $ 0.75 $ 1.85 $ 1.62
Diluted earnings per share attributable to Avient shareholders $ 0.92 $ 0.74 $ 1.83 $ 1.60
Senior management uses comparisons of adjusted net income attributable to Avient shareholders and diluted adjusted earnings
per share (EPS) attributable to Avient shareholders, excluding special items, to assess performance and facilitate comparability
of results.
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 84.7 $ 0.92 $ 68.8 $ 0.74
Special items, after tax (Attachment 3) 5.1 0.06 11.7 0.13
Adjusted net income / EPS - excluding special items $ 89.8 $ 0.98 $ 80.5 $ 0.87
Six months ended
June 30, 2022
Six months ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 168.9 $ 1.83 $ 148.1 $ 1.60
Special items, after tax (Attachment 3) 12.3 0.13 14.3 0.16
Adjusted net income / EPS - excluding special items $ 181.2 $ 1.96 $ 162.4 $ 1.76
7
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,
2022 2021 2022 2021
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Cost of sales 998.6 946.5 1,998.7 1,806.4
Gross margin 303.8 288.7 597.5 591.1
Selling and administrative expense 174.3 180.6 339.4 362.6
Operating income 129.5 108.1 258.1 228.5
Interest expense, net (16.2) (19.5) (33.1) (38.8)
Other income, net 1.4 1.2 0.8 2.7
Income before income taxes 114.7 89.8 225.8 192.4
Income tax expense (30.0) (20.4) (56.6) (43.3)
Net income 84.7 69.4 169.2 149.1
Net income attributable to noncontrolling interests — (0.6) (0.3) (1.0)
Net income attributable to Avient shareholders $ 84.7 $ 68.8 $ 168.9 $ 148.1
Earnings per share attributable to Avient common shareholders -
Basic $ 0.93 $ 0.75 $ 1.85 $ 1.62
Earnings per share attributable to Avient common shareholders -
Diluted $ 0.92 $ 0.74 $ 1.83 $ 1.60
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.4750 $ 0.4250
Weighted-average shares used to compute earnings per common share:
Basic 91.4 91.3 91.4 91.3
Diluted 92.1 92.4 92.2 92.3
8
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,
2022 2021 2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation and
amortization $ (2.6) $ (1.5) $ (7.0) $ (3.3)
Environmental remediation costs (3.0) (12.5) (5.0) (13.0)
Reimbursement of previously incurred environmental costs 7.6 — 8.2 4.5
Acquisition related costs — 1.4 — 1.4
Impact on cost of sales 2.0 (12.6) (3.8) (10.4)
Selling and administrative expense:
Restructuring, legal and other (4.2) (0.4) (3.3) (1.7)
Acquisition related costs (2.1) (1.2) (5.0) (4.5)
Impact on selling and administrative expense (6.3) (1.6) (8.3) (6.2)
Impact on operating income (4.3) (14.2) (12.1) (16.6)
Other income, net — — 0.1 —
Mark-to-market on cross-currency swaps 0.9 — 0.9 —
Impact on income before income taxes (3.4) (14.2) (11.1) (16.6)
Income tax benefit on above special items 0.8 3.4 2.8 4.3
Tax adjustments(2) (2.5) (0.9) (4.0) (2.0)
Impact of special items on net income attributable to Avient
Shareholders $ (5.1) $ (11.7) $ (12.3) $ (14.3)
Diluted earnings per common share impact $ (0.06) $ (0.13) $ (0.13) $ (0.16)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.1 92.4 92.2 92.3
(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
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Sales:
Color, Additives and Inks $ 649.1 $ 624.4 $ 1,298.6 $ 1,233.7
Specialty Engineered Materials 243.9 240.6 488.6 457.1
Distribution 443.2 404.4 876.1 767.1
Corporate and eliminations (33.8) (34.2) (67.1) (60.4)
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Gross margin:
Color, Additives and Inks $ 193.4 $ 193.4 $ 385.5 $ 390.9
Specialty Engineered Materials 67.4 69.6 137.2 134.3
Distribution 42.9 40.1 82.2 79.4
Corporate and eliminations 0.1 (14.4) (7.4) (13.5)
Gross margin $ 303.8 $ 288.7 $ 597.5 $ 591.1
Selling and administrative expense:
Color, Additives and Inks $ 99.8 $ 107.1 $ 197.4 $ 215.8
Specialty Engineered Materials 30.8 32.3 60.9 62.8
Distribution 15.8 16.4 30.9 31.7
Corporate and eliminations 27.9 24.8 50.2 52.3
Selling and administrative expense $ 174.3 $ 180.6 $ 339.4 $ 362.6
Operating income:
Color, Additives and Inks $ 93.6 $ 86.3 $ 188.1 $ 175.1
Specialty Engineered Materials 36.6 37.3 76.3 71.5
Distribution 27.1 23.7 51.3 47.7
Corporate and eliminations (27.8) (39.2) (57.6) (65.8)
Operating income $ 129.5 $ 108.1 $ 258.1 $ 228.5
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 119.5 $ 111.6 $ 240.0 $ 227.7
Specialty Engineered Materials 44.3 45.4 91.8 87.4
Distribution 27.3 23.9 51.7 48.1
Corporate and eliminations (25.1) (39.0) (51.1) (63.8)
Other income, net 1.4 1.2 0.8 2.7
EBITDA $ 167.4 $ 143.1 $ 333.2 $ 302.1
12
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.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.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
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income 43.1 0.4 196.8 243.3
Net income (loss) from continuing operations attributable to Avient
shareholders 27.8 (17.0) 75.8 82.8
Diluted earnings (loss) per share from continuing operations attributable
$ 0.30 $ (0.19) $ 0.83 $ 0.90
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,
2023 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income (loss) from continuing operations attributable to Avient
shareholders $ 27.8 $ 0.30 $ (17.0) $ (0.19)
Special items, after tax (Attachment 3) 5.4 0.06 38.3 0.42
Amortization expense, after-tax 15.0 0.16 14.6 0.16
Adjusted net income / EPS $ 48.2 $ 0.52 $ 35.9 $ 0.39
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended
December 31,
2023 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 $ 82.8 $ 0.90
Special items, after tax (Attachment 3) 79.3 0.86 116.2 1.26
Amortization expense, after-tax 61.5 0.67 49.0 0.53
Adjusted net income / EPS $ 216.6 $ 2.36 $ 248.0 $ 2.69
(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
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Cost of sales 510.1 618.4 2,250.3 2,514.2
Gross margin 208.9 172.0 892.5 882.7
Selling and administrative expense 165.8 171.6 695.7 639.4
Operating income 43.1 0.4 196.8 243.3
Interest expense, net (26.8) (49.4) (115.3) (119.8)
Other income (expense), net 4.3 (28.4) 5.8 (59.7)
Income (loss) from continuing operations before income taxes 20.6 (77.4) 87.3 63.8
Income tax benefit (expense) 7.0 60.8 (11.0) 19.3
Net income (loss) from continuing operations 27.6 (16.6) 76.3 83.1
Income (loss) from discontinued operations, net of income taxes 0.8 561.5 (0.1) 620.3
Net income 28.4 544.9 76.2 703.4
Net loss (income) attributable to noncontrolling interests 0.2 (0.4) (0.5) (0.3)
Net income attributable to Avient common shareholders $ 28.6 $ 544.5 $ 75.7 $ 703.1
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.30 $ (0.19) $ 0.83 $ 0.91
Discontinued operations 0.01 6.17 — 6.80
Total $ 0.31 $ 5.98 $ 0.83 $ 7.71
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.30 $ (0.19) $ 0.83 $ 0.90
Discontinued operations 0.01 6.17 — 6.73
Total $ 0.31 $ 5.98 $ 0.83 $ 7.63
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 1.0000 $ 0.9600
Weighted-average shares used to compute earnings per common share:
Basic 91.2 91.0 91.1 91.2
Diluted 91.9 91.0 91.8 92.2
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (2.0) $ (21.3) $ (11.9) $ (31.1)
Environmental remediation costs (17.2) (0.4) (69.7) (24.2)
Reimbursement of previously incurred environmental costs 1.6 — 1.6 8.3
Acquisition related costs — (23.8) — (34.1)
Impact on cost of sales (17.6) (45.5) (80.0) (81.1)
Selling and administrative expense:
Restructuring and employee separation costs (1.1) (4.3) (14.9) (5.3)
Legal and other (6.1) (4.0) (15.2) (3.0)
Acquisition related costs (1.3) (6.1) (5.9) (19.3)
Impact on selling and administrative expense (8.5) (14.4) (36.0) (27.6)
Impact on operating income (26.1) (59.9) (116.0) (108.7)
Interest expense, net - financing costs (0.1) (16.0) (2.3) (26.0)
Mark-to-market on derivatives — — — (30.9)
Pension and post retirement mark-to-market adjustment and other 3.8 (28.4) 3.7 (28.4)
Impact on other income (expense), net 3.8 (28.4) 3.7 (59.3)
Impact on income from continuing operations before income taxes (22.4) (104.3) (114.6) (194.0)
Income tax benefit on above special items 4.5 26.8 27.7 49.4
Tax adjustments(2) 12.5 39.2 7.6 28.4
Impact of special items on net income from continuing operations $ (5.4) $ (38.3) $ (79.3) $ (116.2)
Diluted earnings per common share impact $ (0.06) $ (0.42) $ (0.86) $ (1.26)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.9 91.7 91.8 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
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0
Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4
Corporate (0.2) (1.2) (2.8) (2.5)
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Gross margin:
Color, Additives and Inks $ 148.3 $ 134.5 $ 631.2 $ 681.3
Specialty Engineered Materials 78.1 82.4 341.8 283.7
Corporate (17.5) (44.9) (80.5) (82.3)
Gross margin $ 208.9 $ 172.0 $ 892.5 $ 882.7
Selling and administrative expense:
Color, Additives and Inks $ 86.5 $ 90.2 $ 371.3 $ 380.3
Specialty Engineered Materials 48.7 47.2 199.3 143.6
Corporate 30.6 34.2 125.1 115.5
Selling and administrative expense $ 165.8 $ 171.6 $ 695.7 $ 639.4
Operating income:
Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0
Specialty Engineered Materials 29.4 35.2 142.5 140.1
Corporate (48.1) (79.1) (205.6) (197.8)
Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3
13
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.
https://www.avient.com/sites/default/files/2025-02/News Release - AVNT-2024.12.31-News Release 2.12.25 2PM_0.pdf
Rose
Vice President, Corporate 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
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Sales $ 746.5 $ 719.0 $ 3,240.4 $ 3,142.8
Operating income 85.6 43.1 329.3 196.8
Net income from continuing operations attributable to Avient
shareholders 48.3 27.8 169.5 75.8
Diluted earnings per share from continuing operations attributable to
Avient shareholders $ 0.52 $ 0.30 $ 1.84 $ 0.83
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,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 48.3 $ 0.52 $ 27.8 $ 0.30
Special items, after-tax (Attachment 3) (18.0) (0.20) 5.4 0.06
Amortization expense, after-tax 14.8 0.17 15.0 0.16
Adjusted net income / EPS $ 45.1 $ 0.49 $ 48.2 $ 0.52
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended December 31,
2024 2023
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 169.5 $ 1.84 $ 75.8 $ 0.83
Special items, after-tax (Attachment 3) 15.9 0.17 79.3 0.86
Amortization expense, after-tax 59.5 0.65 61.5 0.67
Adjusted net income / EPS $ 244.9 $ 2.66 $ 216.6 $ 2.36
(1) Per share amounts may not recalculate from figures presented herein due to rounding
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Sales $ 746.5 $ 719.0 $ 3,240.4 $ 3,142.8
Cost of sales 487.0 510.1 2,183.7 2,250.3
Gross margin 259.5 208.9 1,056.7 892.5
Selling and administrative expense 173.9 165.8 727.4 695.7
Operating income 85.6 43.1 329.3 196.8
Interest expense, net (25.5) (26.8) (105.6) (115.3)
Other income, net 3.2 4.3 1.1 5.8
Income from continuing operations before income taxes 63.3 20.6 224.8 87.3
Income tax (expense) benefit (14.8) 7.0 (54.1) (11.0)
Net income from continuing operations 48.5 27.6 170.7 76.3
Income (loss) from discontinued operations, net of income taxes — 0.8 — (0.1)
Net income 48.5 28.4 170.7 76.2
Net (income) loss attributable to noncontrolling interests (0.2) 0.2 (1.2) (0.5)
Net income attributable to Avient common shareholders $ 48.3 $ 28.6 $ 169.5 $ 75.7
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.53 $ 0.30 $ 1.86 $ 0.83
Discontinued operations — 0.01 — —
Total $ 0.53 $ 0.31 $ 1.86 $ 0.83
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.52 $ 0.30 $ 1.84 $ 0.83
Discontinued operations — 0.01 — —
Total $ 0.52 $ 0.31 $ 1.84 $ 0.83
Cash dividends declared per share of common stock $ 0.2700 $ 0.2575 $ 1.0425 $ 1.0000
Weighted-average shares used to compute earnings per common share:
Basic 91.4 91.2 91.3 91.1
Diluted 92.2 91.9 92.0 91.8
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Cost of sales:
Restructuring costs, including accelerated depreciation $ (4.6) $ (2.0) $ 1.0 $ (11.9)
Environmental remediation costs (6.8) (17.2) (35.0) (69.7)
Reimbursement of previously incurred environmental costs 34.7 1.6 34.7 1.6
Impact on cost of sales 23.3 (17.6) 0.7 (80.0)
Selling and administrative expense:
Restructuring and employee separation costs (2.6) (1.1) (9.2) (14.9)
Legal and other (0.3) (6.1) (10.4) (15.2)
Acquisition related costs — (1.3) (2.5) (5.9)
Impact on selling and administrative expense (2.9) (8.5) (22.1) (36.0)
Impact on operating income 20.4 (26.1) (21.4) (116.0)
Interest expense, net - financing costs — (0.1) (2.3) (2.3)
Pension and post retirement mark-to-market adjustments and other 3.5 3.8 3.6 3.7
Impact on other income, net 3.5 3.8 3.6 3.7
Impact on income from continuing operations before income taxes 23.9 (22.4) (20.1) (114.6)
Income tax (expense) benefit on above special items (5.8) 4.5 6.1 27.7
Tax adjustments(2) (0.1) 12.5 (1.9) 7.6
Impact of special items on net income from continuing operations $ 18.0 $ (5.4) $ (15.9) $ (79.3)
Diluted earnings per common share impact $ 0.20 $ (0.06) $ (0.17) $ (0.86)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.2 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 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
December 31,
Year Ended
December 31,
2024 2023 2024 2023
Sales:
Color, Additives and Inks $ 467.7 $ 459.4 $ 2,046.5 $ 2,007.4
Specialty Engineered Materials 279.7 259.8 1,196.8 1,138.2
Corporate (0.9) (0.2) (2.9) (2.8)
Sales $ 746.5 $ 719.0 $ 3,240.4 $ 3,142.8
Gross margin:
Color, Additives and Inks $ 152.6 $ 148.3 $ 681.1 $ 631.2
Specialty Engineered Materials 84.2 78.1 374.9 341.8
Corporate 22.7 (17.5) 0.7 (80.5)
Gross margin $ 259.5 $ 208.9 $ 1,056.7 $ 892.5
Selling and administrative expense:
Color, Additives and Inks $ 92.8 $ 86.5 $ 384.9 $ 371.3
Specialty Engineered Materials 49.6 48.7 207.7 199.3
Corporate 31.5 30.6 134.8 125.1
Selling and administrative expense $ 173.9 $ 165.8 $ 727.4 $ 695.7
Operating income:
Color, Additives and Inks $ 59.8 $ 61.8 $ 296.2 $ 259.9
Specialty Engineered Materials 34.6 29.4 167.2 142.5
Corporate (8.8) (48.1) (134.1) (205.6)
Operating income $ 85.6 $ 43.1 $ 329.3 $ 196.8
Depreciation and amortization:
Color, Additives and Inks $ 21.9 $ 22.2 $ 87.5 $ 98.3
Specialty Engineered Materials 21.0 19.8 82.1 81.5
Corporate 2.5 2.2 10.1 9.0
Depreciation and amortization $ 45.4 $ 44.2 $ 179.7 $ 188.8
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 81.7 $ 84.0 $ 383.7 $ 358.2
Specialty Engineered Materials 55.6 49.2 249.3 224.0
Corporate (6.3) (45.9) (124.0) (196.6)
Other income, net 3.2 4.3 1.1 5.8
EBITDA from continuing operations $ 134.2 $ 91.6 $ 510.1 $ 391.4
Special items, before tax (23.9) 22.4 20.1 114.6
Interest expense included in special items — (0.1) (2.3) (2.3)
Depreciation and amortization included in special items (0.3) — (1.5) (1.9)
Adjusted EBITDA $ 110.0 $ 113.9 $ 526.4 $ 501.8
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses operating income before special items to assess performance and allocate resources because senior
management believes that this measure is most useful in understanding current profitability levels and how it may serve as a
basis for future performance.
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
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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
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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,
2024 2023 2024 2023
Sales:
Color, Additives and Inks $ 521.5 $ 486.5 $ 1,578.8 $ 1,548.0
Specialty Engineered Materials 294.6 267.9 917.1 878.4
Corporate (0.9) (0.7) (2.0) (2.6)
Sales $ 815.2 $ 753.7 $ 2,493.9 $ 2,423.8
Gross margin:
Color, Additives and Inks $ 172.8 $ 156.8 $ 528.5 $ 482.9
Specialty Engineered Materials 89.0 78.3 290.7 263.7
Corporate (0.4) (39.8) (22.0) (63.0)
Gross margin $ 261.4 $ 195.3 $ 797.2 $ 683.6
Selling and administrative expense:
Color, Additives and Inks $ 97.3 $ 92.3 $ 292.1 $ 284.8
Specialty Engineered Materials 52.6 48.0 158.1 150.6
Corporate 34.3 20.7 103.3 94.5
Selling and administrative expense $ 184.2 $ 161.0 $ 553.5 $ 529.9
Operating income:
Color, Additives and Inks $ 75.5 $ 64.5 $ 236.4 $ 198.1
Specialty Engineered Materials 36.4 30.3 132.6 113.1
Corporate (34.7) (60.5) (125.3) (157.5)
Operating income $ 77.2 $ 34.3 $ 243.7 $ 153.7
Depreciation & amortization:
Color, Additives and Inks $ 21.9 $ 24.6 $ 65.6 $ 76.1
Specialty Engineered Materials 20.7 20.5 61.1 61.6
Corporate 2.5 1.3 7.6 6.8
Depreciation & amortization $ 45.1 $ 46.4 $ 134.3 $ 144.5
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 97.4 $ 89.1 $ 302.0 $ 274.2
Specialty Engineered Materials 57.1 50.8 193.7 174.7
Corporate (32.2) (59.2) (117.7) (150.7)
Other (expense) income, net (0.3) 1.0 (2.1) 1.5
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
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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.
https://www.avient.com/sites/default/files/2022-03/Avient 2021 Annual Report.pdf
In addition, we store sensitive data, including proprietary business information,
intellectual property and confidential employee or other personal data, on our servers and databases.
Amounts invested in our foreign
operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date.
We
also tested management’s controls to validate that the data used in the accrual estimate
was complete and accurate.
https://www.avient.com/sites/default/files/2021-09/cai-biopolymers-brochure-2021.pdf
Industry Standards
ADDITIVE PRODUCT CODE PROCESS BENEFITS
Anti Block CC10128310BG PLA Film Improve Separation
Slip Agent CC10144939BG PLA Fibers Aids Process/
Stickiness Reduction
Slip Agent CC10299977BG BOPLA Film Stickiness Reduction
(End Products)
Anti Block/Slip Agent CC10272954BG PLA Film Improve Separation/
Opening of the Bags
Anti Block/Slip Agent BLA0050104 Injection Improve Overall Process
for Ejection
Anti Block/Slip Agent CC10178477BG BOPLA Film Stickiness Reduction/
High Transparency
Metal Release CC10312144BG Extrusion
Coating Good Chill Roll Release
Melt Enhancer BLA0025041 PLA Sheet Melt Stabilizer for
Thermoform Sheet
COLOR PRODUCT CODE MB CARRIER COMMENTS
Black CC10253380BG Blend 30% Carbon Black
Black CC10085911BG PLA 30% Carbon Black
Black CC10324006BG PBAT 40% Carbon Black
White BL00050101 PLA 60% TiO2
White CC10245763BG Blend 60% TiO2 +
Blue Undertone
White CC10194583BG PBAT 70% TiO2
ONCAP™ BIO & CESA™ ADDITIVES –
FOR FLEXIBLE FILM APPLICATIONS
ONCOLOR™ BIO & RENOL™ COLORANTS –
FOR INDUSTRIAL, AGRICULTURAL & HORTICULTURAL APPLICATIONS
See the World in Color
The coloration of biodegradable polymers—such
as PLA, PHA, PBAT or blends—requires a careful
selection of pigments that must comply with strict
environmental standards.
https://www.avient.com/sites/default/files/2022-08/Schedule 2 a_b_c - SCCs_0.pdf
In this case, the data
importer shall cooperate with the data exporter to erase or rectify the data.
The data
importer shall certify the deletion of the data to the data exporter.
The data
importer shall certify the deletion of the data to the data exporter.
https://www.avient.com/sites/default/files/2024-03/Terms and Conditions of Sale in Turkey.pdf
Seller warrants good
and clear title in goods subject to the sale
(“Product”) and that the Product conforms at the
time of shipment to a Certificate of Analysis, a
Certificate of Compliance, or a Product
Specification Sheet, if any such document exists,
and other specifications signed by Seller
(“Specifications”).
Buyer
acknowledges that information in Seller’s
marketing materials, technical data sheets and
other descriptive publications distributed or
published on its websites may vary from time to
time without notice.
Buyer acknowledges that Seller has
furnished to Buyer Safety Data Sheets, which
include warnings together with safety and health
information concerning the Product and/or the
containers for such Product.
https://www.avient.com/sites/default/files/2024-03/Terms and Conditions of Sale for the Kingdom of Saudi Arabia.pdf
Seller warrants good and clear title in
goods subject to the sale (“Product”) and that the Product conforms at the
time of shipment to a Certificate of Analysis, a Certificate of Compliance,
or a Product Specification Sheet, if any such document exists, and other
specifications signed by Seller (“Specifications”).
Buyer
acknowledges that information in Seller’s marketing materials, technical
data sheets and other descriptive publications distributed or published on
its websites may vary from time to time without notice.
Buyer acknowledges that Seller has furnished to
Buyer Safety Data Sheets, which include warnings together with safety and
health information concerning the Product and/or the containers for such
Product.
https://www.avient.com/sites/default/files/2024-12/Terms and Conditions of Sale for Guatemala %28English and Spanish Translation%29.pdf
Seller warrants
good and clear title in goods subject to the sale
(“Product”) and that the Product conforms at the
time of shipment to a Certificate of Analysis, a
Certificate of Compliance, or a Product
Specification Sheet, if any such document exists,
and other specifications signed by Seller
(“Specifications”).
Buyer
acknowledges that information in Seller’s
marketing materials, technical data sheets and
other descriptive publications distributed or
published on its websites may vary from time to
time without notice.
Buyer acknowledges
that Seller has furnished to Buyer Safety Data
Sheets, which include warnings together with
safety and health information concerning the
Product and/or the containers for such Product.