https://www.avient.com/news/polyone-announces-record-fourth-quarter-and-full-year-2014-results
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: our ability to realize anticipated savings and operational benefits from the realignment of assets, including the planned closure of certain manufacturing facilities; the timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen disruptions of service or quality caused by such closings and/or production shifts; separation and severance amounts that differ from original estimates, amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from original estimates; our ability to identify and evaluate acquisition targets and consummate acquisitions; the ability to successfully integrate acquired companies into our operations, retain the management teams of acquired companies and retain relationships with customers of acquired companies including, without limitation, Spartech Corporation; disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing market; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; changes in polymer consumption growth rates where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions and employee productivity goals; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; our ability to continue to pay cash dividends; the amount and timing of repurchases of our common shares, if any; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation.
You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
Special items include charges related to specific strategic initiatives or financial restructurings such as: consolidation of operations; debt extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market adjustments associated with actuarial gains and losses on pension and other postretirement benefit plans; environmental remediation costs, fines, penalties, remediation costs 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; unrealized gains and losses from foreign currency option contracts; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Morgan%2520Stanley%2520Global%2520Chemicals%2520and%2520Agriculture%2520Conference%2520-%252011%253A15%253A2016.pdf
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
Our ability to realize anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities;
The timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of customers and/or disruptions of
service or quality caused by such closings and/or production shifts;
Separation and severance amounts that differ from original estimates;
Amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from
original estimates;
Our ability to identify and evaluate acquisition targets and consummate acquisitions;
The ability to successfully integrate acquired companies into our operations, retain the management teams of acquired companies, retain relationships
with customers of acquired companies, and achieve the expected results of such acquisitions, including whether such businesses will be accretive to our
earnings;
Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and
cost of credit in the future;
The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate
liquidity) to maintain their credit availability;
The speed and extent of an economic recovery, including the recovery of the housing market;
Our ability to achieve new business gains;
The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks;
Changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business;
Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;
Fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled
or unscheduled maintenance programs;
Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;
An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital
reductions, cost reductions and employee productivity goals;
An inability to raise or sustain prices for products or services;
An inability to maintain appropriate relations with unions and employees;
Our ability to continue to pay cash dividends;
The amount and timing of repurchases of our common shares, if any; and
Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and
changes in the rate of inflation
You are advised to
consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange
Commission.
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 phase-in costs, executive separation agreements; asset impairments; 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; the effect of changes in accounting principles or other such laws or provisions
affecting reported results; and tax adjustments.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520RW%2520Baird%2520Global%2520Industrial%2520Conference%2520-%252011%253A8%253A2016.pdf
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
Our ability to realize anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities;
The timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of customers and/or disruptions of
service or quality caused by such closings and/or production shifts;
Separation and severance amounts that differ from original estimates;
Amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from
original estimates;
Our ability to identify and evaluate acquisition targets and consummate acquisitions;
The ability to successfully integrate acquired companies into our operations, retain the management teams of acquired companies, retain relationships
with customers of acquired companies, and achieve the expected results of such acquisitions, including whether such businesses will be accretive to our
earnings;
Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and
cost of credit in the future;
The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate
liquidity) to maintain their credit availability;
The speed and extent of an economic recovery, including the recovery of the housing market;
Our ability to achieve new business gains;
The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks;
Changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business;
Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;
Fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled
or unscheduled maintenance programs;
Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;
An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital
reductions, cost reductions and employee productivity goals;
An inability to raise or sustain prices for products or services;
An inability to maintain appropriate relations with unions and employees;
Our ability to continue to pay cash dividends;
The amount and timing of repurchases of our common shares, if any; and
Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and
changes in the rate of inflation
You are advised to
consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange
Commission.
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 phase-in costs, executive separation agreements; asset impairments; 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; the effect of changes in accounting principles or other such laws or provisions
affecting reported results; and tax adjustments.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Basic%2520Materials%2520Conference%2520-%2520May%25202016.pdf
Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
Our ability to realize anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities;
The timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of customers and/or disruptions of
service or quality caused by such closings and/or production shifts;
Separation and severance amounts that differ from original estimates;
Amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from
original estimates;
Our ability to identify and evaluate acquisition targets and consummate acquisitions;
The ability to successfully integrate acquired companies into our operations, retain the management teams of acquired companies, retain relationships
with customers of acquired companies, and achieve the expected results of such acquisitions, including whether such businesses will be accretive to our
earnings;
Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and
cost of credit in the future;
The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate
liquidity) to maintain their credit availability;
The speed and extent of an economic recovery, including the recovery of the housing market;
Our ability to achieve new business gains;
The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks;
Changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business;
Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;
Fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled
or unscheduled maintenance programs;
Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;
An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital
reductions, cost reductions and employee productivity goals;
An inability to raise or sustain prices for products or services;
An inability to maintain appropriate relations with unions and employees;
Our ability to continue to pay cash dividends;
The amount and timing of repurchases of our common shares, if any; and
Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and
changes in the rate of inflation
You are advised to
consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange
Commission.
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 phase-in costs, executive separation agreements; asset impairments; 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; the effect of changes in accounting principles or other such laws or provisions
affecting reported results; and tax adjustments.
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520KeyBanc%2520Conference%2520-%2520September%252014%25202016.pdf
Factors that could cause actual results to differ materially from those implied by these forward looking statements include but are not limited to: Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to:
Our ability to realize anticipated savings and operational benefits from the realignment of assets, including the closure of manufacturing facilities;
The timing of closings and shifts of production to new facilities related to asset realignments and any unforeseen loss of customers and/or disruptions of
service or quality caused by such closings and/or production shifts;
Separation and severance amounts that differ from original estimates;
Amounts for non-cash charges related to asset write-offs and accelerated depreciation realignments of property, plant and equipment, that differ from
original estimates;
Our ability to identify and evaluate acquisition targets and consummate acquisitions;
The ability to successfully integrate acquired companies into our operations, such as Gordon Composites and Polystrand, retain the management teams
of acquired companies, retain relationships with customers of acquired companies, and achieve the expected results of such acquisitions, including
whether such businesses will be accretive to our earnings;
Disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and
cost of credit in the future;
The financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate
liquidity) to maintain their credit availability;
The speed and extent of an economic recovery including the recovery of the housing market; The speed and extent of an economic recovery, including the recovery of the housing market;
Our ability to achieve new business gains;
The effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks;
Changes in polymer consumption growth rates and laws and regulations regarding the disposal of plastic in jurisdictions where we conduct business;
Changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online;
Fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled
or unscheduled maintenance programs;
Unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters;
An inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital
reductions, cost reductions and employee productivity goals;
An inability to raise or sustain prices for products or services;
An inability to maintain appropriate relations with unions and employees;
Our ability to continue to pay cash dividends;
The amount and timing of repurchases of our common shares, if any; and
Other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and
changes in the rate of inflation
PolyOne Corporation Page 2
changes in the rate of inflation
You are advised to
consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange
Commission.
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 phase-in costs, executive separation agreements; asset impairments; 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; the effect of changes in accounting principles or other such laws or provisions
affecting reported results; and tax adjustments.
https://www.avient.com/sites/default/files/2024-10/Avient Announces Third Quarter 2024 Results.pdf
You are advised to consult any further
disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we
provide to the Securities and Exchange Commission.
5
Investor Relations Contact:
Giuseppe (Joe) Di Salvo
Vice President, Treasurer and Investor Relations
Avient Corporation
+1 440-930-1921
giuseppe.disalvo@avient.com
Media Contact:
Kyle G.
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
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30,
2024 December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $ 505.7 $ 545.8
Accounts receivable, net 465.1 399.9
Inventories, net 377.8 347.0
Other current assets 108.8 114.9
Total current assets 1,457.4 1,407.6
Property, net 973.5 1,028.9
Goodwill 1,716.8 1,719.3
Intangible assets, net 1,542.5 1,590.8
Deferred income taxes 133.1 92.3
Other non-current assets 224.0 129.6
Total assets $ 6,047.3 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 9.5
Accounts payable 425.9 432.3
Accrued expenses and other current liabilities 460.8 331.8
Total current liabilities 894.5 773.6
Non-current liabilities:
Long-term debt 2,059.9 2,070.5
Pension and other post-retirement benefits 63.7 67.2
Deferred income taxes 289.1 281.6
Other non-current liabilities 359.9 437.6
Total non-current liabilities 2,772.6 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,363.0 2,319.2
Noncontrolling interest 17.2 18.8
Total equity 2,380.2 2,338.0
Total liabilities and equity $ 6,047.3 $ 5,968.5
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Nine Months Ended
September 30,
2024 2023
Operating activities
Net income $ 122.2 $ 47.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 133.1 142.6
Accelerated depreciation 1.2 1.9
Share-based compensation expense 12.5 9.7
Changes in assets and liabilities:
Increase in accounts receivable (65.7) (5.7)
(Increase) decrease in inventories (30.2) 16.5
Decrease in accounts payable (5.7) (59.1)
Taxes paid on gain on sale of business — (104.1)
Accrued expenses and other assets and liabilities, net (33.2) (2.5)
Net cash provided by operating activities 134.2 47.1
Investing activities
Capital expenditures (80.8) (75.0)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 —
Other investing activities (2.1) 2.3
Net cash used by investing activities (79.5) (65.4)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (659.1) (103.8)
Cash dividends paid (70.5) (67.6)
Debt financing costs (9.6) (2.3)
Other financing activities (4.6) (2.3)
Net cash used by financing activities (93.8) (176.0)
Effect of exchange rate changes on cash (1.0) (7.2)
Decrease in cash and cash equivalents (40.1) (201.5)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of period $ 505.7 $ 439.6
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2025-02/News Release - AVNT-2024.12.31-News Release 2.12.25 2PM_0.pdf
You are advised to consult any further
disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we
provide to the Securities and Exchange Commission.
6
Investor Relations Contact:
Giuseppe (Joe) Di Salvo
Vice President, Treasurer and Investor Relations
Avient Corporation
+1 440-930-1921
giuseppe.disalvo@avient.com
Media Contact:
Kyle G.
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
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
Year Ended December 31,
2024 2023
ASSETS
Current assets:
Cash and cash equivalents $ 544.5 $ 545.8
Accounts receivable, net 399.5 399.9
Inventories, net 346.8 347.0
Other current assets 131.3 114.9
Total current assets 1,422.1 1,407.6
Property, net 955.3 1,028.9
Goodwill 1,659.7 1,719.3
Intangible assets, net 1,450.4 1,590.8
Operating lease assets, net 89.1 65.3
Deferred income tax assets 81.3 92.3
Other non-current assets 153.2 64.3
Total assets $ 5,811.1 $ 5,968.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.7 $ 9.5
Accounts payable 417.4 432.3
Accrued expenses and other current liabilities 331.0 331.8
Total current liabilities 756.1 773.6
Non-current liabilities:
Long-term debt 2,059.3 2,070.5
Deferred income taxes 260.4 281.6
Other non-current liabilities 405.7 504.8
Total non-current liabilities 2,725.4 2,856.9
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,313.8 2,319.2
Noncontrolling interest 15.8 18.8
Total equity 2,329.6 2,338.0
Total liabilities and equity $ 5,811.1 $ 5,968.5
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Year Ended
December 31,
2024 2023
Operating activities
Net income $ 170.7 $ 76.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 179.7 188.8
Increase in environmental insurance receivable (34.0) —
Deferred income tax benefit (23.8) (61.3)
Share-based compensation expense 15.4 13.2
Changes in assets and liabilities, net of the effect of acquisitions:
(Increase) decrease in accounts receivable (15.2) 38.6
(Increase) decrease in inventories (13.7) 24.3
Increase (decrease) in accounts payable 0.3 (22.2)
Decrease in pension, retirement benefits and deferred compensation (34.3) (8.7)
Taxes paid on gain on sale of business — (104.1)
(Decrease) increase in environmental obligations (11.2) 38.9
Accrued expenses and other assets and liabilities, net 22.9 17.9
Net cash provided by operating activities 256.8 201.6
Investing activities
Capital expenditures (121.9) (119.4)
Net proceeds from divestiture — 7.3
Proceeds from plant closures 3.4 7.6
Other investing activities (2.1) 10.3
Net cash used by investing activities (120.6) (94.2)
Financing activities
Proceeds from long-term borrowings 650.0 —
Payments on long-term borrowings (660.9) (105.8)
Cash dividends paid (94.0) (90.2)
Payments on withholding tax on share awards (6.4) (3.4)
Debt financing costs (9.6) (2.3)
Net cash used by financing activities (120.9) (201.7)
Effect of exchange rate changes on cash (16.6) (1.0)
Decrease in cash and cash equivalents (1.3) (95.3)
Cash and cash equivalents at beginning of year 545.8 641.1
Cash and cash equivalents at end of year $ 544.5 $ 545.8
12
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2025-05/Avient Announces First Quarter 2025 Results_0.pdf
You are advised to consult any further
disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we
provide to the Securities and Exchange Commission.
5
Investor Relations Contact:
Giuseppe (Joe) Di Salvo
Vice President, Treasurer and Investor Relations
Avient Corporation
+1 440-930-1921
giuseppe.disalvo@avient.com
Media Contact:
Kyle G.
Three Months Ended March 31,
2025 2024
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net (loss) income attributable to Avient common shareholders $ (20.2) $ (0.22) $ 49.4 $ 0.54
Special items, after-tax (Attachment 3) 75.7 0.82 5.5 0.06
Amortization expense, after-tax 14.5 0.16 14.9 0.16
Adjusted net income / EPS $ 70.0 $ 0.76 $ 69.8 $ 0.76
(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
March 31,
2025 2024
Sales $ 826.6 $ 829.0
Cost of sales 563.4 550.8
Gross margin 263.2 278.2
Selling and administrative expense 262.5 184.2
Operating income 0.7 94.0
Interest expense, net (26.9) (26.6)
Other expense, net (0.4) (0.9)
(Loss) income before income taxes (26.6) 66.5
Income tax benefit (expense) 6.7 (16.8)
Net (loss) income $ (19.9) $ 49.7
Net income attributable to noncontrolling interests (0.3) (0.3)
Net (loss) income attributable to Avient common shareholders $ (20.2) $ 49.4
(Loss) earnings per share attributable to Avient common shareholders - Basic: $ (0.22) $ 0.54
(Loss) earnings per share attributable to Avient common shareholders - Diluted: $ (0.22) $ 0.54
Cash dividends declared per share of common stock $ 0.2700 $ 0.2575
Weighted-average shares used to compute (loss) earnings per common share:
Basic 91.5 91.2
Diluted 91.5 92.0
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
March 31,
2025 2024
Cost of sales:
Restructuring costs, including accelerated depreciation $ (4.1) $ 3.6
Environmental remediation costs (4.9) (4.0)
Reimbursement of previously incurred environmental costs 1.3 —
Impact on cost of sales (7.7) (0.4)
Selling and administrative expense:
Restructuring and employee separation costs (5.1) (0.7)
Legal and other (0.4) (3.5)
Cloud-based enterprise resource planning system impairment (86.3) —
Acquisition related costs — (1.6)
Impact on selling and administrative expense (91.8) (5.8)
Impact on operating income (99.5) (6.2)
Interest expense, net - financing costs (1.7) —
Impact on (loss) income before income taxes (101.2) (6.2)
Income tax benefit on special items 25.5 1.4
Tax adjustments(2) — (0.7)
Impact of special items on net (loss) income $ (75.7) $ (5.5)
Diluted (loss) earnings per common share impact $ (0.82) $ (0.06)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.8 92.0
(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
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2025 December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents $ 456.0 $ 544.5
Accounts receivable, net 489.6 399.5
Inventories, net 372.8 346.8
Other current assets 111.9 131.3
Total current assets 1,430.3 1,422.1
Property, net 951.8 955.3
Goodwill 1,684.0 1,659.7
Intangible assets, net 1,464.5 1,450.4
Other non-current assets 280.6 323.6
Total assets $ 5,811.2 $ 5,811.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 7.7
Accounts payable 422.2 417.4
Accrued expenses and other current liabilities 268.2 331.0
Total current liabilities 698.2 756.1
Non-current liabilities:
Long-term debt 2,061.3 2,059.3
Deferred income taxes 268.0 260.4
Other non-current liabilities 469.3 405.7
Total non-current liabilities 2,798.6 2,725.4
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,298.3 2,313.8
Noncontrolling interest 16.1 15.8
Total equity 2,314.4 2,329.6
Total liabilities and equity $ 5,811.2 $ 5,811.1
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2025 2024
Operating activities
Net (loss) income $ (19.9) $ 49.7
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation and amortization 45.3 44.3
Cloud-based enterprise resource planning system impairment 71.6 —
Share-based compensation expense 2.4 3.3
Changes in assets and liabilities:
Increase in accounts receivable (83.7) (81.9)
Increase in inventories (20.3) (12.3)
(Decrease) increase in accounts payable (1.0) 1.7
Environmental insurance recovery 34.0 —
Decrease in incentive accruals (53.1) (16.8)
Accrued expenses and other assets and liabilities, net (26.4) (30.8)
Net cash used by operating activities (51.1) (42.8)
Investing activities
Capital expenditures (12.5) (24.4)
Proceeds from plant closures — 2.0
Other investing activities — (2.1)
Net cash used by investing activities (12.5) (24.5)
Financing activities
Payments on long-term borrowings — (2.7)
Cash dividends paid (24.7) (23.5)
Other financing activities (3.6) (1.9)
Net cash used by financing activities (28.3) (28.1)
Effect of exchange rate changes on cash 3.4 (6.1)
Decrease in cash and cash equivalents (88.5) (101.5)
Cash and cash equivalents at beginning of year 544.5 545.8
Cash and cash equivalents at end of period $ 456.0 $ 444.3
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2021-03/avient-antitrust-2021-update-neth-a4.pdf
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