https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Press Release-1.pdf
We then paid down $950 million of debt, providing us a strong balance sheet to navigate through this period of macro-economic uncertainty.” 3 “We have never wavered from our goal of becoming a specialty formulator.
Rose Vice President, Corporate Communications Avient Corporation +1 440-930-3162 kyle.rose@avient.com 8 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, 2022 2021 2022 2021 Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5 Operating Income 0.4 50.2 243.3 279.7 Net (loss) income from continuing operations attributable to Avient shareholders (17.0) 11.2 82.8 151.8 Diluted (loss) earnings per share from continuing operations attributable to Avient shareholders $ (0.19) $ 0.12 $ 0.90 $ 1.65 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, 2022 2021 2022 2021 Sales: Color, Additives and Inks $ 490.8 $ 581.3 $ 2,355.0 $ 2,401.6 Specialty Engineered Materials 300.8 226.3 1,044.4 911.6 Corporate (1.2) (0.5) (2.5) 2.3 Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5 Gross margin: Color, Additives and Inks $ 134.5 $ 164.5 $ 681.3 $ 727.5 Specialty Engineered Materials 82.4 58.3 283.7 250.9 Corporate (44.9) (6.2) (82.3) (34.6) Gross margin $ 172.0 $ 216.6 $ 882.7 $ 943.8 Selling and administrative expense: Color, Additives and Inks $ 90.2 $ 103.3 $ 380.3 $ 424.4 Specialty Engineered Materials 47.2 31.2 143.6 125.4 Corporate 34.2 31.9 115.5 114.3 Selling and administrative expense $ 171.6 $ 166.4 $ 639.4 $ 664.1 Operating income: Color, Additives and Inks $ 44.3 $ 61.2 $ 301.0 $ 303.1 Specialty Engineered Materials 35.2 27.1 140.1 125.5 Corporate (79.1) (38.1) (197.8) (148.9) Operating income $ 0.4 $ 50.2 $ 243.3 $ 279.7 14 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.