{"id":520617,"date":"2021-07-30T06:48:19","date_gmt":"2021-07-30T10:48:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/avient-announces-record-second-quarter-2021-results-increases-full-year-guidance\/"},"modified":"2021-07-30T06:48:19","modified_gmt":"2021-07-30T10:48:19","slug":"avient-announces-record-second-quarter-2021-results-increases-full-year-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/avient-announces-record-second-quarter-2021-results-increases-full-year-guidance\/","title":{"rendered":"Avient Announces Record Second Quarter 2021 Results, Increases Full Year Guidance"},"content":{"rendered":"
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– GAAP EPS from continuing operations increased to $0.74 from $0.25 in the prior year quarter<\/h2>\n

– Sales increased 42% to $1.235 billion and adjusted EPS increased 107% to $0.87 driven by very strong demand conditions in nearly all end markets<\/h2>\n

– Full year adjusted EPS guidance for 2021 increased from $2.80 to $3.00, representing 55% growth over the prior year adjusted EPS of $1.93<\/h2>\n

– Investor Day to be held December 9th in New York City will highlight sustainable solutions portfolio and innovation to drive future growth<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n CLEVELAND<\/span>, July 30, 2021<\/span> \/PRNewswire\/ —\u00a0Avient Corporation (NYSE: AVNT), a leading provider of specialized and sustainable material solutions, today reported its second quarter results for 2021. Second quarter 2021 GAAP EPS from continuing operations was $0.74<\/span> compared to $0.25<\/span> in the prior year second quarter.\u00a0 The company noted that GAAP EPS includes special items (Attachment 3), which impacted EPS in both periods and were primarily associated with environmental and restructuring costs.\u00a0 Unless otherwise noted herein, all comparisons to prior year results are pro forma* for the Clariant Masterbatch acquisition.<\/p>\n

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\n \"Nathan
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“I’m very pleased with our results as second quarter sales and adjusted EPS reached all-time highs driven by our portfolio of sustainable solutions and continued strong demand conditions,” said Robert M. Patterson<\/span>, Chairman, President and Chief Executive Officer, Avient Corporation.\u00a0\u00a0 “In addition, it has been just over a year since we acquired Clariant Masterbatch and we became Avient.\u00a0 Our first year of integration has been a tremendous success.”\u00a0 <\/p>\n

“But none of this has been easy,” Mr. Patterson continued.\u00a0 “We are delivering record results against a backdrop of incredibly challenging conditions, including the ongoing COVID-19 pandemic, significant supply chain disruptions and inflation.\u00a0 I’m more proud that we have been able to overcome these additional costs to increase adjusted EPS, while serving our customers and keeping our employees healthy and safe.”<\/p>\n

The company cited robust demand across all end markets, particularly in consumer applications (up 67%) as revenue increased 42% to $1.235 billion<\/span>.<\/i> The revenue growth, coupled with expanding margins and synergy capture from the Clariant Masterbatch integration, led to a 107% increase in adjusted EPS to $0.87<\/span> versus $0.42<\/span> in the prior year quarter.\u00a0 <\/p>\n

The company also noted that on July 1, 2021<\/span> it acquired Magna Colours Ltd., a market leader in sustainable, water-based inks technology for the textile screen printing industry.\u00a0 “Magna represents another addition to our growing portfolio of sustainable solutions, as brand owners seek eco-conscious materials for their customers,” Mr. Patterson said.<\/p>\n

\n Third Quarter and Full Year 2021 Outlook<\/b>\n <\/p>\n

Commenting on the company’s 2021 outlook, Mr. Patterson said, “Demand continues to be strong and I remain confident in our team’s ability to continue navigating the supply chain dynamics to ensure we deliver for our customers.\u00a0 We expect seasonality of the business to play out in the third quarter and estimate sales of $1.15 billion<\/span> and adjusted EPS of $0.68<\/span>. This represents sales and adjusted EPS growth of 24% and 48%, respectively, over the prior year third quarter.”<\/p>\n

Mr. Patterson added, “For the full year 2021, we are also increasing estimates and now expect revenues of approximately $4.6<\/span> to $4.7 billion<\/span> and adjusted EPS of $3.00<\/span>, a 55% increase over the prior year.”<\/p>\n

\n Sustainability Report and Upcoming Investor Day<\/b>\n <\/p>\n

“We plan to host an investor day in New York City<\/span> on December 9<\/span> to highlight our sustainable solutions portfolio, Clariant Masterbatch integration synergies and future growth plans.\u00a0 We are optimistic we can host this meeting in person, but will make arrangements to do so by video if necessary,” said Jamie Beggs<\/span>, Senior Vice President and Chief Financial Officer, Avient Corporation.<\/p>\n

“For an advance look at our sustainability initiatives, please review our most recent sustainability report, which will soon be available on our website,” added Ms. Beggs.\u00a0 “Our report not only captures our commitments and performance but also clearly demonstrates how sustainability is an unquestionable growth driver for Avient going forward.” <\/p>\n

The comprehensive report includes expanded 2030 Sustainability Goals and highlights related to each of Avient’s four cornerstones \u2013 People, Products, Planet and Performance.<\/p>\n

The company noted it will provide more details on its second quarter results and outlook during the webcast scheduled for 8:00 a.m. Eastern Time<\/span> on July 30<\/span>, 2021.\u00a0 <\/p>\n

\n *Pro Forma<\/b>\n <\/p>\n

The company acquired the Clariant Masterbatch business (“CMB”) on July 1, 2020<\/span> (the “Acquisition Date”).\u00a0 Unless otherwise noted, all comparisons to prior year financial results herein are presented on a pro forma basis and referred to as “organic” such that the prior periods include the business results of CMB for that prior period.\u00a0 Management believes this provides better comparability of the performance of the combined businesses. Refer to Attachment 7 Reconciliation of Non-GAAP Financial Measures for details regarding adjustments to previously reported results to arrive to the pro forma financial metrics.\u00a0\u00a0\u00a0 <\/p>\n

\n Webcast Details<\/b>\n <\/p>\n

The webcast can be viewed live at avient.com\/investors<\/a>, or by clicking here: https:\/\/edge.media-server.com\/mmc\/p\/p4owuchb<\/a>. To participate in the audio-only portion of the call, dial 1-844-835-7433 (domestic) or 1-914-495-8589 (international) and provide conference ID number 2587092.\u00a0 There will be a question and answer session following the company’s presentation and prepared remarks.<\/p>\n

A recording of the webcast and the slide presentation will be available at avient.com\/investors<\/a>.\u00a0 In addition, a recording of the audio will be available for one week, beginning at 11:00 a.m. ET on Friday<\/span>, July 30, 2021.\u00a0 To access, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and provide conference ID number 2587092.<\/p>\n

\n About Avient<\/b>\n <\/p>\n

Avient Corporation (NYSE: AVNT), with expected 2021 revenues of $4.6<\/span> to $4.7 billion<\/span>, provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world. Examples include:<\/p>\n