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avient宣佈2024年第三季度業績
•第三季度銷售額同比增長8%，達到81500萬美元，得益於所有板塊地區和大多數終端市場的廣泛增長
•持續經營的第三季度GAAP每股收益爲0.41美元，而上年同期爲0.06美元。
•第三季度調整後的每股收益爲0.65美元，超過了0.62美元的指導，並比上年同期增長了14％，這主要是由於有機營收增長和兩個部門的利潤率擴張，以及利息支出減少所推動。
•2024年全年調整後的每股收益指導區間從之前的2.55到2.70美元縮小至2.63到2.67美元；修訂後的指導反映了相對於上一年調整後每股收益的11%到13%增長
•派息提高5%，至1.08美元，按年計算，代表連續第十四年增加。
CLEVELAND – 2024年10月31日 – Avient公司（紐交所: AVNT）是一家領先的專業和可持續材料解決方案提供商，今天宣佈了其2024年第三季度業績。該公司報告稱，第三季度銷售額爲81520萬美元，而去年同期爲75370萬美元。
第三季度按照續續經營，每股收益（EPS）爲0.41美元，而去年同期爲0.06美元。公司指出，2024年第三季度的按照續續經營每股收益包括0.07美元的特殊項目（請參見附件3）和0.16美元的無形資產攤銷費用（請參見附件1）。2024年第三季度調整後的每股收益爲0.65美元，而去年同期爲0.57美元。
「avient團隊交出了又一個強勁的季度，超出了我們的預期，這是由於在所有地區和大多數終端市場實現了有機營業收入增長，」 avient公司總裁兼首席執行官阿席什·坎德普爾博士說道。「在我們繼續抓住新業務機會，擴大市場份額的同時，兩個業務領域表現良好，滿足市場的基本需求。」
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Khandpur博士補充道：「拉丁美洲和亞洲分別以27%和11%的有機複合數字實現了營業總收入的增長，這得益於包裝和消費市場的增長。美國和加拿大地域板塊的有機營業收入增長了9%，主要受到建築和施工市場對我們複合材料持續需求的推動。歐洲、中東、非洲地域板塊有機營業收入增長了5%，在包裝領域獲得了份額增長，並且國防應用需求持續強勁。」
2024展望
"今年的發展繼續按我們的預期進行，當我們看向第四季度時，我們有能力縮小全年指引，"說道avient公司的高級副總裁兼首席財務官Jamie Beggs。"我們現在預計調整後的EBITDA區間爲$52500萬至$53000萬，而不是之前的$51500萬至$54000萬。我們調整後的每股收益區間爲$2.63至$2.67，而不是之前的$2.55至$2.70。"
即將到來的投資者日
在2024年的過程中，我們一直在制定avient下一章的戰略方針。這將是一個聚焦於通過將客戶需求和長期市場趨勢與我們廣泛的技術組合相交融，實現增長和利潤擴張的未來，"Khandpur博士說。"我們很高興在12月4日的紐約投資者日上分享我們策略的細節。th."
avient的投資者日將於早上10點在紐約證券交易所舉行。註冊細節將很快發佈。
網絡研討會細節
avient將在2024年10月31日美國東部時間上午8:00舉行的網絡直播中提供有關其2024年第三季度業績和全年展望的額外細節。
網絡直播可以在這裏觀看 avient.com/investors，或者點擊網絡直播鏈接 這裏。問題和回答環節的電話會議參與者應該使用鏈接在這裏預先註冊 avient.com/investors，或關注 @EVERFI。這裏請接收撥入號碼和個人PIN碼。進入電話會議需要這些信息。問題和回答環節將在公司的介紹和準備好的談話後進行。
網絡廣播錄音和幻燈演示將會在看漲.com/investors/events-presentations上提供， 會議通話結束後即可查看，並且將可訪問一年。 會議通話結束後即可查看，並且將可訪問一年。
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非依照普遍公認會計准則的財務措施
公司同時使用普遍接受的會計原則（GAAP）和非GAAP財務指標。非GAAP財務指標包括調整後的每股收益、調整後的營業收入、調整後的EBITDA和調整後的EBITDA利潤率。avient的首席運營決策者使用這些財務指標來監控和評估公司及每個業務部門的持續表現，並分配資源。
公司不提供前瞻性非GAAP財務指標的調和，例如調整後的EPS和調整後的EBITDA，與前瞻性基於最接近GAAP財務指標的調和，因爲公司無法提供有意義或準確的調和項目計算或估計，而且在不合理的努力下無法獲得相關信息。這是由於預測某些項目的時間和金額存在固有困難，例如環境整治成本、與福利計劃相關的市場調整、收購相關成本、以及其他非例行性成本，諸如這種調整尚未發生，企業無法控制和/或無法合理預測。出於同樣的原因，公司無法評估這些缺失信息的可能重要性。
要訪問avient的資訊庫，請訪問 www.avient.com/news-events.
關於Avient
Avient公司（紐交所：AVNT）提供專業和可持續的材料解決方案，將客戶所遇到的挑戰轉化爲機會，爲創造更美好的世界帶來新產品。例如：
•Dyneema®，全球最強纖維™，爲最終用戶應用提供無與倫比的性能和保護，包括防彈個人防護、海洋和可持續製造行業以及戶外體育
•獨特的技術可以提高產品的可回收性，使回收材料可以得到應用，從而推進更加循環的經濟。
•輕量化解決方案可以取代較重的傳統材料，如金屬、玻璃和木材，可以提高所有運輸方式的燃油效率，減少碳足跡。
•可持續基礎設施解決方案，可提高能源效率，發展可再生能源，保護自然資源和光纖/5g概念網絡可訪問性
avient已獲得ACC負責任護理®認證，是結束塑料廢物聯盟的創始成員，也是Great Place to Work®認證的企業。欲了解更多信息，請訪問 https://www.avient.com.
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前瞻性聲明
根據1995年《私人證券訴訟改革法案》，在本新聞稿中，未報告財務業績或其他歷史信息的陳述對應的是「前瞻性聲明」。前瞻性聲明提供對未來事件的當前預期或預測，不代表未來表現的保證。它們是基於管理層期望的，涉及許多業務風險和不確定性，其中任何一種可能導致實際結果與前瞻性聲明中所表達或暗示的結果存在重大差異。在任何關於未來運營或財務狀況、業績和/或銷售的討論中，它們使用諸如「將」，「預期」，「估計」，「期望」，「計劃」，「信任」等詞彙，並使用其他類似含義的詞彙和術語。可能導致實際結果與這些前瞻性聲明所暗示的結果存在重大差異的因素包括但不限於：可能擾亂、不確定或波動的信貸市場，可能對已安排的信貸的可用性以及未來信貸的可用性和成本造成不利影響；外國業務受貨幣波動、關稅和其他政治、經濟和監管風險的影響；我們供應鏈、物流或業務出現的中斷或低效；在我們開展業務的司法管轄區內的法律和法規的變化，包括與塑料和氣候變化有關；原材料價格、質量和供應以及能源價格和供應的波動；我們產品和服務的需求；與計劃或未計劃的維護項目相關的生產中斷或材料成本；可能出現的與訴訟和環境事項等事項有關的無法預期的發展；我們支付常規季度現金股利的能力以及未來股利的金額和時間；信息系統故障和網絡攻擊；與重組計劃相關的現金和非現金費用的金額可能與原始估計不同，包括因與基礎行動相關的時間變化；實現戰略目標和成功整合收購的能力，包括實施基於雲的企業資源計劃系統S/4HANA；以及影響我們業務的其他因素，包括但不限於，經濟總體狀況的變化、利率的變化、通貨膨脹率的變化、地緣政治衝突和任何衰退狀況。上述因素列表並非詳盡無遺。
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. 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.
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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. Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
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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. Further, as a result of Avient's portfolio shift to a pure play specialty formulator, it has completed several acquisitions and divestitures which have resulted in a significant amount of intangible asset amortization. Management excludes intangible asset amortization from adjusted EPS as it believes excluding acquired intangible asset amortization is a useful measure of current period earnings per share. Senior management believes these measures are useful to investors because they allow for comparison to Avient's performance in prior periods without the effect of items that, by their nature, tend to obscure Avient's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items.
| 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.
(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.
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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 | |||||||
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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 | |||||||
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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. These costs are included in Corporate.
| 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. In addition, operating income before the effect of special items is a component of Avient's annual incentive plans and is used in debt covenant computations. Senior management believes these measures are useful to investors because they allow for comparison to Avient's performance in prior periods without the effect of items that, by their nature, tend to obscure Avient's operating results due to the potential variability across periods based on timing, frequency and magnitude. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or solely as alternatives to, financial measures prepared in accordance with GAAP. Below is a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. See Attachment 3 for a definition and summary of special items.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Reconciliation to Consolidated Statements of Income | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Sales | $ | 815.2 | $ | 753.7 | $ | 2,493.9 | $ | 2,423.8 | |||||||||||||||
| Gross margin - GAAP | 261.4 | 195.3 | 797.2 | 683.6 | |||||||||||||||||||
| Special items in gross margin (Attachment 3) | 0.6 | 40.2 | 22.6 | 62.4 | |||||||||||||||||||
| Adjusted gross margin | $ | 262.0 | $ | 235.5 | $ | 819.8 | $ | 746.0 | |||||||||||||||
| Adjusted gross margin as a percent of sales | 32.1 | % | 31.2 | % | 32.9 | % | 30.8 | % | |||||||||||||||
| Operating income - GAAP | 77.2 | 34.3 | 243.7 | 153.7 | |||||||||||||||||||
| Special items in operating income (Attachment 3) | 8.4 | 41.0 | 41.8 | 89.9 | |||||||||||||||||||
| Adjusted operating income | $ | 85.6 | $ | 75.3 | $ | 285.5 | $ | 243.6 | |||||||||||||||
| Adjusted operating income as a percent of sales | 10.5 | % | 10.0 | % | 11.4 | % | 10.1 | % | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Reconciliation to EBITDA and Adjusted EBITDA: | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net income from continuing operations – GAAP | $ | 38.7 | $ | 5.1 | $ | 122.2 | $ | 48.7 | |||||||||||||||
| Income tax expense (benefit) | 11.3 | (0.1) | 39.3 | 18.0 | |||||||||||||||||||
| Interest expense, net | 26.9 | 30.3 | 80.1 | 88.5 | |||||||||||||||||||
| Depreciation & amortization | 45.1 | 46.4 | 134.3 | 144.5 | |||||||||||||||||||
| 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 | |||||||||||||||
| Adjusted EBITDA as a percent of sales | 15.9 | % | 16.3 | % | 16.7 | % | 16.0 | % | |||||||||||||||
| Year Ended December 31, 2023 | |||||||||||
| Reconciliation to Condensed Consolidated Statements of Income | $ | EPS(1) | |||||||||
| Net income from continuing operations attributable to Avient shareholders | $ | 75.8 | $ | 0.83 | |||||||
| Special items, after-tax | 79.3 | 0.86 | |||||||||
| Amortization expense, after-tax | 61.5 | 0.67 | |||||||||
| Adjusted net income / EPS | $ | 216.6 | $ | 2.36 | |||||||
(1) Per share amounts may not recalculate from figures presented herein due to rounding
12