05.05.23
Avient Corporation announced its first quarter 2023 results. First quarter GAAP and adjusted earnings per share (EPS) were $0.23 and $0.63, respectively.
"Adjusted EPS for the first quarter exceeded our guidance as a result of favorable margins in both segments," said Robert M. Patterson, chairman, president, and CEO, Avient Corporation. "This was partially driven by composites and sustainable solutions which are proving to be resilient in a challenging macroeconomic environment and improving our mix of higher margin applications."
“Last year, we substantially expanded our composite offerings with the acquisition of Dyneema, the world's strongest fiber, and I'm pleased to report integration is progressing exceptionally well,” Patterson added. “Demand for defense, energy and telecom composite applications are helping to offset weakness in other markets around the world."
The company noted global demand conditions continue to be challenged by negative consumer sentiment, rising interest rates and inflation.
"In Europe and the Americas, customers remain cautious and are managing inventory levels tightly while China's re-opening is progressing at a measured pace," said Jamie A. Beggs, SVP and CFO, Avient Corporation.
"Accordingly, we expect second quarter sales and adjusted EPS of $845 million and $0.60, respectively, which reflects slightly higher margins than we projected at the beginning of the year," Beggs continued. "On a full year basis, we are maintaining our previous guidance of adjusted EBITDA and EPS of $530 million and $2.40. This factors in a more conservative growth rate in the second half of the year in light of the present macroeconomic environment."
“We are focused on executing our long-term strategy while we manage in the downturn,” added Beggs. “This includes increasing customer and employee engagement, optimizing our cost structure by capturing additional synergies from the Clariant acquisition, and minimizing working capital."
"Adjusted EPS for the first quarter exceeded our guidance as a result of favorable margins in both segments," said Robert M. Patterson, chairman, president, and CEO, Avient Corporation. "This was partially driven by composites and sustainable solutions which are proving to be resilient in a challenging macroeconomic environment and improving our mix of higher margin applications."
“Last year, we substantially expanded our composite offerings with the acquisition of Dyneema, the world's strongest fiber, and I'm pleased to report integration is progressing exceptionally well,” Patterson added. “Demand for defense, energy and telecom composite applications are helping to offset weakness in other markets around the world."
The company noted global demand conditions continue to be challenged by negative consumer sentiment, rising interest rates and inflation.
"In Europe and the Americas, customers remain cautious and are managing inventory levels tightly while China's re-opening is progressing at a measured pace," said Jamie A. Beggs, SVP and CFO, Avient Corporation.
"Accordingly, we expect second quarter sales and adjusted EPS of $845 million and $0.60, respectively, which reflects slightly higher margins than we projected at the beginning of the year," Beggs continued. "On a full year basis, we are maintaining our previous guidance of adjusted EBITDA and EPS of $530 million and $2.40. This factors in a more conservative growth rate in the second half of the year in light of the present macroeconomic environment."
“We are focused on executing our long-term strategy while we manage in the downturn,” added Beggs. “This includes increasing customer and employee engagement, optimizing our cost structure by capturing additional synergies from the Clariant acquisition, and minimizing working capital."