07.27.23
Avient Corporation announced its second quarter 2023 results. Second quarter GAAP and adjusted earnings per share (EPS) were $0.24 and $0.63, respectively.
"Adjusted EPS for the second quarter exceeded our guidance as a result of favorable margins in both segments," said Robert M. Patterson, chairman, president, and CEO, Avient Corporation. "Compared to our prior adjusted EPS expectations, raw material deflation as well as improving mix from composites and sustainable solutions positively impacted the quarter and more than offset weaker demand conditions.
"Sequentially, we've seen modest improvement in Asia, but demand across other regions remains sluggish, particularly in Europe, as consumers remain cautious with continued inflation and rising interest rates," Patterson added.
"I'm pleased with how well we have executed through the first half of the year despite persistent demand weakness and customer inventory destocking," said Patterson. "The acquisition of Dyneema has been an outstanding addition to our portfolio. Sales of our specialty materials into defense, energy, and transportation end markets have shown resilience during these challenging times."
"We are maintaining our full year adjusted EPS guidance of $2.40 on lower estimated sales of $3.3 billion," said Mr. Patterson. "We have remained consistent in our view all year that to the extent demand conditions weakened further, we would be able to offset that with strength in composites, improving margins and cost reductions."
Sales in the second quarter of 2023 were $824.4 million, down from $891 million in 2022. Operating income was $62.3 million, down from $100.1 million in 2Q 2022.,
For first half 2023, sales were $1,670.1 million, down from $1,783.2 million in 1H 2022. Operating income was $119.4 million, down from $202.3 million in 2Q 2022.
"Adjusted EPS for the second quarter exceeded our guidance as a result of favorable margins in both segments," said Robert M. Patterson, chairman, president, and CEO, Avient Corporation. "Compared to our prior adjusted EPS expectations, raw material deflation as well as improving mix from composites and sustainable solutions positively impacted the quarter and more than offset weaker demand conditions.
"Sequentially, we've seen modest improvement in Asia, but demand across other regions remains sluggish, particularly in Europe, as consumers remain cautious with continued inflation and rising interest rates," Patterson added.
"I'm pleased with how well we have executed through the first half of the year despite persistent demand weakness and customer inventory destocking," said Patterson. "The acquisition of Dyneema has been an outstanding addition to our portfolio. Sales of our specialty materials into defense, energy, and transportation end markets have shown resilience during these challenging times."
"We are maintaining our full year adjusted EPS guidance of $2.40 on lower estimated sales of $3.3 billion," said Mr. Patterson. "We have remained consistent in our view all year that to the extent demand conditions weakened further, we would be able to offset that with strength in composites, improving margins and cost reductions."
Sales in the second quarter of 2023 were $824.4 million, down from $891 million in 2022. Operating income was $62.3 million, down from $100.1 million in 2Q 2022.,
For first half 2023, sales were $1,670.1 million, down from $1,783.2 million in 1H 2022. Operating income was $119.4 million, down from $202.3 million in 2Q 2022.