Avient Announces Record Fourth Quarter and Full Year 2021 Results

Avient Corporation reported its fourth quarter and full year results for 2021.

Fourth quarter and full year sales increased 21% to $1.2 billion and 27% to $4.8 billion, respectively. Fourth quarter and full year adjusted EPS increased 12% to $0.58 and 58% to $3.05, respectively

Fourth quarter and full year GAAP EPS were $0.32 and $2.51 compared to $0.81 and $1.46 in the prior year fourth quarter and full year, respectively. The company noted that GAAP EPS includes special items, which impacted EPS in 2021 and 2020.

“I am extremely pleased to finish the year with another record quarter and report the highest level of annual adjusted earnings we have ever achieved,” said Robert M. Patterson, chairman, president and CEO, Avient Corporation. “For the full year, adjusted EPS increased 58% to $3.05, driven by demand for sustainable solutions, healthcare applications and composites technologies.”

The company reported sales growth of 27% for the full year compared to 2020, with all segments delivering record sales and operating income.

“We delivered record results this year against a backdrop of unprecedented challenges including the ongoing pandemic, substantial raw material inflation, supply chain disruptions, and labor shortages,” added Patterson. “Avient’s performance in this environment has been differentiated as a result of our specialty focus, end market transformation and excellence in execution.”

2022 Outlook

“As we discussed during our Investor Day in December, we have momentum in growing sustainable solutions, solving healthcare challenges and broadening advanced composite applications,” said Jamie A. Beggs, SVP and CFO, Avient Corporation. “In addition, the acquisition of Clariant’s color business in July 2020 has been transformational to our portfolio and helped us become the specialty formulator we are today. Integration has exceeded our high expectations with respect to the pace and level of synergy capture and we expect that to continue into 2022.

“Our headline projections for the upcoming year are sales of approximately $5.1 billion and adjusted EPS of $3.50,” added Beggs. “While we anticipate raw material and labor shortages to continue and inflation to be persistent, we have proven that we can manage these challenges and expect to deliver another record year of growth.”