Avient Announces 2Q 2024 Results

Avient Corporation announced its second quarter 2024 results. The company reported second quarter sales of $849.7 million compared to $824.4 million in the prior year quarter.

Second quarter GAAP earnings per share (EPS) from continuing operations was $0.36 compared to $0.24 in the prior year quarter. The company noted that second quarter 2024 GAAP EPS includes $0.24 of special items and $0.16 of intangible amortization expense. Second quarter 2024 adjusted EPS was $0.76 compared to $0.63 in the prior year.

“Building on the positive start to the year, we delivered a strong second quarter, highlighted by broad-based growth across all regions and most end markets,” said Dr. Ashish Khandpur, president and CEO of Avient Corporation. “Consolidated sales expanded for the first time in seven quarters with contributions from both our Color, Additives and Inks, and Specialty Engineered Materials segments. This performance reflects our team’s focus to capitalize on growth opportunities across the many end markets we serve, with particular success this quarter in packaging and consumer, our two largest end markets.

“On a geographic basis, all regions delivered year-over-year organic sales growth,” Dr. Khandpur added. “The US and Canada grew organic sales 5% and Latin America had a strong quarter growing organic sales by 19%. Growth in the Americas was driven by improving underlying demand trends, as well as winning new specifications and gaining share in markets supported by secular trends. We also generated 4% and 1% organic sales growth in EMEA and Asia, respectively. Europe and Asia regions benefited largely from restocking and share gains, particularly in the packaging end market.”

“Looking ahead to the third quarter, we expect adjusted EPS of $0.62, a 9% increase over the prior year,” said Jamie Beggs, SVP and CFO of Avient Corporation. “We anticipate continued year-over-year organic sales growth, with both segments growing earnings.”

“I’m pleased with how we have delivered during the first half of the year,” added Dr. Khandpur. “As we look to the second half, we expect growth momentum to continue with our teams focused on providing innovative materials and processing solutions to solve our customers’ challenges to enable a sustainable world.”

The company also announced the release of its latest Sustainability Report, now available at www.avient.com/sustainability.

“We’re extremely proud to share our latest achievements in this year’s report, particularly our upgraded ratings by Ecovadis to Gold and by CDP to A-. Sustainability is a responsibility we have to all of our stakeholders, and it is a growth driver for our company as we enable our customers to achieve their sustainability goals, ultimately creating value for our shareholders,” explained Beggs.