Avient reported its second quarter results for 2020.
Sales were $609.1 million for 2Q 2020, down from $748.2 million in 2019’s second quarter. For the first half of 2020, sales were $1.32 billion down from $1.498 billion in 1H 2019.
Operating income for 2Q 2020 was $38 million, down from $46.1 million in 2Q 2019. First half operating income was $90.8 million, slightly down from $93.2 million in 1H 2019.
"The COVID-19 pandemic continues to have a significant impact on the world, and our first priority remains the health and safety of our associates, customers and all stakeholders. We continue to strictly adhere to government guidelines and protocols as well as other preventative measures to help stop the spread of the virus," said Robert M. Patterson, chairman, president and CEO, Avient Corporation.
“Following our update call on June 16th, we experienced an uptick in orders in Asia, which also led to better than expected margins in the Color segment. Although the pandemic significantly impacted the Americas and Europe, sales in Asia increased by 13% for the second quarter."
The company noted it is an essential supplier in many industries serving the COVID-19 response and recovery, including food and beverage packaging and healthcare applications. Sales in these end markets increased by 3% and 7% respectively during the quarter. This was more than offset by weak automotive and consumer discretionary demand, as overall sales declined by 18.6% or 17% on a constant currency basis.
"Our recent efforts to expand our portfolio in less-cyclical, more specialty technologies have been a source of strength for us, as other markets have been significantly impacted by global lockdowns and stay-at-home orders," Patterson added.
"I'm extremely proud of our team's focus and execution to work through these challenges, while at the same time completing the acquisition of Clariant's masterbatch business, the largest acquisition in our company's 20-year history," Patterson said. "In doing so, we've joined two exceptional businesses to form a global specialty enterprise, and we do so under our new name, Avient, as we announced on July 1."
