David Savastano, Editor02.15.21
Having completed its Clariant Masterbatch acquisition, Avient Corporation is reaping its benefits, as can be seen in its full year and fourth quarter results for 2020.
The company reported fourth quarter 2020 sales of $997 million, up from $658.6 million in 4Q 2019. For the full year, sales were $3,242.1 million, up from $2,862.7 in 2019. Fourth quarter 2020 GAAP EPS from continuing operations was $0.81 compared to $0.08 in the prior year fourth quarter. Adjusted EPS of $0.52 exceeded the $0.48 projection included in the company's performance update provided in December and was driven by better-than-expected sales in the Color, Additives and Inks segment.
"I am extremely pleased with our record fourth quarter results, as every segment and end market grew over the prior year fourth quarter. SEM generated its highest-ever quarterly operating income at $30 million, a 58% increase over prior year fourth quarter. For the year, SEM grew operating income 13%, as demand for our composites technologies continues to strengthen," said Robert M. Patterson, chairman, president and CEO, Avient Corporation.
"Our Color, Additives and Inks segment also delivered record operating income of $58 million during the fourth quarter. This represents a 45% increase over the prior year quarter, pro forma for the Clariant Masterbatch business," he added.
“It was a historic year where we brought two global leaders together to create an even stronger company – now known as Avient,” Patterson said. “Thanks to our talented associates and strategic portfolio investments, we have navigated the unprecedented challenges of the pandemic."
The company reported fourth quarter 2020 sales of $997 million, up from $658.6 million in 4Q 2019. For the full year, sales were $3,242.1 million, up from $2,862.7 in 2019. Fourth quarter 2020 GAAP EPS from continuing operations was $0.81 compared to $0.08 in the prior year fourth quarter. Adjusted EPS of $0.52 exceeded the $0.48 projection included in the company's performance update provided in December and was driven by better-than-expected sales in the Color, Additives and Inks segment.
"I am extremely pleased with our record fourth quarter results, as every segment and end market grew over the prior year fourth quarter. SEM generated its highest-ever quarterly operating income at $30 million, a 58% increase over prior year fourth quarter. For the year, SEM grew operating income 13%, as demand for our composites technologies continues to strengthen," said Robert M. Patterson, chairman, president and CEO, Avient Corporation.
"Our Color, Additives and Inks segment also delivered record operating income of $58 million during the fourth quarter. This represents a 45% increase over the prior year quarter, pro forma for the Clariant Masterbatch business," he added.
“It was a historic year where we brought two global leaders together to create an even stronger company – now known as Avient,” Patterson said. “Thanks to our talented associates and strategic portfolio investments, we have navigated the unprecedented challenges of the pandemic."
