05.07.21
With strong demand in healthcare and consumer products, Avient Corporation reported its first quarter results for 2021. First quarter 2021 GAAP EPS from continuing operations was $0.86 compared to $0.38 in the prior year first quarter.
"I'm very pleased to report we achieved the highest level of organic sales growth in the last decade, as the economy recovers from the pandemic lows of the prior year. This is a direct result of the investments we have made to transform our portfolio to one that is more specialized and focused on high growth end markets with sustainable solutions," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. “We are an asset-light, high-touch business that generates very high free cash flow conversion.”
The company cited strong demand for healthcare (up 22%) and consumer products (up 24%) as organic revenue increased 17% to $1.16 billion. Coupled with expanding margins, and early synergy capture related to the Clariant Masterbatch acquisition, this led to a 68% increase in adjusted EPS to $0.89 versus $0.53 in the prior year.
The Color, Additives and Inks segment delivered record operating income of $89 million during the first quarter, a 40% increase over the prior year. The company said it is ahead of schedule in capturing cost synergies from the Clariant Masterbatch acquisition and now expects to achieve $45 million in the current year from the previously announced $35 million.
"I'm very pleased to report we achieved the highest level of organic sales growth in the last decade, as the economy recovers from the pandemic lows of the prior year. This is a direct result of the investments we have made to transform our portfolio to one that is more specialized and focused on high growth end markets with sustainable solutions," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. “We are an asset-light, high-touch business that generates very high free cash flow conversion.”
The company cited strong demand for healthcare (up 22%) and consumer products (up 24%) as organic revenue increased 17% to $1.16 billion. Coupled with expanding margins, and early synergy capture related to the Clariant Masterbatch acquisition, this led to a 68% increase in adjusted EPS to $0.89 versus $0.53 in the prior year.
The Color, Additives and Inks segment delivered record operating income of $89 million during the first quarter, a 40% increase over the prior year. The company said it is ahead of schedule in capturing cost synergies from the Clariant Masterbatch acquisition and now expects to achieve $45 million in the current year from the previously announced $35 million.
