08.02.21
Avient Corporation reported its second quarter results for 2021. Second quarter 2021 GAAP EPS from continuing operations was $0.74 compared to $0.25 in the prior year second quarter.
The company cited robust demand across all end markets, particularly in consumer applications (up 67%) as revenue increased 42% to $1.235 billion. The revenue growth, coupled with expanding margins and synergy capture from the Clariant Masterbatch integration, led to a 107% increase in adjusted EPS to $0.87 versus $0.42 in the prior year quarter.
The company also noted that on July 1, 2021 it acquired Magna Colours Ltd., a market leader in sustainable, water-based inks technology for the textile screen printing industry. "Magna represents another addition to our growing portfolio of sustainable solutions, as brand owners seek eco-conscious materials for their customers," Patterson said.
"I'm very pleased with our results as second quarter sales and adjusted EPS reached all-time highs driven by our portfolio of sustainable solutions and continued strong demand conditions," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "In addition, it has been just over a year since we acquired Clariant Masterbatch and we became Avient. Our first year of integration has been a tremendous success.
"But none of this has been easy," Patterson continued. "We are delivering record results against a backdrop of incredibly challenging conditions, including the ongoing COVID-19 pandemic, significant supply chain disruptions and inflation. I'm more proud that we have been able to overcome these additional costs to increase adjusted EPS, while serving our customers and keeping our employees healthy and safe."
The company cited robust demand across all end markets, particularly in consumer applications (up 67%) as revenue increased 42% to $1.235 billion. The revenue growth, coupled with expanding margins and synergy capture from the Clariant Masterbatch integration, led to a 107% increase in adjusted EPS to $0.87 versus $0.42 in the prior year quarter.
The company also noted that on July 1, 2021 it acquired Magna Colours Ltd., a market leader in sustainable, water-based inks technology for the textile screen printing industry. "Magna represents another addition to our growing portfolio of sustainable solutions, as brand owners seek eco-conscious materials for their customers," Patterson said.
"I'm very pleased with our results as second quarter sales and adjusted EPS reached all-time highs driven by our portfolio of sustainable solutions and continued strong demand conditions," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "In addition, it has been just over a year since we acquired Clariant Masterbatch and we became Avient. Our first year of integration has been a tremendous success.
"But none of this has been easy," Patterson continued. "We are delivering record results against a backdrop of incredibly challenging conditions, including the ongoing COVID-19 pandemic, significant supply chain disruptions and inflation. I'm more proud that we have been able to overcome these additional costs to increase adjusted EPS, while serving our customers and keeping our employees healthy and safe."
