10.29.21
Avient Corporation reported its third quarter results for 2021. Third quarter 2021 GAAP EPS from continuing operations was $0.57 compared to $0.02 in the prior year third quarter.
"It has been over a year since we completed the acquisition of Clariant's color business and became Avient – bold moves to help us become the specialty formulator we are today," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "We have achieved significant growth in sustainable solutions, healthcare and composites in 2021. Add on nearly $50 million in synergies from the Clariant color business integration, and we are having a record year."
The company noted customer demand for its products continues to be robust across all end markets and regions, as revenue increased 32% to $1.2 billion in the third quarter and adjusted EPS increased 52% to $0.70. The company maintains its previously communicated full-year adjusted EPS guidance of $3.00, which is an increase of 55% over the prior year adjusted EPS of $1.93.
"This has been one of the most challenging years we have experienced as a result of navigating the COVID pandemic and an unprecedented combination of inflation, supply chain disruptions, and labor shortages," Patterson said.
"When we initially announced the acquisition of Clariant's color business in December 2019, we aggressively planned to reduce net debt to adjusted EBITDA leverage and now project to be at 2.1x by year end, which is ahead of schedule by nearly a year," said Patterson. "As such, we look forward to pursuing other acquisition opportunities and/or repurchasing Avient shares in the open market in the future."
"It has been over a year since we completed the acquisition of Clariant's color business and became Avient – bold moves to help us become the specialty formulator we are today," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "We have achieved significant growth in sustainable solutions, healthcare and composites in 2021. Add on nearly $50 million in synergies from the Clariant color business integration, and we are having a record year."
The company noted customer demand for its products continues to be robust across all end markets and regions, as revenue increased 32% to $1.2 billion in the third quarter and adjusted EPS increased 52% to $0.70. The company maintains its previously communicated full-year adjusted EPS guidance of $3.00, which is an increase of 55% over the prior year adjusted EPS of $1.93.
"This has been one of the most challenging years we have experienced as a result of navigating the COVID pandemic and an unprecedented combination of inflation, supply chain disruptions, and labor shortages," Patterson said.
"When we initially announced the acquisition of Clariant's color business in December 2019, we aggressively planned to reduce net debt to adjusted EBITDA leverage and now project to be at 2.1x by year end, which is ahead of schedule by nearly a year," said Patterson. "As such, we look forward to pursuing other acquisition opportunities and/or repurchasing Avient shares in the open market in the future."