04.26.22
Avient Corporation announced its first quarter 2022 results. The company delivered first quarter GAAP EPS of $0.91 compared to $0.86 in the prior year quarter.
The company noted sales growth in nearly all end markets, as it continues to more than offset inflation to deliver record results. Sales increased 11% to $1.3 billion in the first quarter and adjusted EPS grew 11% to $0.99 over the prior year first quarter.
"We continue to execute very well against a backdrop of macroeconomic challenges. I'm pleased with our results for the quarter, which exceeded our initial estimates as we began the year," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "Although we are being impacted by weaker foreign exchange rates, COVID-related lockdowns in China, and the war in Ukraine, we are maintaining our full year adjusted EPS guidance of $3.50 on stronger growth projections in the Americas. This excludes the impact of EPS accretion from the Dyneema acquisition."
The company is providing its first quarter results in anticipation of discussions with investors, following the signing of an agreement with Royal DSM to purchase the DSM Protective Materials business (including the Dyneema brand).
The company noted sales growth in nearly all end markets, as it continues to more than offset inflation to deliver record results. Sales increased 11% to $1.3 billion in the first quarter and adjusted EPS grew 11% to $0.99 over the prior year first quarter.
"We continue to execute very well against a backdrop of macroeconomic challenges. I'm pleased with our results for the quarter, which exceeded our initial estimates as we began the year," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "Although we are being impacted by weaker foreign exchange rates, COVID-related lockdowns in China, and the war in Ukraine, we are maintaining our full year adjusted EPS guidance of $3.50 on stronger growth projections in the Americas. This excludes the impact of EPS accretion from the Dyneema acquisition."
The company is providing its first quarter results in anticipation of discussions with investors, following the signing of an agreement with Royal DSM to purchase the DSM Protective Materials business (including the Dyneema brand).