07.28.22
Avient Corporation announced its second quarter 2022 results. Second quarter sales grew to $1.3 billion, a 5% increase over the prior year quarter, and an all-time quarterly record. The company delivered second quarter GAAP EPS of $0.92 compared to $0.74 in the prior year quarter
"Overall, we are pleased with our performance as we have been able to overcome a number of continuing challenges including inflation, supply chain disruptions, extended lockdowns in China and the war in Ukraine," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "Second quarter sales increased 5% over the prior year quarter to $1.3 billion, and adjusted EPS increased 13% (20% excluding negative foreign exchange) to $0.98.
“We have been on a multi-year journey to transform our portfolio and become a premier formulator of specialty and sustainable solutions,” Patterson added. "Our recent performance demonstrates the resiliency of our portfolio during challenging times."
As a continuation of its specialty transformation, the company announced in April it had entered into an agreement to acquire the DSM Protective Materials business (including the Dyneema brand) and that it is exploring the sale of its Distribution business.
“We remain on track with our timeline for the acquisition and expect to close in September, subject to the satisfaction of customary closing conditions,” said Patterson. “In addition, we embarked on a formal process to explore the sale of our Distribution business and are encouraged by the level of interest we have received from several potential buyers."
"Overall, we are pleased with our performance as we have been able to overcome a number of continuing challenges including inflation, supply chain disruptions, extended lockdowns in China and the war in Ukraine," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "Second quarter sales increased 5% over the prior year quarter to $1.3 billion, and adjusted EPS increased 13% (20% excluding negative foreign exchange) to $0.98.
“We have been on a multi-year journey to transform our portfolio and become a premier formulator of specialty and sustainable solutions,” Patterson added. "Our recent performance demonstrates the resiliency of our portfolio during challenging times."
As a continuation of its specialty transformation, the company announced in April it had entered into an agreement to acquire the DSM Protective Materials business (including the Dyneema brand) and that it is exploring the sale of its Distribution business.
“We remain on track with our timeline for the acquisition and expect to close in September, subject to the satisfaction of customary closing conditions,” said Patterson. “In addition, we embarked on a formal process to explore the sale of our Distribution business and are encouraged by the level of interest we have received from several potential buyers."