Avient Corp Files Q1 2024 10-Q

Ticker: AVNT · Form: 10-Q · Filed: May 7, 2024

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: AVNT

TL;DR

AVNT filed its Q1 2024 10-Q. All good on the reporting front.

AI Summary

Avient Corporation reported its quarterly results for the period ended March 31, 2024. The company, whose common shares trade on the New York Stock Exchange under the symbol AVNT, is incorporated in Ohio and headquartered in Avon Lake, Ohio. Avient has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Avient Corporation, a key player in specialized polymer materials.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or unusual risks.

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

The primary purpose of this Form 10-Q filing is to provide Avient Corporation's quarterly report for the period ended March 31, 2024, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

On which stock exchange are Avient Corporation's common shares traded?

Avient Corporation's common shares are traded on the New York Stock Exchange.

What is the trading symbol for Avient Corporation?

The trading symbol for Avient Corporation is AVNT.

Has Avient Corporation filed all required reports for the preceding 12 months?

Yes, Avient Corporation has indicated that it has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

What is the principal executive office address for Avient Corporation?

The principal executive office address for Avient Corporation is Avient Center, 33587 Walker Road, Avon Lake, Ohio 44012.

Filing Stats: 4,679 words · 19 min read · ~16 pages · Grade level 8.1 · Accepted 2024-05-07 13:01:03

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended March 31, 2024 2023 Sales $ 829.0 $ 845.7 Cost of sales 550.8 598.1 Gross margin 278.2 247.6 Selling and administrative expense 184.2 190.5 Operating income 94.0 57.1 Interest expense, net ( 26.6 ) ( 28.8 ) Other (expense) income, net ( 0.9 ) 0.7 Income from continuing operations before income taxes 66.5 29.0 Income tax expense ( 16.8 ) ( 7.7 ) Net income from continuing operations 49.7 21.3 Loss from discontinued operations, net of income taxes — ( 0.9 ) Net income $ 49.7 $ 20.4 Net income attributable to noncontrolling interests ( 0.3 ) ( 0.5 ) Net income attributable to Avient common shareholders $ 49.4 $ 19.9 Earnings (loss) per share attributable to Avient common shareholders - Basic Continuing operations $ 0.54 $ 0.23 Discontinued operations — ( 0.01 ) Total $ 0.54 $ 0.22 Earnings (loss) per share attributable to Avient common shareholders - Diluted Continuing operations $ 0.54 $ 0.23 Discontinued operations — ( 0.01 ) Total $ 0.54 $ 0.22 Weighted-average shares used to compute earnings per common share: Basic 91.2 91.0 Dilutive impact of share-based compensation 0.8 0.8 Diluted 92.0 91.8 Anti-dilutive shares not included in diluted common shares outstanding 1.1 0.5 Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements. 1 AVIENT CORPORATION Avient Corporation Consolidated Statements of Comprehensive Income (Unaudited) (In millions) Three Months Ended March 31, 2024 2023 Net income $ 49.7 $ 20.4 Other comprehensive (loss) income, net of tax: Translation adjustments and related hedging instruments ( 25.9 ) 17.7 Other — ( 1.6 ) Total other comprehensive (loss) income ( 25.9 ) 16.1 Total comprehensive income 23.8 36.5 Comprehensive income attributable to

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Business We are a premier formulator of specialized and sustainable materials solutions that transform customer challenges into opportunities, bringing new products to life for a better world. Our products include specialty engineered materials, performance fibers, advanced composites, and color and additive systems. We are also a highly specialized developer and manufacturer of performance enhancing additives, liquid colorants and silicone colorants. Headquartered in Avon Lake, Ohio, we have manufacturing and warehouses across the globe. We provide value to our customers through our ability to link our knowledge of polymers and formulation technology with our manufacturing and supply chain capabilities to provide value-added solutions to designers, assemblers and processors of plastics. When used in this Quarterly Report on Form 10-Q, the terms "we," "us," "our," "Avient" and the "Company" mean Avient Corporation and its consolidated subsidiaries. Results of Operations — The three months ended March 31, 2024 compared to three months ended March 31, 2023: Three Months Ended March 31, Variances — Favorable (Unfavorable) (Dollars in millions, except per share data) 2024 2023 Change % Change Sales

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