https://www.avient.com/sites/default/files/2020-10/tpe-overmold-design-guide.pdf
Refer to the individual product technical data
sheet for specific drying recommendations.
For the viscosity data of a specific TPE,
refer to the individual product technical
data.
For the viscosity data of a specific GLS
TPE, refer to the individual product
technical data.
https://www.avient.com/sites/default/files/2024-05/AVNT Q1 2024 Earnings Presentation_For_Website_w_non-GAAP_5_6_1.pdf
Q1 2023
(TOTAL COMPANY)
$846 $829
$134
$143
17.3%
(in millions)
$0.63
$0.76
Adjusted EPS
(in millions)
+ 7% + 21%
Sales Adjusted EBITDA Adjusted EPS
6
- 2%
15.8%
+150 bps
Q1 2024 SEGMENT PERFORMANCE
(COLORS, ADDITIVES & INKS)
$537
$515
$91
$97
18.8%
(in millions) (in millions)
+ 7%
7
- 4%
17.0%
+180 bps
• Year over year demand
continues to improve for the
segment but slowly due to
continued weakness in Europe
• Raw material deflation & cost
reduction actions primary drivers
of adjusted EBITDA growth and
margin expansion of +180 bps vs
Q1 2023
Q1 2024 SEGMENT PERFORMANCE
(SPECIALTY ENGINEERED MATERIALS)
$310
$314
$64
$73
23.2%
(in millions) (in millions)
+ 14%
8
+ 1%
20.8%
+240 bps
• Sales growth in defense end
market offset by weaker
demand in telecommunications
end market
• Raw material deflation and
favorable mix impact from
defense sales primary drivers
of adjusted EBITDA growth and
margin expansion of +240 bps
vs Q1 2023
Q1 EBITDA BRIDGE
(TOTAL COMPANY)
9
$ millions
CAI:
Price / Mix (1)
Deflation 16
SEM:
Price / Mix 4
Deflation 7
Net Price Benefit 26
Wage/Other Inflation (9)
FX (2)
Q1 2024 $143
Adjusted
EBITDA
Q1 2023 $ 134
Demand (6)
• Positive net price benefit:
o Favorable raw material
deflation in both segments
• Wage and other inflation more than
offset cost reductions/synergies
2024 G U I DAN CE
FY 2024 GUIDANCE
Original Revised
Adjusted EBITDA $505 to $535 million $510 to $535 million
Adjusted EPS $2.40 to $2.65 $2.50 to $2.65
Interest Expense $105 to $110 million $105 million
Adjusted Effective Tax Rate 23% to 25% 23% to 25%
Capital Expenditures ~$140 million ~$140 million
11
Q2 2024: Adjusted EPS of $0.71
CE O “ TO P O F MI N D”
FO CU S ARE AS
AREAS OF FOCUS
13
+7%
Drive Profitable Organic
Top-Line Growth with
Margin Expansion
Amplify Innovation Build Leadership & Talent
Pipeline
AP P E N DI X
16
Performance
Additives
15%
Pigments
TiO2
Dyestuffs
Polyethylene
10%Nylon
Polypropylene
Styrenic Block
Copolymer
Other Raw
Materials
38%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
RAW MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
41%
36%
2023 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
19%
23%Industrial
Building and
7%
END MARKET REVENUE
$2,007M $358M
$1,138M $224M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$502M$3,143M
(1)
7%
18
(1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs
2023 REVENUE | $2 .0 BILLION
34%
37%
21%
END MARKET REGION
19
34%
21%
15%
Building &
1% Energy
COLOR, ADDITIVES & INKS
2023 REVENUE | $1 .1 BILLION
52%
35%
20
6%Industrial
12%
10% Defense
Building &
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
32%
26%
Building &
6%
2% Defense
1%
(18% of sales)
2023 AVIENT REGIONAL SALES
25%
Building &
(36% of sales)Transportation
22%
Building &
12%
6%
US &
Canada
(41% of sales)
59%
22%
Building &
LATAM
(5% of sales)
21
BY END MARKET
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2024-10/2024 AVNT Q3 Webcast Slides w appendix and non-GAAP.pdf
FX +8.5%
FX -0.4%
Total Avient +8.1%
Note: Regional Sales Percentages exclude impact of foreign exchange
COLOR, ADDITIVES & INKS SEGMENT
$487
$522
$89
$97
(in millions) (in millions)
7
+ 7%
(+8% excluding FX)
+ 9%
(+11% excluding FX)
18.3%
+40 bps *18.7%
*
* Adjusted EBITDA Margin %
• Sales growth driven by winning
new product specifications in
consumer & packaging, strong
underlying demand in healthcare
and improving demand in building
& construction
• Favorable mix and raw material
deflation contributed to EBITDA
margin expansion
SPECIALTY ENGINEERED MATERIALS SEGMENT
$268
$295
$51
$57
(in millions) (in millions)
8
• Sales growth driven by restocking
in healthcare & consumer end
markets and strong underlying
demand for composite
applications used in building &
construction, energy and defense
end markets
• Favorable mix contributed to
EBITDA margin expansion
+ 10%
(+10% excluding FX)
+ 12%
(+13% excluding FX)
19.0%
+40 bps *19.4%
*
* Adjusted EBITDA Margin %
2024 G U IDA N CE
FY 2024 GUIDANCE
Previous (Aug 6) Current
Adjusted EPS $2.55 to $2.70 $2.63 to $2.67
Adjusted EBITDA $515 to $540 million $525 to $530 million
Interest Expense $105 million $104 million
Adjusted Effective Tax Rate 23% to 25% 23% to 25%
Capital Expenditures &
Investment in S/4 Hana
~$140 million ~$140 million
10
11
• Investor Day to be held December 4, 2024 at
the NYSE, beginning at 10AM
• The focus will be to do a deep dive on the
Company’s strategy
• Registration and microsite will be available in
early November
2024 AVIENT INVESTOR DAY
AP P EN D IX
18
Performance
Additives
15%
Pigments
TiO2
Dyestuffs
Polyethylene
10%Nylon
Polypropylene
Styrenic Block
Copolymer
Other Raw
Materials
38%
~40% hydrocarbon based
(Grey shaded materials are hydrocarbon based,
includes portion of “Other Raw Materials”)
Non-hydrocarbon
based materials
RAW MATERIAL BASKET
SEGMENT DATA
U.S. & Canada
41%
36%
2023 SEGMENT, END MARKET AND GEOGRAPHY
GEOGRAPHY REVENUESEGMENT FINANCIALS
19%
23%Industrial
Building and
7%
END MARKET REVENUE
$2,007M $358M
$1,138M $224M
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$502M$3,143M
(1)
7%
20
(1) Total company sales and adjusted EBITDA of $3,143M and $502M, respectively, include intercompany sales eliminations and corporate costs
2023 REVENUE | $2 .0 B ILL ION
34%
37%
21%
END MARKET REGION
21
34%
21%
15%
Building &
1% Energy
COLOR, ADDITIVES & INKS
2023 REVENUE | $1 .1 B ILL ION
52%
35%
22
6%Industrial
12%
10% Defense
Building &
END MARKET REGION
SPECIALTY ENGINEERED MATERIALS
32%
26%
Building &
6%
2% Defense
1%
(18% of sales)
2023 AVIENT REGIONAL SALES
25%
Building &
(36% of sales)Transportation
22%
Building &
12%
6%
US &
Canada
(41% of sales)
59%
22%
Building &
LATAM
(5% of sales)
23
BY END MARKET
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
(Dollars in millions, except for per share data)
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
https://www.avient.com/sites/default/files/2023-07/Avient_CodeConduct_2023_Indonesian.pdf
Kita bertanggung jawab kepada—
satu sama lain dan pemangku kepentingan kita--dan secara pribadi bertanggung jawab atas tindakan dan hasil kita.
12
Informasi, Data, dan Catatan yang
Akurat
Catatan yang lengkap, akurat, dan andal sangatlah
penting dalam keputusan yang baik dan operasi
yang efisien.
Perlindungan Privasi, Informasi
Pribadi, dan Data
Privasi pribadi sangatlah penting bagi kita semua.
Ini termasuk cara
Anda mengumpulkan, menggunakan, menyimpan,
membagikan, dan melindungi atau menghapus atau
membuang data pribadi.
https://www.avient.com/sites/default/files/2021-04/avient-sustain-2019-210419-interactive.pdf
Performance management data is stored and retained
through the HR systems.
Through this data, we create safety data sheets,
customer certification statements and product safety improvements.
Sustainability metrics represent 2019 data or
12-month approximate values based on available
data from reporting facilities and are often made in
reliance on third-party supplier information.
https://www.avient.com/sites/default/files/2020-10/2019-avient-sustainability-report.pdf
Performance management data is stored and retained
through the HR systems.
Through this data, we create safety data sheets,
customer certification statements and product safety improvements.
Sustainability metrics represent 2019 data or
12-month approximate values based on available
data from reporting facilities and are often made in
reliance on third-party supplier information.
https://www.avient.com/sites/default/files/2022-11/Avient Announces Third Quarter 2022 Results.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
https://www.avient.com/news
7
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Sales $ 823.3 $ 818.0 $ 2,606.5 $ 2,508.5
Operating Income 40.6 52.8 242.9 229.6
Net (loss) income from continuing operations attributable to Avient
shareholders (27.4) 33.7 99.8 143.3
Basic (loss) earnings per share from continuing operations attributable to
Avient shareholders $ (0.30) $ 0.37 $ 1.09 $ 1.57
Diluted (loss) earnings per share from continuing operations attributable
to Avient shareholders $ (0.30) $ 0.37 $ 1.08 $ 1.56
Senior management uses comparisons of adjusted net income attributable to Avient shareholders and diluted adjusted earnings
per share (EPS) attributable to Avient shareholders, excluding special items, to assess performance and facilitate comparability
of results.
Three Months Ended
September 30, 2022
Three Months Ended
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net (loss) income from continuing operations attributable to Avient
shareholders $ (27.4) $ (0.30) $ 33.7 $ 0.37
Special items, after tax (Attachment 3) 68.3 0.75 11.7 0.13
Amortization expense, after-tax 13.4 0.14 $ 11.0 $ 0.11
Adjusted net income / EPS $ 54.3 $ 0.59 $ 56.4 $ 0.61
Nine Months Ended
September 30, 2022
Nine Months Ended
September 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income from continuing operations attributable to Avient shareholders $ 99.8 $ 1.08 $ 143.3 $ 1.56
Special items, after tax (Attachment 3) 77.9 0.85 26.0 0.28
Amortization expense, after-tax 34.9 0.38 $ 33.6 0.36
Adjusted net income / EPS $ 212.6 $ 2.31 $ 202.9 $ 2.20
8
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Sales $ 823.3 $ 818.0 $ 2,606.5 $ 2,508.5
Cost of sales 627.9 602.4 1,895.8 1,781.2
Gross margin 195.4 215.6 710.7 727.3
Selling and administrative expense 154.8 162.8 467.8 497.7
Operating income 40.6 52.8 242.9 229.6
Interest expense, net (37.3) (19.0) (70.4) (57.8)
Other (expense) income, net (32.3) 1.6 (31.3) 4.3
(Loss) income from continuing operations before income taxes (29.0) 35.4 141.2 176.1
Income tax benefit (expense) 1.2 (2.0) (41.5) (32.1)
Net (loss) income from continuing operations (27.8) 33.4 99.7 144.0
Income from discontinued operations, net of income taxes 17.1 19.2 58.8 57.7
Net (loss) income (10.7) 52.6 158.5 201.7
Net loss (income) attributable to noncontrolling interests 0.4 0.3 0.1 (0.7)
Net (loss) income attributable to Avient common shareholders $ (10.3) $ 52.9 $ 158.6 $ 201.0
(Loss) earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ (0.30) $ 0.37 $ 1.09 $ 1.57
Discontinued operations 0.19 0.21 0.65 0.63
Total $ (0.11) $ 0.58 $ 1.74 $ 2.20
(Loss) earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ (0.30) $ 0.37 $ 1.08 $ 1.56
Discontinued operations 0.19 0.20 0.64 0.62
Total $ (0.11) $ 0.57 $ 1.72 $ 2.18
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.7125 $ 0.6375
Weighted-average shares used to compute earnings per common share:
Basic 90.9 91.4 91.3 91.3
Diluted 90.9 92.2 92.0 92.1
9
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation $ (2.8) $ (5.3) $ (9.8) $ (8.6)
Environmental remediation costs (18.8) (9.4) (23.8) (22.4)
Reimbursement of previously incurred environmental costs 0.1 — 8.3 4.5
Acquisition related costs (10.3) (2.6) (10.3) (1.2)
Impact on cost of sales (31.8) (17.3) (35.6) (27.7)
Selling and administrative expense:
Restructuring, legal and other (0.2) — — (1.7)
Acquisition related costs (8.2) (2.7) (13.2) (7.2)
Impact on selling and administrative expense (8.4) (2.7) (13.2) (8.9)
Impact on operating income (40.2) (20.0) (48.8) (36.6)
Interest expense, net - costs related to committed financing (10.0) — (10.0) —
Mark-to-market on derivative instruments (31.8) — (30.9) —
Other — 0.1 0.1 0.1
Impact on other (expense)/income, net (31.8) 0.1 (30.8) 0.1
Impact on income from continuing operations before income taxes (82.0) (19.9) (89.6) (36.5)
Income tax benefit on above special items 20.5 4.6 22.5 8.9
Tax adjustments(2) (6.8) 3.6 (10.8) 1.6
Impact of special items on net income from continuing operations $ (68.3) $ (11.7) $ (77.9) $ (26.0)
Diluted earnings per common share impact $ (0.75) $ (0.13) $ (0.85) $ (0.28)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.6 92.2 92.0 92.1
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Sales:
Color, Additives and Inks $ 565.6 $ 586.6 $ 1,864.2 $ 1,820.3
Specialty Engineered Materials 258.2 231.7 743.6 685.3
Corporate and eliminations (0.5) (0.3) (1.3) 2.9
Sales $ 823.3 $ 818.0 $ 2,606.5 $ 2,508.5
Gross margin:
Color, Additives and Inks $ 161.3 $ 172.1 $ 546.8 $ 563.0
Specialty Engineered Materials 66.9 61.4 201.3 192.6
Corporate and eliminations (32.8) (17.9) (37.4) (28.3)
Gross margin $ 195.4 $ 215.6 $ 710.7 $ 727.3
Selling and administrative expense:
Color, Additives and Inks $ 92.7 $ 105.3 $ 290.1 $ 321.1
Specialty Engineered Materials 35.5 31.4 96.4 94.2
Corporate and eliminations 26.6 26.1 81.3 82.4
Selling and administrative expense $ 154.8 $ 162.8 $ 467.8 $ 497.7
Operating income:
Color, Additives and Inks $ 68.6 $ 66.8 $ 256.7 $ 241.9
Specialty Engineered Materials 31.4 30.0 104.9 98.4
Corporate and eliminations (59.4) (44.0) (118.7) (110.7)
Operating income $ 40.6 $ 52.8 $ 242.9 $ 229.6
Depreciation & amortization:
Color, Additives and Inks $ 24.2 $ 26.6 $ 76.1 $ 79.2
Specialty Engineered Materials 12.9 7.9 28.4 23.8
Corporate and eliminations 2.7 2.1 9.2 4.1
Depreciation & Amortization $ 39.8 $ 36.6 $ 113.7 $ 107.1
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 92.8 $ 93.4 $ 332.8 $ 321.1
Specialty Engineered Materials 44.3 37.9 133.3 122.2
Corporate and eliminations (56.7) (41.9) (109.5) (106.6)
Other (expense) income, net (32.3) 1.6 (31.3) 4.3
EBITDA $ 48.1 $ 91.0 $ 325.3 $ 341.0
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2023-02/AVNT Q4 2022 Earnings Press Release-1.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
8
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2022 2021 2022 2021
Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5
Operating Income 0.4 50.2 243.3 279.7
Net (loss) income from continuing operations attributable to Avient
shareholders (17.0) 11.2 82.8 151.8
Diluted (loss) earnings per share from continuing operations attributable
to Avient shareholders $ (0.19) $ 0.12 $ 0.90 $ 1.65
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and
diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items,
to assess performance and facilitate comparability of results.
Three Months Ended
December 31,
2022 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net (loss) income from continuing operations attributable to Avient
shareholders $ (17.0) $ (0.19) $ 11.2 $ 0.12
Special items, after tax (Attachment 3) 38.3 0.42 23.9 0.26
Amortization expense, after-tax 14.6 0.16 11.3 0.12
Adjusted net income / EPS $ 35.9 $ 0.39 $ 46.4 $ 0.50
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended
December 31,
2022 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 82.8 $ 0.90 $ 151.8 $ 1.65
Special items, after tax (Attachment 3) 116.2 1.26 50.0 0.54
Amortization expense, after-tax 49.0 0.53 44.9 0.49
Adjusted net income / EPS $ 248.0 $ 2.69 $ 246.7 $ 2.68
(1) Per share amounts may not recalculate from figures presented herein due to rounding
9
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2022 2021 2022 2021
Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5
Cost of sales 618.4 590.5 2,514.2 2,371.7
Gross margin 172.0 216.6 882.7 943.8
Selling and administrative expense 171.6 166.4 639.4 664.1
Operating income 0.4 50.2 243.3 279.7
Interest expense, net (49.4) (17.5) (119.8) (75.2)
Other expense, net (28.4) (5.3) (59.7) (1.0)
(Loss) income from continuing operations before income taxes (77.4) 27.4 63.8 203.5
Income tax benefit (expense) 60.8 (17.1) 19.3 (51.9)
Net (loss) income from continuing operations (16.6) 10.3 83.1 151.6
Income from discontinued operations, net of income taxes 561.5 18.7 620.3 79.0
Net income 544.9 29.0 703.4 230.6
Net (income) loss attributable to noncontrolling interests (0.4) 0.9 (0.3) 0.2
Net income attributable to Avient common shareholders $ 544.5 $ 29.9 $ 703.1 $ 230.8
Earnings per share attributable to Avient common shareholders - Basic:
Continuing operations $ (0.19) $ 0.12 $ 0.91 $ 1.66
Discontinued operations 6.17 0.21 6.80 0.87
Total $ 5.98 $ 0.33 $ 7.71 $ 2.53
Earnings per share attributable to Avient common shareholders - Diluted:
Continuing operations $ (0.19) $ 0.12 $ 0.90 $ 1.65
Discontinued operations 6.17 0.20 6.73 0.86
Total $ 5.98 $ 0.32 $ 7.63 $ 2.51
Cash dividends declared per share of common stock $ 0.2475 $ 0.2375 $ 0.9600 $ 0.8750
Weighted-average shares used to compute earnings per common share:
Basic 91.0 91.5 91.2 91.4
Diluted 91.0 92.4 92.2 92.1
10
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2022 2021 2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation $ (21.3) $ (6.0) $ (31.1) $ (14.6)
Environmental remediation costs (0.4) (0.5) (24.2) (22.9)
Reimbursement of previously incurred environmental costs — — 8.3 4.5
Acquisition related costs (23.8) 0.6 (34.1) (0.6)
Impact on cost of sales (45.5) (5.9) (81.1) (33.6)
Selling and administrative expense:
Restructuring, legal and other (8.3) (4.2) (8.3) (5.9)
Acquisition related costs (6.1) (1.1) (19.3) (8.3)
Impact on selling and administrative expense (14.4) (5.3) (27.6) (14.2)
Impact on operating income (59.9) (11.2) (108.7) (47.8)
Interest expense, net - committed financing and debt extinguishment (16.0) — (26.0) —
Mark-to-market on derivatives — — (30.9) —
Pension and post retirement mark-to-market adjustment and other (28.4) (9.3) (28.4) (9.3)
Impact on Other expense, net (28.4) (9.3) (59.3) (9.3)
Impact on income from continuing operations before income taxes (104.3) (20.5) (194.0) (57.1)
Income tax benefit benefit/(expense) on above special items 26.8 4.1 49.4 13.0
Tax adjustments(2) 39.2 (7.5) 28.4 (5.9)
Impact of special items on net income from continuing operations $ (38.3) $ (23.9) $ (116.2) $ (50.0)
Diluted earnings per common share impact $ (0.42) $ (0.26) $ (1.26) $ (0.54)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.7 92.4 92.2 92.1
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
Three Months Ended
December 31,
Year Ended
December 31,
2022 2021 2022 2021
Sales:
Color, Additives and Inks $ 490.8 $ 581.3 $ 2,355.0 $ 2,401.6
Specialty Engineered Materials 300.8 226.3 1,044.4 911.6
Corporate (1.2) (0.5) (2.5) 2.3
Sales $ 790.4 $ 807.1 $ 3,396.9 $ 3,315.5
Gross margin:
Color, Additives and Inks $ 134.5 $ 164.5 $ 681.3 $ 727.5
Specialty Engineered Materials 82.4 58.3 283.7 250.9
Corporate (44.9) (6.2) (82.3) (34.6)
Gross margin $ 172.0 $ 216.6 $ 882.7 $ 943.8
Selling and administrative expense:
Color, Additives and Inks $ 90.2 $ 103.3 $ 380.3 $ 424.4
Specialty Engineered Materials 47.2 31.2 143.6 125.4
Corporate 34.2 31.9 115.5 114.3
Selling and administrative expense $ 171.6 $ 166.4 $ 639.4 $ 664.1
Operating income:
Color, Additives and Inks $ 44.3 $ 61.2 $ 301.0 $ 303.1
Specialty Engineered Materials 35.2 27.1 140.1 125.5
Corporate (79.1) (38.1) (197.8) (148.9)
Operating income $ 0.4 $ 50.2 $ 243.3 $ 279.7
14
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2022-07/Avient Announces Second Quarter 2022 Results_1.pdf
Rose
Vice President, Corporate Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Operating Income 129.5 108.1 258.1 228.5
Net income attributable to Avient shareholders 84.7 68.8 168.9 148.1
Basic earnings per share attributable to Avient shareholders $ 0.93 $ 0.75 $ 1.85 $ 1.62
Diluted earnings per share attributable to Avient shareholders $ 0.92 $ 0.74 $ 1.83 $ 1.60
Senior management uses comparisons of adjusted net income attributable to Avient shareholders and diluted adjusted earnings
per share (EPS) attributable to Avient shareholders, excluding special items, to assess performance and facilitate comparability
of results.
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 84.7 $ 0.92 $ 68.8 $ 0.74
Special items, after tax (Attachment 3) 5.1 0.06 11.7 0.13
Adjusted net income / EPS - excluding special items $ 89.8 $ 0.98 $ 80.5 $ 0.87
Six months ended
June 30, 2022
Six months ended
June 30, 2021
Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS
Net income attributable to Avient shareholders $ 168.9 $ 1.83 $ 148.1 $ 1.60
Special items, after tax (Attachment 3) 12.3 0.13 14.3 0.16
Adjusted net income / EPS - excluding special items $ 181.2 $ 1.96 $ 162.4 $ 1.76
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Cost of sales 998.6 946.5 1,998.7 1,806.4
Gross margin 303.8 288.7 597.5 591.1
Selling and administrative expense 174.3 180.6 339.4 362.6
Operating income 129.5 108.1 258.1 228.5
Interest expense, net (16.2) (19.5) (33.1) (38.8)
Other income, net 1.4 1.2 0.8 2.7
Income before income taxes 114.7 89.8 225.8 192.4
Income tax expense (30.0) (20.4) (56.6) (43.3)
Net income 84.7 69.4 169.2 149.1
Net income attributable to noncontrolling interests — (0.6) (0.3) (1.0)
Net income attributable to Avient shareholders $ 84.7 $ 68.8 $ 168.9 $ 148.1
Earnings per share attributable to Avient common shareholders -
Basic $ 0.93 $ 0.75 $ 1.85 $ 1.62
Earnings per share attributable to Avient common shareholders -
Diluted $ 0.92 $ 0.74 $ 1.83 $ 1.60
Cash dividends declared per share of common stock $ 0.2375 $ 0.2125 $ 0.4750 $ 0.4250
Weighted-average shares used to compute earnings per common share:
Basic 91.4 91.3 91.4 91.3
Diluted 92.1 92.4 92.2 92.3
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1) Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Cost of sales:
Restructuring costs, including accelerated depreciation and
amortization $ (2.6) $ (1.5) $ (7.0) $ (3.3)
Environmental remediation costs (3.0) (12.5) (5.0) (13.0)
Reimbursement of previously incurred environmental costs 7.6 — 8.2 4.5
Acquisition related costs — 1.4 — 1.4
Impact on cost of sales 2.0 (12.6) (3.8) (10.4)
Selling and administrative expense:
Restructuring, legal and other (4.2) (0.4) (3.3) (1.7)
Acquisition related costs (2.1) (1.2) (5.0) (4.5)
Impact on selling and administrative expense (6.3) (1.6) (8.3) (6.2)
Impact on operating income (4.3) (14.2) (12.1) (16.6)
Other income, net — — 0.1 —
Mark-to-market on cross-currency swaps 0.9 — 0.9 —
Impact on income before income taxes (3.4) (14.2) (11.1) (16.6)
Income tax benefit on above special items 0.8 3.4 2.8 4.3
Tax adjustments(2) (2.5) (0.9) (4.0) (2.0)
Impact of special items on net income attributable to Avient
Shareholders $ (5.1) $ (11.7) $ (12.3) $ (14.3)
Diluted earnings per common share impact $ (0.06) $ (0.13) $ (0.13) $ (0.16)
Weighted average shares used to compute adjusted earnings per share:
Diluted 92.1 92.4 92.2 92.3
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation
costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results
of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the
performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting
reported results
Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Sales:
Color, Additives and Inks $ 649.1 $ 624.4 $ 1,298.6 $ 1,233.7
Specialty Engineered Materials 243.9 240.6 488.6 457.1
Distribution 443.2 404.4 876.1 767.1
Corporate and eliminations (33.8) (34.2) (67.1) (60.4)
Sales $ 1,302.4 $ 1,235.2 $ 2,596.2 $ 2,397.5
Gross margin:
Color, Additives and Inks $ 193.4 $ 193.4 $ 385.5 $ 390.9
Specialty Engineered Materials 67.4 69.6 137.2 134.3
Distribution 42.9 40.1 82.2 79.4
Corporate and eliminations 0.1 (14.4) (7.4) (13.5)
Gross margin $ 303.8 $ 288.7 $ 597.5 $ 591.1
Selling and administrative expense:
Color, Additives and Inks $ 99.8 $ 107.1 $ 197.4 $ 215.8
Specialty Engineered Materials 30.8 32.3 60.9 62.8
Distribution 15.8 16.4 30.9 31.7
Corporate and eliminations 27.9 24.8 50.2 52.3
Selling and administrative expense $ 174.3 $ 180.6 $ 339.4 $ 362.6
Operating income:
Color, Additives and Inks $ 93.6 $ 86.3 $ 188.1 $ 175.1
Specialty Engineered Materials 36.6 37.3 76.3 71.5
Distribution 27.1 23.7 51.3 47.7
Corporate and eliminations (27.8) (39.2) (57.6) (65.8)
Operating income $ 129.5 $ 108.1 $ 258.1 $ 228.5
Earnings before interest, taxes, depreciation and
amortization (EBITDA):
Color, Additives and Inks $ 119.5 $ 111.6 $ 240.0 $ 227.7
Specialty Engineered Materials 44.3 45.4 91.8 87.4
Distribution 27.3 23.9 51.7 48.1
Corporate and eliminations (25.1) (39.0) (51.1) (63.8)
Other income, net 1.4 1.2 0.8 2.7
EBITDA $ 167.4 $ 143.1 $ 333.2 $ 302.1
12
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current profitability
levels and how it may serve as a basis for future performance.
https://www.avient.com/sites/default/files/2024-02/AVNT Q4 2023 Earnings Press Release.pdf
Rose
Vice President, Marketing and Communications
Avient Corporation
+1 440-930-3162
kyle.rose@avient.com
mailto:giuseppe.disalvo@avient.com
mailto:kyle.rose@avient.com
6
Attachment 1
Avient Corporation
Summary of Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Operating income 43.1 0.4 196.8 243.3
Net income (loss) from continuing operations attributable to Avient
shareholders 27.8 (17.0) 75.8 82.8
Diluted earnings (loss) per share from continuing operations attributable
$ 0.30 $ (0.19) $ 0.83 $ 0.90
Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders
and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special
items, to assess performance and facilitate comparability of results.
Three Months Ended
December 31,
2023 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income (loss) from continuing operations attributable to Avient
shareholders $ 27.8 $ 0.30 $ (17.0) $ (0.19)
Special items, after tax (Attachment 3) 5.4 0.06 38.3 0.42
Amortization expense, after-tax 15.0 0.16 14.6 0.16
Adjusted net income / EPS $ 48.2 $ 0.52 $ 35.9 $ 0.39
(1) Per share amounts may not recalculate from figures presented herein due to rounding
Year Ended
December 31,
2023 2022
Reconciliation to Condensed Consolidated Statements of Income $ EPS(1) $ EPS(1)
Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 $ 82.8 $ 0.90
Special items, after tax (Attachment 3) 79.3 0.86 116.2 1.26
Amortization expense, after-tax 61.5 0.67 49.0 0.53
Adjusted net income / EPS $ 216.6 $ 2.36 $ 248.0 $ 2.69
(1) Per share amounts may not recalculate from figures presented herein due to rounding
7
Attachment 2
Avient Corporation
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Cost of sales 510.1 618.4 2,250.3 2,514.2
Gross margin 208.9 172.0 892.5 882.7
Selling and administrative expense 165.8 171.6 695.7 639.4
Operating income 43.1 0.4 196.8 243.3
Interest expense, net (26.8) (49.4) (115.3) (119.8)
Other income (expense), net 4.3 (28.4) 5.8 (59.7)
Income (loss) from continuing operations before income taxes 20.6 (77.4) 87.3 63.8
Income tax benefit (expense) 7.0 60.8 (11.0) 19.3
Net income (loss) from continuing operations 27.6 (16.6) 76.3 83.1
Income (loss) from discontinued operations, net of income taxes 0.8 561.5 (0.1) 620.3
Net income 28.4 544.9 76.2 703.4
Net loss (income) attributable to noncontrolling interests 0.2 (0.4) (0.5) (0.3)
Net income attributable to Avient common shareholders $ 28.6 $ 544.5 $ 75.7 $ 703.1
Earnings (loss) per share attributable to Avient common shareholders - Basic:
Continuing operations $ 0.30 $ (0.19) $ 0.83 $ 0.91
Discontinued operations 0.01 6.17 — 6.80
Total $ 0.31 $ 5.98 $ 0.83 $ 7.71
Earnings (loss) per share attributable to Avient common shareholders - Diluted:
Continuing operations $ 0.30 $ (0.19) $ 0.83 $ 0.90
Discontinued operations 0.01 6.17 — 6.73
Total $ 0.31 $ 5.98 $ 0.83 $ 7.63
Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 $ 1.0000 $ 0.9600
Weighted-average shares used to compute earnings per common share:
Basic 91.2 91.0 91.1 91.2
Diluted 91.9 91.0 91.8 92.2
8
Attachment 3
Avient Corporation
Summary of Special Items (Unaudited)
(In millions, except per share data)
Special items (1)
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Cost of sales:
Restructuring costs, including accelerated depreciation $ (2.0) $ (21.3) $ (11.9) $ (31.1)
Environmental remediation costs (17.2) (0.4) (69.7) (24.2)
Reimbursement of previously incurred environmental costs 1.6 — 1.6 8.3
Acquisition related costs — (23.8) — (34.1)
Impact on cost of sales (17.6) (45.5) (80.0) (81.1)
Selling and administrative expense:
Restructuring and employee separation costs (1.1) (4.3) (14.9) (5.3)
Legal and other (6.1) (4.0) (15.2) (3.0)
Acquisition related costs (1.3) (6.1) (5.9) (19.3)
Impact on selling and administrative expense (8.5) (14.4) (36.0) (27.6)
Impact on operating income (26.1) (59.9) (116.0) (108.7)
Interest expense, net - financing costs (0.1) (16.0) (2.3) (26.0)
Mark-to-market on derivatives — — — (30.9)
Pension and post retirement mark-to-market adjustment and other 3.8 (28.4) 3.7 (28.4)
Impact on other income (expense), net 3.8 (28.4) 3.7 (59.3)
Impact on income from continuing operations before income taxes (22.4) (104.3) (114.6) (194.0)
Income tax benefit on above special items 4.5 26.8 27.7 49.4
Tax adjustments(2) 12.5 39.2 7.6 28.4
Impact of special items on net income from continuing operations $ (5.4) $ (38.3) $ (79.3) $ (116.2)
Diluted earnings per common share impact $ (0.06) $ (0.42) $ (0.86) $ (1.26)
Weighted average shares used to compute adjusted earnings per share:
Diluted 91.9 91.7 91.8 92.2
(1) Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel
reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-
market adjustments associated with gains and losses on pension and other post-retirement benefit plans; environmental remediation costs,
fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the
divestiture of operating businesses, gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where
such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-
recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results
Three Months Ended
December 31,
Year Ended
December 31,
2023 2022 2023 2022
Sales:
Color, Additives and Inks $ 459.4 $ 490.8 $ 2,007.4 $ 2,355.0
Specialty Engineered Materials 259.8 300.8 1,138.2 1,044.4
Corporate (0.2) (1.2) (2.8) (2.5)
Sales $ 719.0 $ 790.4 $ 3,142.8 $ 3,396.9
Gross margin:
Color, Additives and Inks $ 148.3 $ 134.5 $ 631.2 $ 681.3
Specialty Engineered Materials 78.1 82.4 341.8 283.7
Corporate (17.5) (44.9) (80.5) (82.3)
Gross margin $ 208.9 $ 172.0 $ 892.5 $ 882.7
Selling and administrative expense:
Color, Additives and Inks $ 86.5 $ 90.2 $ 371.3 $ 380.3
Specialty Engineered Materials 48.7 47.2 199.3 143.6
Corporate 30.6 34.2 125.1 115.5
Selling and administrative expense $ 165.8 $ 171.6 $ 695.7 $ 639.4
Operating income:
Color, Additives and Inks $ 61.8 $ 44.3 $ 259.9 $ 301.0
Specialty Engineered Materials 29.4 35.2 142.5 140.1
Corporate (48.1) (79.1) (205.6) (197.8)
Operating income $ 43.1 $ 0.4 $ 196.8 $ 243.3
13
Attachment 7
Avient Corporation
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In millions, except per share data)
Senior management uses gross margin before special items and operating income before special items to assess performance
and allocate resources because senior management believes that these measures are useful in understanding current
profitability levels and how it may serve as a basis for future performance.