Avient Corporation, a leading provider of specialized and sustainable material solutions, 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 that GAAP EPS includes special items (Attachment 3), which impacted EPS in both periods.
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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 Chief Executive Officer, 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 (“DSM”) to purchase the DSM Protective Materials business (including the Dyneema® brand) (“Dyneema”).
Avient will be hosting a webcast on Wednesday April 20, 2022 to discuss the Dyneema transaction as well as its first quarter 2022 results.
Webcast Details
Avient will host a webcast on Wednesday, April 20, 2022 at 9:00 a.m. EST. The webcast can be viewed at avient.com/investors, or by clicking here: https://edge.media-server.com/mmc/p/edkwvu9r. To participate in the audio-only portion of the call, dial 1-844-835-7433 (domestic) or 1-914-495-8589 (international) and provide conference ID number 4774915. There will be a question and answer session following the company’s presentation and prepared remarks. A recording of the webcast and the slide presentation will be available at avient.com/investors. In addition, a recording of the audio will be available for one week, beginning at noon EST on Wednesday, April 20, 2022. To listen to this recording, dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international) and provide conference ID number 4774915.