- First quarter sales grew to $1.3
billion, an 11% increase over the prior year
- GAAP EPS increased to $0.91
from $0.86 in the prior year first
quarter
- Adjusted EPS increased 11% to $0.99 compared to $0.89 in the prior year first quarter, exceeding
first quarter guidance of $0.95
- Second quarter adjusted EPS guidance of $0.92 introduced with full year adjusted EPS
expectation maintained at $3.50
(excluding the impact of the acquisition)
- Full year free cash flow now expected to approximate
$285 million, an increase of
$35 million from prior
estimates
CLEVELAND, April 20,
2022 /PRNewswire/ -- Avient Corporation (NYSE: AVNT),
a leading provider of specialized and sustainable material
solutions, today 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.
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.
This webcast replaces the previously communicated earnings
webcast date that was originally scheduled to be held on
Wednesday, April 27.
About Avient
Avient Corporation (NYSE: AVNT), with 2021 revenues of
$4.8 billion, provides specialized
and sustainable material solutions that transform customer
challenges into opportunities, bringing new products to life for a
better world. Examples include:
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation and reduce carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient employs approximately 8,700 associates and is certified
ACC Responsible Care®, a founding member of the Alliance to End
Plastic Waste and certified Great Place to Work®. For more
information, visit www.avient.com.
Forward-looking
Statements
In this press release, statements that are not reported
financial results or other historical information are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements give current expectations or forecasts of future events
and are not guarantees of future performance. They are based on
management's expectations that involve a number of business risks
and uncertainties, any of which could cause actual results to
differ materially from those expressed in or implied by the
forward-looking statements. They use words such as "will,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," and other words and terms of similar meaning in
connection with any discussion of future operating or financial
condition, performance and/or sales. Factors that could cause
actual results to differ materially from those implied by these
forward-looking statements include, but are not limited to: the
ability and time required to consummate the acquisition of Dyneema;
our ability to achieve the strategic and other objectives relating
to the proposed acquisition of Dyneema; disruptions, uncertainty or
volatility in the credit markets that could adversely impact the
availability of credit already arranged and the availability and
cost of credit in the future; the effect on foreign operations of
currency fluctuations, tariffs and other political, economic and
regulatory risks; the current and potential future impact of the
COVID-19 pandemic on our business, results of operations, financial
position or cash flows; changes in polymer consumption growth rates
and laws and regulations regarding plastics in jurisdictions where
we conduct business; fluctuations in raw material prices, quality
and supply, and in energy prices and supply; production outages or
material costs associated with scheduled or unscheduled maintenance
programs; unanticipated developments that could occur with respect
to contingencies such as litigation and environmental matters; an
inability to raise or sustain prices for products or services;
information systems failures and cyberattacks; and other factors
affecting our business beyond our control, including without
limitation, changes in the general economy, changes in interest
rates and changes in the rate of inflation. The above list of
factors is not exhaustive.
We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events
or otherwise. You are advised to consult any further disclosures we
make on related subjects in our reports on Form 10-Q, 8-K and 10-K
that we provide to the Securities and Exchange Commission.
Non-GAAP Financial
Measures
The Company uses both GAAP (generally accepted accounting
principles) and non-GAAP financial measures. The non-GAAP financial
measures include: adjusted EPS and free cash flow. Avient's chief
operating decision maker uses these financial measures to monitor
and evaluate the ongoing performance of the Company and each
business segment and to allocate resources.
The Company does not provide reconciliations of forward-looking
non-GAAP financial measures, such as outlook for adjusted earnings
per share, to the most comparable GAAP financial measures on a
forward-looking basis because the Company is unable to provide a
meaningful or accurate calculation or estimation of reconciling
items and the information is not available without unreasonable
effort. This is due to the inherent difficulty of forecasting the
timing and amount of certain items, such as, but not limited to,
restructuring costs, environmental remediation costs, acquisition
related costs, and other non-routine costs. Each of such
adjustments has not yet occurred, are out of the Company's control
and/or cannot be reasonably predicted. For the same reasons, the
Company is unable to address the probable significance of the
unavailable information.
Attachment
1
|
Avient
Corporation
|
Summary of Condensed
Consolidated Statements of Income (Unaudited)
|
(In millions, except
per share data)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Sales
|
$
1,293.8
|
|
$
1,162.3
|
Operating
Income
|
128.6
|
|
120.4
|
Net income attributable
to Avient shareholders
|
84.2
|
|
79.3
|
Basic earnings per
share attributable to Avient shareholders
|
$
0.92
|
|
$
0.87
|
Diluted earnings per
share attributable to Avient shareholders
|
$
0.91
|
|
$
0.86
|
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. Senior management believes these measures are useful to
investors because they allow for comparison to Avient's performance
in prior periods without the effect of items that, by their nature,
tend to obscure Avient's operating results due to the potential
variability across periods based on timing, frequency and
magnitude. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation from, or
solely as alternatives to, financial measures prepared in
accordance with GAAP. Below is a reconciliation of these non-GAAP
financial measures to their most directly comparable financial
measures calculated and presented in accordance with GAAP. See
Attachment 3 for a definition and summary of special
items.
|
Three Months Ended March 31,
2022
|
|
Three Months Ended March 31,
2021
|
Reconciliation to Condensed Consolidated Statements
of Income
|
$
|
|
EPS
|
|
$
|
|
EPS
|
|
|
|
|
|
|
|
|
Net income attributable
to Avient shareholders
|
$
84.2
|
|
$
0.91
|
|
$
79.3
|
|
$
0.86
|
Special items, after
tax (Attachment 3)
|
7.2
|
|
0.08
|
|
2.6
|
|
0.03
|
Adjusted net income /
EPS - excluding special items
|
$
91.4
|
|
$
0.99
|
|
$
81.9
|
|
$
0.89
|
Attachment
2
|
Avient
Corporation
|
Condensed
Consolidated Statements of Income (Unaudited)
|
(In millions, except
per share data)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
|
|
|
Sales
|
$
1,293.8
|
|
$
1,162.3
|
Cost of
sales
|
1,000.1
|
|
859.9
|
Gross margin
|
293.7
|
|
302.4
|
Selling and
administrative expense
|
165.1
|
|
182.0
|
Operating
income
|
128.6
|
|
120.4
|
Interest expense,
net
|
(16.9)
|
|
(19.3)
|
Other (expense) income,
net
|
(0.6)
|
|
1.5
|
Income before income
taxes
|
111.1
|
|
102.6
|
Income taxes
|
(26.6)
|
|
(22.9)
|
Net income
|
84.5
|
|
79.7
|
Net income attributable
to noncontrolling interests
|
(0.3)
|
|
(0.4)
|
Net income attributable
to Avient shareholders
|
$
84.2
|
|
$
79.3
|
|
|
|
|
Earnings per share attributable to Avient common shareholders
- Basic
|
$
0.92
|
|
$
0.87
|
|
|
|
|
Earnings per share attributable to Avient common shareholders
- Diluted
|
$
0.91
|
|
$
0.86
|
|
|
|
|
Cash dividends declared
per share of common stock
|
$
0.2375
|
|
$
0.2125
|
|
|
|
|
Weighted-average shares
used to compute earnings per common share:
|
|
|
|
Basic
|
91.5
|
|
91.3
|
Diluted
|
92.3
|
|
92.2
|
Attachment
3
|
Avient
Corporation
|
Summary of Special
Items (Unaudited)
|
(In millions, except
per share data)
|
|
Special items
(1)
|
Three Months
Ended
March 31,
|
|
2022
|
|
2021
|
Cost of
sales:
|
|
|
|
Restructuring costs, including accelerated depreciation and
amortization
|
$
(4.4)
|
|
$
(1.8)
|
Environmental remediation costs
|
(2.0)
|
|
(0.5)
|
Reimbursement of previously incurred environmental
costs
|
0.6
|
|
4.5
|
Impact on cost of
sales
|
(5.8)
|
|
2.2
|
|
|
|
|
Selling and
administrative expense:
|
|
|
|
Restructuring, legal and other
|
0.9
|
|
(1.3)
|
Acquisition related costs
|
(2.9)
|
|
(3.3)
|
Impact on selling and
administrative expense
|
(2.0)
|
|
(4.6)
|
|
|
|
|
Impact on operating
income
|
(7.8)
|
|
(2.4)
|
|
|
|
|
Other income, net
|
0.1
|
|
—
|
Impact on income before income
taxes
|
(7.7)
|
|
(2.4)
|
Income tax benefit on above special items
|
2.0
|
|
0.9
|
Tax
adjustments(2)
|
(1.5)
|
|
(1.1)
|
Impact of special items on net
income attributable to Avient Shareholders
|
$
(7.2)
|
|
$
(2.6)
|
|
|
|
|
Diluted earnings per
common share impact
|
$
(0.08)
|
|
$
(0.03)
|
|
|
|
|
Weighted average shares
used to compute adjusted earnings per share:
|
|
|
|
Diluted
|
92.3
|
|
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
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.
|
|
|
(2)
|
Tax adjustments include
the net tax benefit/(expense) from one-time income tax items, the
set-up or reversal of uncertain tax position reserves and deferred
income tax valuation allowance adjustments.
|
Attachment
4
|
Avient
Corporation
|
Condensed
Consolidated Balance Sheets
|
(In
millions)
|
|
|
(Unaudited)
March 31, 2022
|
|
December 31,
2021
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
562.6
|
|
$
601.2
|
Accounts receivable,
net
|
757.9
|
|
642.3
|
Inventories,
net
|
475.4
|
|
461.1
|
Other current
assets
|
131.0
|
|
122.4
|
Total current
assets
|
1,926.9
|
|
1,827.0
|
Property,
net
|
661.9
|
|
676.1
|
Goodwill
|
1,283.4
|
|
1,286.4
|
Intangible assets,
net
|
904.1
|
|
925.2
|
Operating lease assets,
net
|
67.1
|
|
74.1
|
Other non-current
assets
|
200.3
|
|
208.4
|
Total
assets
|
$
5,043.7
|
|
$
4,997.2
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term and current
portion of long-term debt
|
$
607.5
|
|
$
8.6
|
Accounts
payable
|
642.3
|
|
553.9
|
Current operating lease
obligations
|
21.7
|
|
24.2
|
Accrued expenses and
other current liabilities
|
284.8
|
|
353.9
|
Total current
liabilities
|
1,556.3
|
|
940.6
|
Non-current
liabilities:
|
|
|
|
Long-term
debt
|
1,250.2
|
|
1,850.3
|
Pension and other
post-retirement benefits
|
98.5
|
|
100.0
|
Deferred income
taxes
|
99.4
|
|
100.6
|
Non-current operating
lease obligations
|
45.9
|
|
50.1
|
Other non-current
liabilities
|
164.1
|
|
165.1
|
Total non-current
liabilities
|
1,658.1
|
|
2,266.1
|
SHAREHOLDERS' EQUITY
|
|
|
|
Avient shareholders'
equity
|
1,813.2
|
|
1,774.7
|
Noncontrolling
interest
|
16.1
|
|
15.8
|
Total
equity
|
1,829.3
|
|
1,790.5
|
Total liabilities and
equity
|
$
5,043.7
|
|
$
4,997.2
|
Attachment
5
|
Avient
Corporation
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(In
millions)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Operating Activities
|
|
|
|
Net income
|
$
84.5
|
|
$
79.7
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and amortization
|
35.7
|
|
36.6
|
Accelerated depreciation and amortization
|
2.1
|
|
0.5
|
Share-based compensation expense
|
3.2
|
|
2.7
|
Changes in assets and
liabilities, net of the effect of acquisitions:
|
|
|
|
Increase in accounts receivable
|
(118.8)
|
|
(137.6)
|
Increase in inventories
|
(15.1)
|
|
(35.1)
|
Increase in accounts payable
|
90.5
|
|
67.3
|
Decrease in pension and other post-retirement
benefits
|
(4.0)
|
|
(7.1)
|
Decrease in accrued expenses and other assets and
liabilities, net
|
(59.2)
|
|
(3.4)
|
Net cash provided by
operating activities
|
18.9
|
|
3.6
|
Investing activities
|
|
|
|
Capital
expenditures
|
(13.3)
|
|
(16.5)
|
Other investing
activities
|
—
|
|
(2.0)
|
Net cash used by
investing activities
|
(13.3)
|
|
(18.5)
|
Financing activities
|
|
|
|
Purchase of common
shares for treasury
|
(15.8)
|
|
(4.2)
|
Cash dividends
paid
|
(21.7)
|
|
(19.5)
|
Repayment of long-term
debt
|
(2.4)
|
|
(2.3)
|
Payments of withholding
tax on share awards
|
(3.9)
|
|
(3.1)
|
Net cash used by
financing activities
|
(43.8)
|
|
(29.1)
|
Effect of exchange rate
changes on cash
|
(0.4)
|
|
(11.0)
|
Decrease in cash and
cash equivalents
|
(38.6)
|
|
(55.0)
|
Cash and cash
equivalents at beginning of year
|
601.2
|
|
649.5
|
Cash and cash equivalents at end of
period
|
$
562.6
|
|
$
594.5
|
Attachment
6
|
Avient
Corporation
|
Business Segment
Operations (Unaudited)
|
(In
millions)
|
|
Operating income and
earnings before interest, taxes, depreciation and amortization
(EBITDA) at the segment level does not include: special items as
defined in Attachment 3; corporate general and
administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based
compensation costs; and certain other items that are not included
in the measure of segment profit and loss that is reported to and
reviewed by the chief operating decision maker. These costs are
included in Corporate and eliminations.
|
|
|
Three Months
Ended
March
31,
|
|
2022
|
|
2021
|
Sales:
|
|
|
|
Color,
Additives and Inks
|
$
649.5
|
|
$
609.3
|
Specialty
Engineered Materials
|
244.7
|
|
216.5
|
Distribution
|
432.9
|
|
362.7
|
Corporate
and eliminations
|
(33.3)
|
|
(26.2)
|
Sales
|
$
1,293.8
|
|
$
1,162.3
|
|
|
|
|
Gross
margin:
|
|
|
|
Color,
Additives and Inks
|
$
192.1
|
|
$
197.5
|
Specialty
Engineered Materials
|
69.8
|
|
64.7
|
Distribution
|
39.3
|
|
39.3
|
Corporate
and eliminations
|
(7.5)
|
|
0.9
|
Gross
margin
|
$
293.7
|
|
$
302.4
|
|
|
|
|
Selling and
administrative expense:
|
|
|
|
Color,
Additives and Inks
|
$
97.6
|
|
$
108.7
|
Specialty
Engineered Materials
|
30.1
|
|
30.5
|
Distribution
|
15.1
|
|
15.3
|
Corporate
and eliminations
|
22.3
|
|
27.5
|
Selling and
administrative expense
|
$
165.1
|
|
$
182.0
|
|
|
|
|
Operating
income:
|
|
|
|
Color,
Additives and Inks
|
$
94.5
|
|
$
88.8
|
Specialty
Engineered Materials
|
39.7
|
|
34.2
|
Distribution
|
24.2
|
|
24.0
|
Corporate
and eliminations
|
(29.8)
|
|
(26.6)
|
Operating
income
|
$
128.6
|
|
$
120.4
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
(EBITDA):
|
|
|
|
Color,
Additives and Inks
|
$
120.5
|
|
$
116.2
|
Specialty
Engineered Materials
|
47.5
|
|
42.0
|
Distribution
|
24.4
|
|
24.2
|
Corporate
and eliminations
|
(26.0)
|
|
(24.9)
|
Other
income, net
|
(0.6)
|
|
1.5
|
EBITDA
|
$
165.8
|
|
$
159.0
|
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. In addition, operating income
before the effect of special items is a component of Avient annual
and long-term employee incentive plans and is used in debt covenant
computations. Senior management believes these measures are useful
to investors because they allow for comparison to Avient's
performance in prior periods without the effect of items that, by
their nature, tend to obscure Avient's operating results due to the
potential variability across periods based on timing, frequency and
magnitude. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation from, or
solely as alternatives to, financial measures prepared in
accordance with GAAP. Below is a reconciliation of these non-GAAP
financial measures to their most directly comparable financial
measures calculated and presented in accordance with GAAP. See
Attachment 3 for a definition and summary of special
items.
|
|
|
Three Months
Ended
March
31,
|
Reconciliation to
Consolidated Statements of Income
|
2022
|
|
2021
|
|
|
|
|
Sales
|
$
1,293.8
|
|
$
1,162.3
|
|
|
|
|
Gross margin -
GAAP
|
293.7
|
|
302.4
|
Special items in gross
margin (Attachment 3)
|
5.8
|
|
(2.2)
|
Adjusted gross margin
|
$
299.5
|
|
$
300.2
|
|
|
|
|
Adjusted gross margin
as a percent of sales
|
23.2%
|
|
25.8%
|
|
|
|
|
Operating income -
GAAP
|
128.6
|
|
120.4
|
Special items in
operating income (Attachment 3)
|
7.8
|
|
2.4
|
Adjusted operating
income
|
$
136.4
|
|
$
122.8
|
|
|
|
|
Adjusted operating
income as a percent of sales
|
10.5%
|
|
10.6%
|
The table below reconciles pre-special income tax expense and
the pre-special effective tax rate to their most comparable US GAAP
figures.
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
GAAP
Results
|
|
Special
Items
|
|
Adjusted
Results
|
|
GAAP
Results
|
|
Special
Items
|
|
Adjusted
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from before
income taxes
|
$
111.1
|
|
$
7.7
|
|
$ 118.8
|
|
$
102.6
|
|
$
2.4
|
|
$ 105.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense -
GAAP
|
(26.6)
|
|
—
|
|
(26.6)
|
|
(22.9)
|
|
—
|
|
(22.9)
|
Income tax impact of
special items (Attachment 3)
|
—
|
|
(2.0)
|
|
(2.0)
|
|
—
|
|
(0.9)
|
|
(0.9)
|
Tax adjustments
(Attachment 3)
|
—
|
|
1.5
|
|
1.5
|
|
—
|
|
1.1
|
|
1.1
|
Income tax (expense)
benefit
|
$ (26.6)
|
|
$ (0.5)
|
|
$
(27.1)
|
|
$ (22.9)
|
|
$
0.2
|
|
$
(22.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax
Rate(1)
|
23.9%
|
|
|
|
22.8%
|
|
22.3%
|
|
|
|
21.6%
|
|
(1) Rates may not recalculate from
figures presented herein due to rounding
|
Reconciliation of EBITDA by
Segment
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Operating income:
|
|
|
|
Color,
Additives and Inks
|
$ 94.5
|
|
$ 88.8
|
Specialty
Engineered Materials
|
39.7
|
|
34.2
|
Distribution
|
24.2
|
|
24.0
|
Corporate
and eliminations
|
(29.8)
|
|
(26.6)
|
Operating
income
|
$ 128.6
|
|
$ 120.4
|
|
|
|
|
Items below OI in Corporate:
|
|
|
|
Other income,
net
|
$
(0.6)
|
|
$
1.5
|
|
|
|
|
Depreciation &
amortization:
|
|
|
|
Color, Additives and
Inks
|
$ 26.0
|
|
$ 27.4
|
Specialty Engineered
Materials
|
7.8
|
|
7.8
|
Distribution
|
0.2
|
|
0.2
|
Corporate and
eliminations
|
3.8
|
|
1.7
|
Depreciation &
Amortization
|
$ 37.8
|
|
$ 37.1
|
|
|
|
|
EBITDA:
|
|
|
|
Color,
Additives and Inks
|
$ 120.5
|
|
$ 116.2
|
Specialty
Engineered Materials
|
47.5
|
|
42.0
|
Distribution
|
24.4
|
|
24.2
|
Corporate
and eliminations
|
(26.0)
|
|
(24.9)
|
Other
income, net
|
(0.6)
|
|
1.5
|
EBITDA
|
$ 165.8
|
|
$ 159.0
|
|
|
|
|
EBITDA as a % of Sales:
|
|
|
|
Color, Additives and
Inks
|
18.6 %
|
|
19.1 %
|
Specialty Engineered
Materials
|
19.4 %
|
|
19.4 %
|
Distribution
|
5.6 %
|
|
6.7 %
|
|
Three Months
Ended
March
31,
|
Reconciliation to
EBITDA and Adjusted EBITDA:
|
2022
|
|
2021
|
Net income from
continuing operations – GAAP
|
$
84.5
|
|
$
79.7
|
Income tax
expense
|
26.6
|
|
22.9
|
Interest
expense
|
16.9
|
|
19.3
|
Depreciation and
amortization
|
37.8
|
|
37.1
|
EBITDA
|
$
165.8
|
|
$
159.0
|
Special items, before
tax
|
7.7
|
|
2.4
|
Depreciation and
amortization included in special items
|
(2.1)
|
|
(0.5)
|
Adjusted
EBITDA
|
$
171.4
|
|
$
160.9
|
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SOURCE Avient Corporation