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Mar 31, 2024
Avient Q1 2024 Earnings Report
Reported a strong start to the year with adjusted EPS exceeding guidance and increasing 21% over the prior year.
Key Takeaways
Avient Corporation announced first quarter results for 2024, with sales of $829.0 million. Adjusted EPS was $0.76, exceeding guidance. The company revised its full-year adjusted EPS guidance range to $2.50 to $2.65.
First quarter GAAP EPS from continuing operations was $0.54, compared to $0.23 in the prior year quarter.
First quarter adjusted EPS of $0.76 exceeded guidance of $0.68, driven by better-than-expected customer demand from defense applications and lower raw material costs.
First quarter adjusted EPS increased 21% over the prior year, driven by improved margins and lower net interest expense.
Revised 2024 full-year adjusted EPS guidance range to $2.50 to $2.65, from prior guidance of $2.40 to $2.65.
Revenue by Segment
Forward Guidance
For the second quarter, the company expects adjusted EPS of $0.71, a 13% increase over the prior year. The revised range for adjusted EBITDA is between $510 million and $535 million. The revised range for adjusted EPS is between $2.50 and $2.65.
Positive Outlook
- Expect year over year demand improvement from consumer, packaging and defense end markets
- Expect raw material deflation to support margin expansion year over year
- Raising the low end of full year guidance
- Focused on driving profitable, organic, top-line growth while expanding margins
- Will amplify innovation by prioritizing investments in high growth end markets with attractive secular trends
Challenges Ahead
- Mindful of a strengthening U.S. dollar
- Persistent macro inflation
- A higher for longer interest rate environment
- Taking a balanced view considering these factors
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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