Avient Q2 2020 Earnings Report
Key Takeaways
Avient Corporation reported a decrease in overall sales by 18.6% due to weak automotive and consumer discretionary demand, but experienced a 13% increase in sales in Asia. The company's adjusted EPS exceeded expectations by $0.03 due to higher margins in the Color segment and an uptick in orders in the latter part of June. They also completed the acquisition of Clariant’s masterbatch business for approximately $1.4 billion and announced their new company name: Avient Corporation.
GAAP EPS from continuing operations was $0.25, compared to $0.30 in the prior year second quarter.
Adjusted EPS from continuing operations was $0.39, excluding the impact of the financing for the Clariant masterbatch acquisition.
Second quarter adjusted EPS exceeded what was communicated on the June 16th conference call by $0.03, due to higher margins in the Color segment and an uptick in orders in the latter part of June.
Completed acquisition of Clariant’s masterbatch business for net purchase price of approximately $1.4 billion and announced new company name: Avient Corporation
Avient
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Avient Revenue by Segment
Forward Guidance
Management will provide more commentary related to its second quarter performance, the Clariant Masterbatch acquisition and initial thoughts on third quarter performance on its upcoming conference call.
Revenue & Expenses
Visualization of income flow from segment revenue to net income