AVIENT CORP Q4 Profit Down, But Beats Estimates; Sees Q1 Earnings Above View - Update

(RTTNews) - (Adds Outlook)

AVIENT CORP (AVNT) revealed earnings for fourth quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $28.6 million, or $0.31 per share. This compares with $544.5 million, or $5.98 per share, in last year's fourth quarter.

Excluding items, AVIENT CORP reported adjusted earnings of $48.2 million or $0.52 per share for the period.

Analysts on average had expected the company to earn $0.47 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 9.0% to $719 million from $790.4 million last year.

Outlook:

Looking ahead, for the first-quarter, citing an improvement in demand, Avient expects a rise in its adjusted income per share, above analysts' estimate. Excluding items, for the first-quarter, the company expects income per share of $0.68, higher than last year's $0.63 per share.

On average, four analysts polled by Thomson Reuters forecast the firm to earn $0.59 per share, for the quarter. Analysts' estimates typically exclude special items.

Projecting an improved demand through the full year, the company expects to register annual adjusted income per share of $2.40 to $2.65, in line with analysts' estimate of $2.53 per share and higher than previous year's $2.36 per share. Further, the company expects annual adjusted EBITDA of $505 million to $535 million, higher than previous year's $501.8 million.

AVIENT CORP Q4 earnings at a glance (GAAP) :

-Earnings (Q4): $28.6 Mln. vs. $544.5 Mln. last year. -EPS (Q4): $0.31 vs. $5.98 last year. -Analyst Estimates: $0.47 -Revenue (Q4): $719 Mln vs. $790.4 Mln last year.