Avient Cuts Q3, FY22 Profit Outlook Below View; Stock Down In Pre-market

(RTTNews) - Avient Corporation (AVNT), a maker of specialized polymer materials, said it has revised down its earnings forecast for the third quarter and fiscal 2022, to reflect its recent acquisition and divestiture activity, as well as current demand expectations.

For the third quarter, the Ohio-headquartered firm now expects its adjusted EPS to be $0.58 versus its previous forecast of $0.80. Analysts, on average, expect the firm to report adjusted income per share of $0.77 per share.

For the full-year, Avient anticipate its adjusted EPS to be $2.70, less than its previous expectation of $3.50. Analysts, on average, expect the firm to report earnings of $3.39 per share.

Robert Patterson, CEO of Avient said: The war in Ukraine and related energy supply concerns have further eroded consumer sentiment and demand in Europe, and we have not seen a recovery in Asia from the Covid-19 lockdowns in the first half of the year. The economic environment is further challenged by rapidly rising interest rates in the U.S., which have negatively impacted demand trends in the Americas. In addition, and in the near term, we believe current global demand is likely further weakened by customer inventory destocking."

AVNT is trading down by 1.64 percent at $32.39 per share in pre-market on the New York Stock Exchange.