Avient Q2 Earnings And Revenue Beat Estimates; Lifts Full-year Earnings Guidance

(RTTNews) - Avient Corporation (AVNT), a manufacturer of specialized polymer materials, Tuesday reported net income of $33.6 million or $0.36 per share for the second quarter, higher than $22.1 million or $0.24 per share in the same quarter a year ago. Earnings and revenue were better than the Street estimates. The company also raised its full-year profit outlook.

Excluding one-time items, earnings were $70.2 million or $0.76 per share, that beat the analysts' average estimate of $0.72 per share. Analysts' estimates typically exclude special items.

Operating income grew to $72.5 million from $62.3 million last year.

Sales for the quarter increased to $849.7 million from $824.4 million in the previous year. The consensus estimate was for $841 million.

Looking ahead to the third quarter, Avient expects adjusted EPS to be $0.62. Analysts are looking for earnings of $0.60 per share for the quarter.

For the full year, the company now expects adjusted EPS to be between $2.55 and $2.70, up from the previous guidance range of $2.50 - $2.65. The consensus estimate stands at $2.61 per share.