Avient Q3 Results Climb, Top Estimates; Revises FY24 Outlook

(RTTNews) - Avient Corp. (AVNT), a provider of specialized and sustainable materials solutions, reported Thursday that its third-quarter net income attributable to shareholders surged to $38.2 million or $0.41 per share from last year's $5.1 million or $0.06 per share.

Adjusted net income was $59.8 million or $0.65 per share, compared to $52.3 million or $0.57 per share a year ago.

The company reported sales of $815.2 million, compared to $753.7 million in the prior year quarter.

Analysts on average expected the company to report earnings of $0.63 per share on sales of $797.48 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Looking ahead, for fiscal 2024, the company narrowed adjusted earnings per share guidance range to $2.63 to $2.67 from prior guidance range of $2.55 to $2.70. The revised guidance reflects 11 percent to 13 percent growth over the prior year.

The Street is looking for earnings of $2.64 per share for the year.

The company now expects adjusted EBITDA of $525 million to $530 million, compared to previous guidance range of $515 million to $540 million.

The company further said it increased dividend 5 percent to $1.08, on an annualized basis.

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