The company noted that GAAP EPS includes special items (Attachment 3). Special items for the third quarter of 2022 had an (
Adjusted EPS excluding intangible amortization for the third quarter of
"As we announced in our
"Given the challenging conditions we are facing, I'm incredibly proud of everything we have accomplished in the last few months,"
"We have not wavered from our strategy of becoming a specialty formulator. Over the last few years, we have overhauled our portfolio by divesting more cyclical, less specialized businesses and made significant investments in innovation, composites and sustainable solutions,"
The company noted net proceeds from the Distribution sale are being used to retire its
More details will be provided on the company's third quarter performance and full year outlook during its webcast scheduled for
Webcast Details
A recording of the webcast and the slide presentation will be available at avient.com/investors/events-presentations immediately following the conference call and will be accessible for one year.
About
Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks; the current and potential future impact of the COVID-19 pandemic on our business, results of operations, financial position or cash flows including, without limitation, any supply chain and logistics issues; changes in laws and regulations regarding plastics in jurisdictions where we conduct business; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; our ability to achieve the strategic and other objectives relating to the Avient Protective Materials business; an inability to raise or sustain prices for products or services; our ability to pay regular quarterly cash dividends and the amounts and timing of any future dividends; information systems failures and cyberattacks; amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; and other factors affecting our business beyond our control, including without limitation, changes in the general economy, changes in interest rates, changes in the rate of inflation and any recessionary conditions. The above list of factors is not exhaustive.
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the
Non-GAAP Financial Measures
The Company uses both GAAP (generally accepted accounting principles) and non-GAAP financial measures. The non-GAAP financial measures include adjusted EPS, adjusted operating income, adjusted gross margin and adjusted EBITDA.
The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as adjusted EPS, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, restructuring costs, environmental remediation costs, acquisition related costs, and other non-routine costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
To access
Attachment 1 |
|||||||
Summary of Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Sales |
$ 823.3 |
$ 818.0 |
$ 2,606.5 |
$ 2,508.5 |
|||
Operating Income |
40.6 |
52.8 |
242.9 |
229.6 |
|||
Net (loss) income from continuing operations attributable to |
(27.4) |
33.7 |
99.8 |
143.3 |
|||
Basic (loss) earnings per share from continuing operations attributable to |
$ (0.30) |
$ 0.37 |
$ 1.09 |
$ 1.57 |
|||
Diluted (loss) earnings per share from continuing operations attributable to |
$ (0.30) |
$ 0.37 |
$ 1.08 |
$ 1.56 |
Senior management uses comparisons of adjusted net income attributable to
Three Months Ended |
Three Months Ended |
||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||
Net (loss) income from continuing operations attributable to |
$ (27.4) |
$ (0.30) |
$ 33.7 |
$ 0.37 |
|||
Special items, after tax (Attachment 3) |
68.3 |
0.75 |
11.7 |
0.13 |
|||
Amortization expense, after-tax |
13.4 |
0.14 |
$ 11.0 |
$ 0.11 |
|||
Adjusted net income / EPS |
$ 54.3 |
$ 0.59 |
$ 56.4 |
$ 0.61 |
|||
Nine Months Ended |
Nine Months Ended |
||||||
Reconciliation to Condensed Consolidated Statements of Income |
$ |
EPS |
$ |
EPS |
|||
Net income from continuing operations attributable to |
$ 99.8 |
$ 1.08 |
$ 143.3 |
$ 1.56 |
|||
Special items, after tax (Attachment 3) |
77.9 |
0.85 |
26.0 |
0.28 |
|||
Amortization expense, after-tax |
34.9 |
0.38 |
$ 33.6 |
0.36 |
|||
Adjusted net income / EPS |
$ 212.6 |
$ 2.31 |
$ 202.9 |
$ 2.20 |
Attachment 2 |
|||||||
Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Sales |
$ 823.3 |
$ 818.0 |
$ 2,606.5 |
$ 2,508.5 |
|||
Cost of sales |
627.9 |
602.4 |
1,895.8 |
1,781.2 |
|||
Gross margin |
195.4 |
215.6 |
710.7 |
727.3 |
|||
Selling and administrative expense |
154.8 |
162.8 |
467.8 |
497.7 |
|||
Operating income |
40.6 |
52.8 |
242.9 |
229.6 |
|||
Interest expense, net |
(37.3) |
(19.0) |
(70.4) |
(57.8) |
|||
Other (expense) income, net |
(32.3) |
1.6 |
(31.3) |
4.3 |
|||
(Loss) income from continuing operations before income taxes |
(29.0) |
35.4 |
141.2 |
176.1 |
|||
Income tax benefit (expense) |
1.2 |
(2.0) |
(41.5) |
(32.1) |
|||
Net (loss) income from continuing operations |
(27.8) |
33.4 |
99.7 |
144.0 |
|||
Income from discontinued operations, net of income taxes |
17.1 |
19.2 |
58.8 |
57.7 |
|||
Net (loss) income |
(10.7) |
52.6 |
158.5 |
201.7 |
|||
Net loss (income) attributable to noncontrolling interests |
0.4 |
0.3 |
0.1 |
(0.7) |
|||
Net (loss) income attributable to |
$ (10.3) |
$ 52.9 |
$ 158.6 |
$ 201.0 |
|||
(Loss) earnings per share attributable to |
|||||||
Continuing operations |
$ (0.30) |
$ 0.37 |
$ 1.09 |
$ 1.57 |
|||
Discontinued operations |
0.19 |
0.21 |
0.65 |
0.63 |
|||
Total |
$ (0.11) |
$ 0.58 |
$ 1.74 |
$ 2.20 |
|||
(Loss) earnings per share attributable to |
|||||||
Continuing operations |
$ (0.30) |
$ 0.37 |
$ 1.08 |
$ 1.56 |
|||
Discontinued operations |
0.19 |
0.20 |
0.64 |
0.62 |
|||
Total |
$ (0.11) |
$ 0.57 |
$ 1.72 |
$ 2.18 |
|||
Cash dividends declared per share of common stock |
$ 0.2375 |
$ 0.2125 |
$ 0.7125 |
$ 0.6375 |
|||
Weighted-average shares used to compute earnings per common share: |
|||||||
Basic |
90.9 |
91.4 |
91.3 |
91.3 |
|||
Diluted |
90.9 |
92.2 |
92.0 |
92.1 |
Attachment 3 |
|||||||
Summary of Special Items (Unaudited) (In millions, except per share data)
|
|||||||
Special items (1) |
Three Months Ended |
Nine Months Ended |
|||||
2022 |
2021 |
2022 |
2021 |
||||
Cost of sales: |
|||||||
Restructuring costs, including accelerated depreciation |
$ (2.8) |
$ (5.3) |
$ (9.8) |
$ (8.6) |
|||
Environmental remediation costs |
(18.8) |
(9.4) |
(23.8) |
(22.4) |
|||
Reimbursement of previously incurred environmental costs |
0.1 |
— |
8.3 |
4.5 |
|||
Acquisition related costs |
(10.3) |
(2.6) |
(10.3) |
(1.2) |
|||
Impact on cost of sales |
(31.8) |
(17.3) |
(35.6) |
(27.7) |
|||
Selling and administrative expense: |
|||||||
Restructuring, legal and other |
(0.2) |
— |
— |
(1.7) |
|||
Acquisition related costs |
(8.2) |
(2.7) |
(13.2) |
(7.2) |
|||
Impact on selling and administrative expense |
(8.4) |
(2.7) |
(13.2) |
(8.9) |
|||
Impact on operating income |
(40.2) |
(20.0) |
(48.8) |
(36.6) |
|||
Interest expense, net - costs related to committed financing |
(10.0) |
— |
(10.0) |
— |
|||
Mark-to-market on derivative instruments |
(31.8) |
— |
(30.9) |
— |
|||
Other |
— |
0.1 |
0.1 |
0.1 |
|||
Impact on other (expense)/income, net |
(31.8) |
0.1 |
(30.8) |
0.1 |
|||
Impact on income from continuing operations before income taxes |
(82.0) |
(19.9) |
(89.6) |
(36.5) |
|||
Income tax benefit on above special items |
20.5 |
4.6 |
22.5 |
8.9 |
|||
Tax adjustments(2) |
(6.8) |
3.6 |
(10.8) |
1.6 |
|||
Impact of special items on net income from continuing operations |
$ (68.3) |
$ (11.7) |
$ (77.9) |
$ (26.0) |
|||
Diluted earnings per common share impact |
$ (0.75) |
$ (0.13) |
$ (0.85) |
$ (0.28) |
|||
Weighted average shares used to compute adjusted earnings per share: |
|||||||
Diluted |
91.6 |
92.2 |
92.0 |
92.1 |
(1) |
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt extinguishment costs; costs incurred directly in relation to acquisitions or divestitures; employee separation costs resulting from personnel reduction programs, plant realignment costs, executive separation agreements; asset impairments; settlement gains or losses and mark-to-market adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties and related insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of the performance period; one-time, non-recurring items; and the effect of changes in accounting principles or other such laws or provisions affecting reported results. |
(2) |
Tax adjustments include the net tax benefit/ (expense) from one-time income tax items, the set-up or reversal of uncertain tax position reserves and deferred income tax valuation allowance adjustments. |
Attachment 4 |
|||
Condensed Consolidated Balance Sheets (In millions) |
|||
(Unaudited) |
|
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 544.4 |
$ 601.2 |
|
Accounts receivable, net |
504.6 |
439.9 |
|
Inventories, net |
441.5 |
305.8 |
|
Current assets held for sale |
367.8 |
360.2 |
|
Other current assets |
130.0 |
119.9 |
|
Total current assets |
1,988.3 |
1,827.0 |
|
Property, net |
965.4 |
672.3 |
|
|
1,491.0 |
1,284.8 |
|
Intangible assets, net |
1,525.7 |
925.2 |
|
Operating lease assets, net |
56.0 |
58.2 |
|
Non-current assets held for sale |
— |
22.0 |
|
Other non-current assets |
280.7 |
207.7 |
|
Total assets |
$ 6,307.1 |
$ 4,997.2 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Short-term and current portion of long-term debt |
$ 613.9 |
$ 8.6 |
|
Accounts payable |
448.7 |
429.5 |
|
Current operating lease obligations |
18.1 |
21.1 |
|
Current liabilities held for sale |
170.3 |
141.3 |
|
Accrued expenses and other current liabilities |
304.6 |
340.2 |
|
Total current liabilities |
1,555.6 |
940.7 |
|
Non-current liabilities: |
|||
Long-term debt |
2,502.9 |
1,850.3 |
|
Pension and other post-retirement benefits |
91.6 |
99.9 |
|
Deferred income taxes |
210.4 |
100.6 |
|
Non-current operating lease obligations |
35.7 |
37.3 |
|
Non-current liabilities held for sale |
— |
13.1 |
|
Other non-current liabilities |
174.8 |
164.8 |
|
Total non-current liabilities |
3,015.4 |
2,266.0 |
|
SHAREHOLDERS' EQUITY |
|||
|
1,720.4 |
1,774.7 |
|
Noncontrolling interest |
15.7 |
15.8 |
|
Total equity |
1,736.1 |
1,790.5 |
|
Total liabilities and equity |
$ 6,307.1 |
$ 4,997.2 |
Attachment 5 |
|||
Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||
Nine Months Ended |
|||
2022 |
2021 |
||
Operating Activities |
|||
Net income |
$ 158.5 |
$ 201.7 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
Depreciation and amortization |
110.3 |
105.8 |
|
Accelerated depreciation |
4.0 |
1.9 |
|
Share-based compensation expense |
9.5 |
8.4 |
|
Changes in assets and liabilities, net of the effect of acquisitions: |
|||
Increase in accounts receivable |
(66.5) |
(199.7) |
|
Increase in inventories |
(12.5) |
(156.2) |
|
Increase in accounts payable |
43.5 |
95.3 |
|
Decrease in pension and other post-retirement benefits |
(15.8) |
(14.2) |
|
(Decrease) increase in accrued expenses and other assets and liabilities, net |
(7.1) |
67.0 |
|
Net cash provided by operating activities |
223.9 |
110.0 |
|
Investing activities |
|||
Capital expenditures |
(55.1) |
(62.7) |
|
Business acquisitions, net of cash acquired |
(1,426.1) |
(47.6) |
|
Settlement of foreign exchange derivatives |
93.3 |
— |
|
Net cash proceeds used by other assets |
— |
(2.0) |
|
Net cash used by investing activities |
(1,387.9) |
(112.3) |
|
Financing activities |
|||
Debt proceeds |
1,300.0 |
— |
|
Purchase of common shares for treasury |
(36.4) |
(4.2) |
|
Cash dividends paid |
(65.2) |
(58.2) |
|
Repayment of long-term debt |
(6.8) |
(16.5) |
|
Payments of withholding tax on share awards |
(4.2) |
(9.1) |
|
Debt financing costs |
(49.3) |
— |
|
Other financing activities |
— |
(3.5) |
|
Net cash provided (used) by financing activities |
1,138.1 |
(91.5) |
|
Effect of exchange rate changes on cash |
(30.9) |
(10.5) |
|
Decrease in cash and cash equivalents |
(56.8) |
(104.3) |
|
Cash and cash equivalents at beginning of year |
601.2 |
649.5 |
|
Cash and cash equivalents at end of period |
$ 544.4 |
$ 545.2 |
Attachment 6 |
|
Business Segment Operations (Unaudited) |
(In millions) |
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker. These costs are included in Corporate and eliminations. |
Three Months Ended |
Nine Months Ended |
||||||
2022 |
2021 |
2022 |
2021 |
||||
Sales: |
|||||||
Color, Additives and Inks |
$ 565.6 |
$ 586.6 |
$ 1,864.2 |
$ 1,820.3 |
|||
Specialty Engineered Materials |
258.2 |
231.7 |
743.6 |
685.3 |
|||
Corporate and eliminations |
(0.5) |
(0.3) |
(1.3) |
2.9 |
|||
Sales |
$ 823.3 |
$ 818.0 |
$ 2,606.5 |
$ 2,508.5 |
|||
Gross margin: |
|||||||
Color, Additives and Inks |
$ 161.3 |
$ 172.1 |
$ 546.8 |
$ 563.0 |
|||
Specialty Engineered Materials |
66.9 |
61.4 |
201.3 |
192.6 |
|||
Corporate and eliminations |
(32.8) |
(17.9) |
(37.4) |
(28.3) |
|||
Gross margin |
$ 195.4 |
$ 215.6 |
$ 710.7 |
$ 727.3 |
|||
Selling and administrative expense: |
|||||||
Color, Additives and Inks |
$ 92.7 |
$ 105.3 |
$ 290.1 |
$ 321.1 |
|||
Specialty Engineered Materials |
35.5 |
31.4 |
96.4 |
94.2 |
|||
Corporate and eliminations |
26.6 |
26.1 |
81.3 |
82.4 |
|||
Selling and administrative expense |
$ 154.8 |
$ 162.8 |
$ 467.8 |
$ 497.7 |
|||
Operating income: |
|||||||
Color, Additives and Inks |
$ 68.6 |
$ 66.8 |
$ 256.7 |
$ 241.9 |
|||
Specialty Engineered Materials |
31.4 |
30.0 |
104.9 |
98.4 |
|||
Corporate and eliminations |
(59.4) |
(44.0) |
(118.7) |
(110.7) |
|||
Operating income |
$ 40.6 |
$ 52.8 |
$ 242.9 |
$ 229.6 |
|||
Depreciation & amortization: |
|||||||
Color, Additives and Inks |
$ 24.2 |
$ 26.6 |
$ 76.1 |
$ 79.2 |
|||
Specialty Engineered Materials |
12.9 |
7.9 |
28.4 |
23.8 |
|||
Corporate and eliminations |
2.7 |
2.1 |
9.2 |
4.1 |
|||
Depreciation & Amortization |
$ 39.8 |
$ 36.6 |
$ 113.7 |
$ 107.1 |
|||
Earnings before interest, taxes, depreciation and amortization (EBITDA): |
|||||||
Color, Additives and Inks |
$ 92.8 |
$ 93.4 |
$ 332.8 |
$ 321.1 |
|||
Specialty Engineered Materials |
44.3 |
37.9 |
133.3 |
122.2 |
|||
Corporate and eliminations |
(56.7) |
(41.9) |
(109.5) |
(106.6) |
|||
Other (expense) income, net |
(32.3) |
1.6 |
(31.3) |
4.3 |
|||
EBITDA |
$ 48.1 |
$ 91.0 |
$ 325.3 |
$ 341.0 |
Attachment 7 |
|
Reconciliation of Non-GAAP Financial Measures (Unaudited) |
(In millions, except per share data) |
Senior management uses gross margin before special items and operating income before special items to assess performance and allocate resources because senior management believes that these measures are useful in understanding current profitability levels and how it may serve as a basis for future performance. In addition, operating income before the effect of special items is a component of |
Three Months Ended |
Nine Months Ended |
||||||
Reconciliation to Consolidated Statements of Income |
2022 |
2021 |
2022 |
2021 |
|||
Sales |
$ 823.3 |
$ 818.0 |
$ 2,606.5 |
$ 2,508.5 |
|||
Gross margin - GAAP |
195.4 |
215.6 |
710.7 |
727.3 |
|||
Special items in gross margin (Attachment 3) |
31.8 |
17.3 |
35.6 |
27.7 |
|||
Adjusted gross margin |
$ 227.2 |
$ 232.9 |
$ 746.3 |
$ 755.0 |
|||
Adjusted gross margin as a percent of sales |
27.7 % |
28.5 % |
28.6 % |
30.1 % |
|||
Operating income - GAAP |
40.6 |
52.8 |
242.9 |
229.6 |
|||
Special items in operating income (Attachment 3) |
40.2 |
20.0 |
48.8 |
36.6 |
|||
Adjusted operating income |
$ 80.8 |
$ 72.8 |
$ 291.7 |
$ 266.2 |
|||
Adjusted operating income as a percent of sales |
9.8 % |
8.9 % |
11.2 % |
10.6 % |
The table below reconciles pre-special income tax expense and the pre-special effective tax rate to their most comparable US GAAP figures. |
Three Months Ended |
|||||||||||
2022 |
2021 |
||||||||||
GAAP |
Special Items |
Adjusted Results |
GAAP Results |
Special Items |
Adjusted Results |
||||||
(Loss) income from continuing operations before income taxes |
$ (29.0) |
$ 82.0 |
$ 53.0 |
$ 35.4 |
$ 19.9 |
$ 55.3 |
|||||
Income tax expense - GAAP |
1.2 |
— |
1.2 |
(2.0) |
— |
(2.0) |
|||||
Income tax impact of special items (Attachment 3) |
— |
(20.5) |
(20.5) |
— |
(4.6) |
(4.6) |
|||||
Tax adjustments (Attachment 3) |
— |
6.8 |
6.8 |
— |
(3.6) |
(3.6) |
|||||
Income tax (expense) benefit |
$ 1.2 |
$ (13.7) |
|
$ (2.0) |
$ (8.2) |
|
|||||
Effective Tax Rate(1) |
4.1 % |
23.7 % |
5.7 % |
18.4 % |
(1) |
Rates may not recalculate from figures presented herein due to rounding |
Nine Months Ended |
|||||||||||
2022 |
2021 |
||||||||||
GAAP |
Special |
Adjusted Results |
GAAP Results |
Special Items |
Adjusted Results |
||||||
Income from continuing operations before income taxes |
$ 141.2 |
$ 89.6 |
|
$ 176.1 |
$ 36.5 |
|
|||||
Income tax expense - GAAP |
(41.5) |
— |
(41.5) |
(32.1) |
— |
(32.1) |
|||||
Income tax impact of special items (Attachment 3) |
— |
(22.5) |
(22.5) |
— |
(8.9) |
(8.9) |
|||||
Tax adjustments (Attachment 3) |
— |
10.8 |
10.8 |
— |
(1.6) |
(1.6) |
|||||
Income tax (expense) benefit |
$ (41.5) |
$ (11.7) |
|
$ (32.1) |
$ (10.5) |
|
|||||
Effective Tax Rate(1) |
29.4 % |
23.1 % |
18.2 % |
20.0 % |
(1) |
Rates may not recalculate from figures presented herein due to rounding |
Three Months Ended |
Nine Months |
||||||
Reconciliation to EBITDA and Adjusted EBITDA: |
2022 |
2021 |
2022 |
2021 |
|||
Net (loss) income from continuing operations – GAAP |
$ (27.8) |
$ 33.4 |
$ 99.7 |
$ 144.0 |
|||
Income tax (benefit) expense |
(1.2) |
2.0 |
41.5 |
32.1 |
|||
Interest expense |
37.3 |
19.0 |
70.4 |
57.8 |
|||
Depreciation and amortization from continuing operations |
39.8 |
36.6 |
113.7 |
107.1 |
|||
EBITDA |
$ 48.1 |
$ 91.0 |
$ 325.3 |
$ 341.0 |
|||
Special items, before tax |
82.0 |
19.9 |
89.6 |
36.5 |
|||
Interest expense included in special items |
(10.0) |
— |
(10.0) |
— |
|||
Depreciation and amortization included in special items |
(0.8) |
(0.9) |
(4.0) |
(0.1) |
|||
Adjusted EBITDA |
$ 119.3 |
$ 110.0 |
$ 400.9 |
$ 377.4 |
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SOURCE
Investor Relations Contact: Giuseppe (Joe) Di Salvo, Vice President, Treasurer and Investor Relations, Avient Corporation, +1 440-930-1921, giuseppe.disalvo@avient.com, or Media Contact: Kyle G. Rose, Vice President, Corporate Communications, Avient Corporation, +1 440-930-3162, kyle.rose@avient.com