https://www.avient.com/sites/default/files/2021-10/avnt-q3-2021-news-release.pdf
The company noted it will provide more details on its third quarter results and outlook during the webcast scheduled for 8:00 a.m. 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 Securities and Exchange Commission. 5 Non-GAAP Financial Measures The Company uses both GAAP (generally accepted accounting principles) and non-GAAP financial measures. Three Months Ended 2021年9月30日 Three Months Ended 2020年9月30日 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 52.9 $ 0.57 $ 1.7 $ 0.02 Special items, after tax (Attachment 3) 11.7 0.13 40.3 0.44 Adjusted net income / EPS - excluding special items $ 64.6 $ 0.70 $ 42.0 $ 0.46 Nine Months Ended 2021年9月30日 Nine Months Ended 2020年9月30日 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 201.0 $ 2.18 $ 57.8 $ 0.64 Special items, after tax (Attachment 3) 26.0 0.28 51.5 0.57 Adjusted net income / EPS - excluding special items $ 227.0 $ 2.46 $ 109.3 $ 1.21 8 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended September 30, Nine Months Ended 2021年9月30日 2020 2021 2020 Sales $ 1,219.8 $ 924.5 $ 3,617.3 $ 2,245.1 Cost of sales 964.4 714.3 2,770.8 1,713.7 Gross margin 255.4 210.2 846.5 531.4 Selling and administrative expense 176.7 176.7 539.3 407.1 Operating income 78.7 33.5 307.2 124.3 Interest expense, net (19.0) (29.7) (57.8) (55.3) Other income, net 1.4 1.5 4.1 12.6 Income from continuing operations before income taxes 61.1 5.3 253.5 81.6 Income taxes (8.5) (2.7) (51.8) (22.5) Net income from continuing operations 52.6 2.6 201.7 59.1 Loss from discontinued operations, net of income taxes — — — (0.5) Net income 52.6 2.6 201.7 58.6 Net loss (income) attributable to noncontrolling interests 0.3 (0.9) (0.7) (1.3) Net income attributable to Avient common shareholders $ 52.9 $ 1.7 $ 201.0 $ 57.3 Earnings per share attributable to Avient common shareholders - Basic: Continuing operations $ 0.58 $ 0.02 $ 2.20 $ 0.64 Discontinued operations — — — — Total $ 0.58 $ 0.02 $ 2.20 $ 0.64 Earnings per share attributable to Avient common shareholders - Diluted: Continuing operations $ 0.57 $ 0.02 $ 2.18 $ 0.64 Discontinued operations — — — (0.01) Total $ 0.57 $ 0.02 $ 2.18 $ 0.63 Cash dividends declared per share of common stock $ 0.2125 $ 0.2025 $ 0.6375 $ 0.6075 Weighted-average shares used to compute earnings per common share: Basic 91.4 91.5 91.3 89.7 Diluted 92.2 91.9 92.1 90.7 9 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended September 30, Nine Months Ended 2021年9月30日 2020 2021 2020 Cost of sales: Restructuring costs, including accelerated depreciation and amortization $ (5.3) $ (1.3) $ (8.6) $ (2.5) Environmental remediation costs (9.4) (15.8) (22.4) (19.3) Reimbursement of previously incurred environmental costs — — 4.5 8.7 Acquisition related costs (2.6) (10.5) (1.2) (10.5) Impact on cost of sales (17.3) (27.6) (27.7) (23.6) Selling and administrative expense: Restructuring, legal and other — (4.2) (1.7) (9.5) Acquisition earn-out adjustments — (1.5) — (2.5) Acquisition related costs (2.7) (7.1) (7.2) (23.5) Impact on selling and administrative expense (2.7) (12.8) (8.9) (35.5) Impact on operating income (20.0) (40.4) (36.6) (59.1) Costs related to committed financing in interest expense, net — (9.6) — (10.1) Other income, net 0.1 — 0.1 0.3 Pension settlement gain and mark-to-market adjustment — — — 6.9 Impact on income from continuing operations before income taxes (19.9) (50.0) (36.5) (62.0) Income tax benefit on above special items 4.6 12.7 8.9 15.4 Tax adjustments(2) 3.6 (3.0) 1.6 (4.9) Impact of special items on net income from continuing operations attributable to Avient Shareholders $ (11.7) $ (40.3) $ (26.0) $ (51.5) Diluted earnings per common share impact $ (0.13) $ (0.44) $ (0.28) $ (0.57) Weighted average shares used to compute adjusted earnings per share: Diluted 92.2 91.9 92.1 90.7 (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
