https://www.avient.com/news/polyone-hold-first-quarter-2014-conference-call
CLEVELAND – 2014年4月11日 – PolyOne Corporation (NYSE: POL), a premier provider of specialized polymer materials, services and solutions, intends to release its first quarter 2014 earnings after the market close on Wednesday, April 30, 2014.
https://www.avient.com/news/polyone-launches-moisture-cured-eccoh-xls-non-halogen-wire-cable-applications
January 30, 2014
https://www.avient.com/news/new-super-black-textile-colorants-meet-global-demands-intense-deep-effects
New super black colors also feature a 30 to 60 percent lower addition rate compared with conventional black masterbatch.
https://www.avient.com/news/emerging-mobility-technologies-gain-momentum-advanced-materials-polyone
December 30, 2016
https://www.avient.com/investors/governance/board-directors
Khandpur joined Avient in December 2023. He previously served as Group President of the Transportation & Electronics business group for 3M Company (“3M”), a global manufacturing and technology company, from April 2021 to November 2023.
https://www.avient.com/idea/making-plastic-parts-more-sustainable
Both bio-based and recycled materials are beneficial in developing more sustainable products for eco-conscious consumers – a growing segment of buyers, as 78% of consumers value a sustainable lifestyle (NielsenIQ, 2023). Utilizing sustainable-based colorants and additives can lead to a stronger environmental story and the potential for sales to increase up to 2.5% (McKinsey & Company, 2023).
https://www.avient.com/sites/default/files/2024-12/AVNT Investor Day 2024 Presentation.pdf
They are based on management’s expectations that involve 2023, 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. $3.1B 9,000+ 80+ 100+ 2011 36% 64% by business segment Specialty Engineered Color, & Inks 2023 sales by end market 41% 36% 18% 5% US, Canada LATAM EMEA PACKAGING 23% CONSUMER 19% INDUSTRIAL 16% TRANSPORTATION 10% BUILDING & CONSTRUCTION 9% HEALTHCARE 7% DEFENSE 7% ENERGY 5% TELECOM 4% Copyright © . 2024 8 The fast-changing world creating opportunities for us... EBITDA margin up from about 5% (2006) to 16% (2023) Our evolution Specialty formulator of materials Copyright © . 2024 21 Innovator of materials solutions to help our customers succeed, while enabling a sustainable world Our evolution...thinking differently about who we are Copyright © . 2024 22 Innovator of materials solutions to help our customers succeed, while enabling a sustainable world Our evolution...thinking differently about who we are platforms mindset higher focus on select platforms and markets driving a largely organic strategy and complementing with M&A over time Innovator of materials solutions to help our customers succeed, OUR PURPOSE is to be the...
https://www.avient.com/sites/default/files/2024-05/AVNT Q1 2024 Earnings Press Release_0.pdf
Rose Vice President, Marketing and Communications Avient Corporation +1 440-930-3162 kyle.rose@avient.com mailto:giuseppe.disalvo@avient.com mailto:kyle.rose@avient.com 6 Attachment 1 Avient Corporation Summary of Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended 2024年3月31日 2023 Sales $ 829.0 $ 845.7 Operating income 94.0 57.1 Net income from continuing operations attributable to Avient shareholders 49.4 20.8 Diluted earnings per share from continuing operations attributable to Avient shareholders $ 0.54 $ 0.23 Senior management uses comparisons of adjusted net income from continuing operations attributable to Avient shareholders and diluted adjusted earnings per share (EPS) from continuing operations attributable to Avient shareholders, excluding special items, to assess performance and facilitate comparability of results. Three Months Ended 2024年3月31日 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS $ EPS Net income from continuing operations attributable to Avient shareholders $ 49.4 $ 0.54 $ 20.8 $ 0.23 Special items, after-tax (Attachment 3) 5.5 0.06 22.3 0.24 Amortization expense, after-tax 14.9 0.16 15.1 0.16 Adjusted net income / EPS $ 69.8 $ 0.76 $ 58.2 $ 0.63 7 Attachment 2 Avient Corporation Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data) Three Months Ended 2024年3月31日 2023 Sales $ 829.0 $ 845.7 Cost of sales 550.8 598.1 Gross margin 278.2 247.6 Selling and administrative expense 184.2 190.5 Operating income 94.0 57.1 Interest expense, net (26.6) (28.8) Other (expense) income, net (0.9) 0.7 Income from continuing operations before income taxes 66.5 29.0 Income tax expense (16.8) (7.7) Net income from continuing operations 49.7 21.3 Loss from discontinued operations, net of income taxes — (0.9) Net income 49.7 20.4 Net income attributable to noncontrolling interests (0.3) (0.5) Net income attributable to Avient common shareholders $ 49.4 $ 19.9 Earnings (loss) per share attributable to Avient common shareholders - Basic: Continuing operations $ 0.54 $ 0.23 Discontinued operations — (0.01) Total $ 0.54 $ 0.22 Earnings (loss) per share attributable to Avient common shareholders - Diluted: Continuing operations $ 0.54 $ 0.23 Discontinued operations — (0.01) Total $ 0.54 $ 0.22 Cash dividends declared per share of common stock $ 0.2575 $ 0.2475 Weighted-average shares used to compute earnings per common share: Basic 91.2 91.0 Diluted 92.0 91.8 8 Attachment 3 Avient Corporation Summary of Special Items (Unaudited) (In millions, except per share data) Special items (1) Three Months Ended 2024年3月31日 2023 Cost of sales: Restructuring costs, including accelerated depreciation $ 3.6 $ (6.6) Environmental remediation costs (4.0) (1.4) Impact on cost of sales (0.4) (8.0) Selling and administrative expense: Restructuring and employee separation costs (0.7) (11.3) Legal and other (3.5) (4.4) Acquisition related costs (1.6) (3.4) Impact on selling and administrative expense (5.8) (19.1) Impact on operating income (6.2) (27.1) Other income (loss), net — (0.2) Impact on income from continuing operations before income taxes (6.2) (27.3) Income tax benefit on above special items 1.4 6.9 Tax adjustments(2) (0.7) (1.9) Impact of special items on net income from continuing operations $ (5.5) $ (22.3) Diluted earnings per common share impact $ (0.06) $ (0.24) Weighted average shares used to compute adjusted earnings per share: Diluted 92.0 91.8 (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 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, 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 Three Months Ended March 31, Reconciliation to Consolidated Statements of Income 2024 2023 Sales $ 829.0 $ 845.7 Gross margin - GAAP 278.2 247.6 Special items in gross margin (Attachment 3) 0.4 8.0 Adjusted gross margin $ 278.6 $ 255.6 Adjusted gross margin as a percent of sales 33.6 % 30.2 % Operating income - GAAP 94.0 57.1 Special items in operating income (Attachment 3) 6.2 27.1 Adjusted operating income $ 100.2 $ 84.2 Adjusted operating income as a percent of sales 12.1 % 10.0 % Three Months Ended March 31, Reconciliation to EBITDA and Adjusted EBITDA: 2024 2023 Net income from continuing operations - GAAP $ 49.7 $ 21.3 Income tax expense 16.8 7.7 Interest expense, net 26.6 28.8 Depreciation and amortization 44.3 50.5 EBITDA from continuing operations 137.4 108.3 Special items, before tax 6.2 27.3 Depreciation and amortization included in special items (0.5) (1.8) Adjusted EBITDA $ 143.1 $ 133.8 Adjusted EBITDA as a percent of sales 17.3 % 15.8 % Year Ended December 31, 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS Net income from continuing operations attributable to Avient shareholders $ 75.8 $ 0.83 Special items, after-tax 79.3 0.86 Amortization expense, after-tax 61.5 0.67 Adjusted net income / EPS $ 216.6 $ 2.36 13 Three Months Ended June 30, 2023 Reconciliation to Condensed Consolidated Statements of Income $ EPS Net income from continuing operations attributable to Avient shareholders $ 22.1 $ 0.24 Special items, after-tax 19.6 0.21 Amortization expense, after-tax 16.2 0.18 Adjusted net income / EPS $ 57.9 $ 0.63 NEWS RELEASE Attachment 1
https://www.avient.com/sites/default/files/AVNT Q1 2023 Earnings Press Release.pdf
AVNT-2023.03.31-News Release 1 NEWS RELEASE FOR IMMEDIATE RELEASE Avient Announces First Quarter 2023 Results • First quarter sales of $846 million in line with guidance • GAAP EPS of $0.23 includes special items primarily related to restructuring costs as detailed in Attachment 3 • Adjusted EPS of $0.63 exceeded guidance of $0.55, driven by better-than-projected margins in both segments • Full year adjusted EBITDA and EPS guidance of $530 million and $2.40, respectively, maintained given present macroeconomic uncertainty • Sustainability Investor Day to be held on September 20th will highlight Avient’s sustainable solutions portfolio and growth opportunities CLEVELAND – May 3, 2023 – Avient Corporation (NYSE: AVNT), a leading provider of specialized and sustainable solutions, today announced its first quarter 2023 results. Second Quarter and Full Year 2023 Outlook The company noted global demand conditions continue to be challenged by negative consumer sentiment, rising interest rates and inflation. Eastern Time on May 3, 2023. 3 Webcast Details Avient will host a webcast on Wednesday, May 3, 2023 at 8:00 a.m.
https://www.avient.com/sites/default/files/2022-04/Avient Acquisition of Dyneema and Q1 2022 Results_0.pdf
Outdoor High Performance) 8 18% 3 Growth in Asia / LATAM 6 3% 2 Other 100 19% 5 Sub-total $1,327 14% $146 Outdoor High Performance Impact (5) (3) Wage Inflation and Overtime (11) Other Supply Chain Costs (4) Synergies 5 Incentives, Other Employee Costs 8 FX (28) (5) Q1 2022 $1,294 11% $136 Q1 2022 SALES AND OPERATING INCOME (TOTAL COMPANY) 6 Sales Growth Rate Operating Income$ millions EBITDA Q1 EBITDA BRIDGE 7 Price increases more than offset raw material and supply chain impacts Q1 2021 $ 161 Demand (23) $ millions CAI: Price / Mix 77 Inflation (54) SEM: Price / Mix 41 Inflation (26) Distribution: Price / Mix 84 Inflation (82) Net Price Benefit 40 Wage Inflation and Overtime (11) Other Supply Chain Costs (4) Synergies 5 Incentives, Other Employee Costs 8 FX (5) Q1 2022 $ 171 China Lockdowns / Russia Impact $ (7) Transportation (7) Outdoor High Performance (3) Q1 EPS BRIDGE 8 Q1 2021 - Adjusted EPS 0.89$ CAI 0.08 Specialty Engineered Materials 0.06 Distribution 0.00 Corporate Costs 0.02 F/X (0.04) Segment OI 0.12 Tax Rate (0.02) Q1 2022 - Adjusted EPS 0.99$ 10 15x stronger than steel Reduces weight by 30% vs. other solutions Well-maintained global asset base poised to serve growing demand • Purchase price of $1.48B represents 11.4x multiple of 2022 EBITDA • Acquisition will expand Avient’s composites and fiber portfolio with Dyneema®, the World’s Strongest Fiber™ • $415M sales and 30%+ EBITDA margins; Immediately accretive to pro forma 2022 EPS, adding $0.35 • 1,300 patents globally, ~50% of sales patent protected • 1,000+ employees across global production network and dedicated technology centers • Composites platform will increase from $261M to $680M in revenue and from $49M to $180M in EBITDA Indicates Dyneema® location $175M (42%) $65M (16%) $175M (42%) 2022E Sales By Region ($M) (1) $0.35 EPS excludes intangible amortization (2) Based on 2022 expected results (1) (2) (2) FIT WITH FOUR PILLAR STRATEGY 11 Specialization • Innovation-led organization with tremendous intellectual property value in trademarks, patents and “know-how” • Deep history of application development and premium, leading brand with the World’s Strongest FiberTM Globalization • Global customer base with an established presence across all major geographic regions • Global technology centers complement existing Composites applications and expertise Operational Excellence • Best-in-class safety performance • Well-run and maintained asset base fit to serve future growth • Highly effective and reliable supply chain with emphasis on optimizing service to customers Commercial Excellence • Deep customer relationships extend across the value chain and drive ability to grow • Offer a full suite of services with an active role in design, development and commercialization People Experienced and talented associates with a passion for safety, specialization and winning DYNEEMA® OVERVIEW K E Y I N D U S T R I E S PERSONAL PROTECTION Military • Law Enforcement • First Responders Body Armor • Helmets • Vehicle Protection $215M MARINE & SUSTAINABLE INFRASTRUCTURE Towing / Mooring • Aquaculture • Floating Wind • Offshore Cranes $130M CONSUMER Consumer • Outdoor High Performance • Safety Equipment $70M 12 Figures reflect 2022 expected sales MIFOverview Competition Valuechain & Go-to-market Strategy Innovation Financials TECHNOLOGY 13 1,200 1,300 2,500 Avient Dyneema Combined Patents • True specialty business – the World’s Strongest Fiber™ • Deep history of application development with customers, strongest in the industry • The only UHMwPE (ultra-high molecular weight polyethylene) fiber producer that is backward integrated o Provides innovation advantage through control of all steps of the process • Complementary with our existing reinforced film expertise (PolyStrand) and engineered fiber presences (Fiber-Line) WINNING PROPERTIES Ultra high strength vs. weight Highly flexible Floats on water Chemically inert; no smell/taste and non-toxic High resistance to UV radiation Self-lubricating, with low friction One-of-a-kind technology ® FORMULATION PROCESS 14 • Like Avient, Dyneema® offers similar core competencies around formulation and material science • Technology that combines polymers and fibers to provide specialized, high performing solutions for customers • Design capabilities ensure that applications are highly customized for the specified end use DYNEEMA® IN THE VALUE CHAIN 15 UHMwPE Fiber / Tapes Military Personnel, Law Enforcement Heavy Marine, Offshore Wind Energy and Mooring, Aquaculture Outdoor, Footwear, Apparel, Inflatables • Material Science • Formulation • Service INTERMEDIATE MANUFACTURING (CUSTOMERS) OEM / APPLICATION DEMAND TRENDS 16 • Military spending and near-term demand for higher performing personal protection products (like Dyneema®) expected to increase o European NATO members annual defense spend expected to increase by up to 20%(1) o Accelerated launch of next generation technology in North America • Policy-driven demand for sustainable energy; growth in floating offshore wind farms which require advanced, durable technology o Offshore wind expected to grow at a CAGR of 32% with the level of annual installations quadrupling over the next five years(2) • Continued investment in aquaculture as a sustainable food source(3) • Strong demand in outdoor high performance space across niche consumer applications aligns with 10% growth assumption for Avient’s Composites portfolio Sources: (1) “Funding NATO”, NATO.int (2022年4月1日) (2) “Global Wind Report 2021”, Global Wind Energy Council (3) “Aquaculture Supports a Sustainable Earth”, NOAA Fisheries 17 A L I G N M E N T W I T H S U S T A I N A B I L I T Y G O A L S PRODUCTS AVIENT’S EXISTING COMPOSITES PORTFOLIO D I V E R S E C A P A B I L I T I E S A N D S O L U T I O N S S E R V I N G M A N U F A C T U R E R S A N D O E M S LFT Tapes Laminates/Panels Shapes Pultrusion Engineered Fibers 18 AVIENT’S COMPOSITES PORTFOLIO SALES AND EBITDA 19 $74 $84 $216 $212 $261 $5 $10 $32 $41 $49 $180 0 50 100 150 200 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 $550 $600 $650 $700 $750 2017 2018 2019 2020 2021 2022E $680 • Dyneema® acquisition will further improve Composites EBITDA margins to 26% • Dyneema® will complement our existing portfolio with deep formulation expertise, innovative culture and global commercial presence • Composites will continue to be a key growth driver to deliver future revenue growth in excess of GDP (1) Pro forma for the acquisition of Dyneema® DISTRIBUTION DIVESTITURE CONSIDERATIONS DISTRIBUTION HIGHLIGHTS 21 $21 $57 $69 $94 $105 0 50 100 150 2006 2011 2016 2021 2022E • Leading North American Distribution business with longstanding blue-chip supplier and customer relationships • Commercial excellence and regulatory knowledge have grown healthcare portfolio to over 25% of sales and positioned business for long-term growth • Highly specialized portfolio of engineered polymers along with sustainable solution offerings • Leading digital capabilities through Avient Now, allowing enhanced visibility and 24/7 interface with customers • 98% free cash flow conversion drives greater than 30% after-tax return on invested capital (ROIC) • Potential divestiture allows us to remain modestly leveraged with net debt to adjusted EBITDA expected to be 2.9x and positions us for further specialty growth in the future EBITDA (in $M) DYNEEMA® TRANSACTION OVERVIEW 22 - $1.48B net purchase price - Represents 11.4x expected 2022 EBITDA - Committed financing in place - Permanent financing to be combination of available cash on-hand, new Senior Unsecured Notes, new Senior Secured Term Loan - Potential proceeds from Distribution divestment could be used to pay down near-term maturing debt - Closing expected in second half of 2022, subject to regulatory approvals and certain customary closing conditions Transaction Value Financing Closing Conditions / Timing CAPITAL STRUCTURE / LEVERAGE 23 • Financing commitments secured from Morgan Stanley and J.P. Morgan • New Senior Secured Term Loan B and new Senior Unsecured Notes • Potential proceeds from sale of Distribution business modeled to pay off 5.25% senior notes due 2023 and Term Loan • Acquisition aligned with Avient’s track record of disciplined capital allocation policy • Existing dividend policy maintained, focus on deleveraging in the near term (1) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution, including repayment of senior notes due 2023 and Term Loan Cash and Cash Equivalents 595$ Senior Secured Term Loan due 2026 605$ New Senior Secured Term Loan B 500 Total Senior Secured Debt 1,105$ Senior Unsecured Notes due 2025 650$ New Senior Unsecured Notes 740 Total Senior Unsecured Debt 1,390$ Total Debt 2,495$ Net Debt 1,900$ 2022 Pro forma Adjusted EBITDA 660$ Net Debt / Adjusted EBITDA 2.9x Pro Forma Capitalization (2022 estimates, all figures in $M) TWO-YEAR LEVERAGE GOAL 24 3.5x 2.7x 1.7x 2.9x 2.5x 2.2x 2019PF 2020PF 2022E 2022PF 2023E 2024E Dyneema® AcquisitionClariant Color Acquisition (1) Pro forma for the acquisition of the Clariant Color business (2) Pro forma for the acquisition of Dyneema® and potential divestiture of Distribution, including repayment of senior notes due 2023 and Term Loan (1) (1) (2) 25 PRO FORMA MODELING 2022E Pro Forma Pro Forma ($M) w/ Dyneema w/Sale Revenue 5,100$ 415$ 5,515$ (1,775)$ 3,740$ Adjusted EBITDA 635 130 765 (105) 660 EBITDA % 12% 31% 14% 6% 18% Pro Forma EPS (Adjusted) 3.50$ 0.00$ 3.50$ (0.56)$ 2.94$ Pro Forma EPS (excl. amortization) 3.96$ 0.35$ 4.31$ (0.56)$ 3.75$ Leverage (12/31/2022E) Net Debt / Adjusted EBITDA 1.7x 3.5x 2.9x Avient Dyneema Distribution® ® OUR SPECIALTY JOURNEY ACQUISITION HISTORY 27 Commercial Resources(1) Operating Margins 259 360 $40 $122 9% 21% Established Acquisitions (> 7 years) + 39% + 210% + 1200 bps (1) Commercial Resources include associate headcount in R&D / Technical, Marketing and Sales CLARIANT COLOR ACQUISITION 28 $133 $205 2019PF 2021 28 Clariant Color EBITDA Growth Purchase Price Multiple 10.8x 7.0x 6.1x 2019PF 2021 2021 w/ Full Synergies • Acquisition of Clariant Color business significantly expanded presence in healthcare, packaging and consumer end markets • Strength of portfolio – double-digit annual EBITDA growth since acquisition • $54 million of synergies realized in 2021 • Acquisition completed on 2020年7月1日 for $1.45 billion. Financials are pro forma for the acquisition of Dyneema® and potential divestiture of Distribution Avient Specialty Formulators Other Specialty / Chemical Companies 30 CULTURE AND PEOPLE 31 OUR SPECIALTY JOURNEY CONTINUES 32 • Dyneema® brings leading technology and brand with the World’s Strongest Fiber™, deep history of application development and strong management team focused on specialty applications • Dyneema® transaction is aligned with our previously stated acquisition goal of expanding our composites and fiber capabilities • Similar to our other technology expansion acquisitions, Dyneema® allows us to leverage our invest-to-grow strategy • We plan to explore a possible sale of our Distribution business.