11.03.22
Avient Corporation announced its third quarter 2022 results. GAAP earnings per share (EPS) from continuing operations were ($0.30) in the third quarter of 2022 compared to $0.37 in the prior year quarter.
"As we announced in our September 27th release, we are experiencing weaker global demand conditions precipitated by the war in Ukraine, recession fears, higher energy costs and inflation," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "These factors are also causing customer inventory destocking across nearly every industry, further reducing orders from customers."
“Our updated guidance of $2.60 incorporates additional weakness associated with the recently announced COVID lockdowns in China,” added Patterson. “Given the challenging conditions we are facing, I'm incredibly proud of everything we have accomplished in the last few months. We completed the acquisition of APM and the sale of our Distribution business, and are using the net proceeds to pay down near-term maturing debt as previously announced."
The company noted net proceeds from the Distribution sale are being used to retire its $600 million 2023 Senior Unsecured Notes and pay down $150 million of its term loan debt.
"As we announced in our September 27th release, we are experiencing weaker global demand conditions precipitated by the war in Ukraine, recession fears, higher energy costs and inflation," said Robert M. Patterson, chairman, president and CEO, Avient Corporation. "These factors are also causing customer inventory destocking across nearly every industry, further reducing orders from customers."
“Our updated guidance of $2.60 incorporates additional weakness associated with the recently announced COVID lockdowns in China,” added Patterson. “Given the challenging conditions we are facing, I'm incredibly proud of everything we have accomplished in the last few months. We completed the acquisition of APM and the sale of our Distribution business, and are using the net proceeds to pay down near-term maturing debt as previously announced."
The company noted net proceeds from the Distribution sale are being used to retire its $600 million 2023 Senior Unsecured Notes and pay down $150 million of its term loan debt.