- 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
/PRNewswire/ -- Avient Corporation (NYSE: AVNT), a leading provider
of specialized and sustainable solutions, today announced its first
quarter 2023 results. First quarter GAAP and adjusted earnings per
share (EPS) were $0.23 and
$0.63, respectively.
The company noted that GAAP EPS includes $0.24 of special items (see Attachment 3) and
$0.16 of intangible amortization
expense (see Attachment 1). Special items for the first quarter
were primarily related to costs associated with restructuring
actions.
"Adjusted EPS for the first quarter exceeded our guidance as a
result of favorable margins in both segments," said Robert M. Patterson, Chairman, President, and
Chief Executive Officer, Avient Corporation. "This was partially
driven by composites and sustainable solutions which are proving to
be resilient in a challenging macroeconomic environment and
improving our mix of higher margin applications."
Mr. Patterson added, "Last year, we substantially expanded our
composite offerings with the acquisition of Dyneema®,
the world's strongest fiber™, and I'm pleased to report integration
is progressing exceptionally well. Demand for defense, energy and
telecom composite applications are helping to offset weakness in
other markets around the world."
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. "In Europe and the Americas, customers remain
cautious and are managing inventory levels tightly while
China's re-opening is progressing
at a measured pace," said Jamie A.
Beggs, Senior Vice President and Chief Financial Officer,
Avient Corporation.
"Accordingly, we expect second quarter sales and adjusted EPS of
$845 million and $0.60, respectively, which reflects slightly
higher margins than we projected at the beginning of the year," Ms.
Beggs continued. "On a full year basis, we are maintaining our
previous guidance of adjusted EBITDA and EPS of $530 million and $2.40. This factors in a more conservative growth
rate in the second half of the year in light of the present
macroeconomic environment."
Ms. Beggs added, "We are focused on executing our long-term
strategy while we manage in the downturn. This includes increasing
customer and employee engagement, optimizing our cost structure by
capturing additional synergies from the Clariant acquisition, and
minimizing working capital."
Upcoming Sustainability Investor Day
Commenting on the September
20th sustainability investor day, Mr. Patterson
said, "We plan to host a live webcast to highlight current demand
trends for sustainable solutions and how we help our customers
reach their sustainability goals. The presentations will do a deep
dive on the eight ways we approach sustainability, which include
lightweighting, reduced energy use, sustainable infrastructure and
human health & safety, to name a few."
Avient will share further information during its previously
scheduled webcast scheduled for 8:00 a.m.
Eastern Time on May 3,
2023.
Webcast Details
Avient will host a webcast on Wednesday,
May 3, 2023 at 8:00 a.m. EST.
The webcast can be viewed live at avient.com/investors, or by
clicking on the webcast link here. Conference call participants in
the question and answer session should pre-register using the link
at avient.com/investors, or here, to receive the dial-in numbers
and a personal PIN, which are required to access the conference
call. The question and answer session will follow the company's
presentation and prepared remarks.
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.
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. Avient's chief operating decision
maker uses these financial measures to monitor and evaluate the
ongoing performance of the Company and each business segment and to
allocate resources.
The Company does not provide reconciliations of forward-looking
non-GAAP financial measures, such as adjusted EPS and adjusted
EBITDA, 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,
environmental remediation costs, mark-to-market adjustments
associated with benefit plans, 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 Avient's news library online, please visit
www.avient.com/news.
About Avient
Avient Corporation (NYSE: AVNT) provides specialized and
sustainable material solutions that transform customer challenges
into opportunities, bringing new products to life for a better
world. Examples include:
- Dyneema®, the world's strongest fiber™, enables
unmatched levels of performance and protection for end-use
applications, including ballistic personal protection, marine and
sustainable infrastructure and outdoor sports
- Unique technologies that improve the recyclability of products
and enable recycled content to be incorporated, thus advancing a
more circular economy
- Light-weighting solutions that replace heavier traditional
materials like metal, glass and wood, which can improve fuel
efficiency in all modes of transportation and reduce carbon
footprint
- Sustainable infrastructure solutions that increase energy
efficiency, renewable energy, natural resource conservation and
fiber optic / 5G network accessibility
Avient is certified ACC Responsible Care®, a founding member of
the Alliance to End Plastic Waste and certified Great Place to
Work®. For more information, visit https://www.avient.com.
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; 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 strategic objectives and successfully integrate
acquisitions, including Avient Protective Materials; 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
Securities and Exchange Commission.
Attachment
1
|
Avient
Corporation
Summary of Condensed
Consolidated Statements of Income (Unaudited)
(In millions, except
per share data)
|
|
|
Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
|
|
|
|
Sales
|
$
845.7
|
|
$
892.2
|
Operating
Income
|
57.1
|
|
102.2
|
Net income from
continuing operations attributable to Avient
shareholders
|
20.8
|
|
64.4
|
Basic earnings per
share from continuing operations attributable to Avient
shareholders
|
$
0.23
|
|
$
0.70
|
Diluted earnings per
share from continuing operations attributable to Avient
shareholders
|
$
0.23
|
|
$
0.70
|
|
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.
Further, as a result of Avient's portfolio shift to a pure play
specialty
formulator, it has completed several acquisitions and divestitures
which have resulted in a significant amount of intangible asset
amortization. Management excludes intangible asset amortization
from adjusted EPS as it believes excluding acquired intangible
asset amortization is a useful measure of current period earnings
per share. Senior management believes these measures are
useful to investors because they allow for comparison to Avient's
performance in prior periods without the effect of items that,
by
their nature, tend to obscure Avient's operating results due to the
potential variability across periods based on timing, frequency
and magnitude. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation
from,
or solely as alternatives to, financial measures prepared in
accordance with GAAP. Below is a reconciliation of these
non-GAAP
financial measures to their most directly comparable financial
measures calculated and presented in accordance with GAAP.
See Attachment 3 for a definition and summary of special
items and Attachment 7 for a summary of pro forma
adjustments
associated with the APM Acquisition.
|
|
|
Three Months
Ended
March 31, 2023
|
|
Three Months
Ended
March 31, 2022
|
Reconciliation to
Condensed Consolidated Statements of Income
|
$
|
|
EPS
|
|
$
|
|
EPS
|
|
|
|
|
|
|
|
|
Net income from
continuing operations attributable to Avient
shareholders
|
$
20.8
|
|
$
0.23
|
|
$
64.4
|
|
$
0.70
|
Special items, after
tax (Attachment 3)
|
22.3
|
|
0.24
|
|
6.4
|
|
0.07
|
Amortization expense,
after-tax
|
15.1
|
|
0.16
|
|
10.8
|
|
0.12
|
Adjusted net income /
EPS
|
$
58.2
|
|
$
0.63
|
|
$
81.6
|
|
$
0.89
|
Attachment
2
|
Avient
Corporation
Condensed
Consolidated Statements of Income (Unaudited)
(In millions, except
per share data)
|
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
Sales
|
$
845.7
|
|
$
892.2
|
Cost of
sales
|
598.1
|
|
637.8
|
Gross margin
|
247.6
|
|
254.4
|
Selling and
administrative expense
|
190.5
|
|
152.2
|
Operating
income
|
57.1
|
|
102.2
|
Interest expense,
net
|
(28.8)
|
|
(16.9)
|
Other income (expense),
net
|
0.7
|
|
(0.6)
|
Income from continuing
operations before income taxes
|
29.0
|
|
84.7
|
Income tax
expense
|
(7.7)
|
|
(20.0)
|
Net income from
continuing operations
|
21.3
|
|
64.7
|
(Loss) income from
discontinued operations, net of income taxes
|
(0.9)
|
|
19.8
|
Net income
|
20.4
|
|
84.5
|
Net income attributable
to noncontrolling interests
|
(0.5)
|
|
(0.3)
|
Net income attributable
to Avient common shareholders
|
$
19.9
|
|
$
84.2
|
|
|
|
|
Earnings (loss) per
share attributable to Avient common shareholders -
Basic:
|
|
|
|
Continuing
operations
|
$
0.23
|
|
$
0.70
|
Discontinued
operations
|
(0.01)
|
|
0.22
|
Total
|
$
0.22
|
|
$
0.92
|
|
|
|
|
Earnings (loss) per
share attributable to Avient common shareholders -
Diluted:
|
|
|
|
Continuing
operations
|
$
0.23
|
|
$
0.70
|
Discontinued
operations
|
(0.01)
|
|
0.21
|
Total
|
$
0.22
|
|
$
0.91
|
|
|
|
|
Cash dividends declared
per share of common stock
|
$
0.2475
|
|
$
0.2375
|
|
|
|
|
Weighted-average shares
used to compute earnings per common share:
|
|
|
|
Basic
|
91.0
|
|
91.5
|
Diluted
|
91.8
|
|
92.3
|
Attachment
3
|
Avient
Corporation
Summary of Special
Items (Unaudited)
(In millions, except
per share data)
|
|
Special items
(1)
|
Three Months
Ended
March 31,
|
|
2023
|
|
2022
|
Cost of
sales:
|
|
|
|
Restructuring costs,
including accelerated depreciation
|
$
(6.6)
|
|
$
(4.4)
|
Environmental
remediation costs
|
(1.4)
|
|
(2.0)
|
Reimbursement of
previously incurred environmental costs
|
—
|
|
0.6
|
Impact on cost of
sales
|
(8.0)
|
|
(5.8)
|
|
|
|
|
Selling and
administrative expense:
|
|
|
|
Restructuring, legal
and other
|
(15.7)
|
|
1.9
|
Acquisition related
costs
|
(3.4)
|
|
(2.9)
|
Impact on selling and
administrative expense
|
(19.1)
|
|
(1.0)
|
|
|
|
|
Impact on operating
income
|
(27.1)
|
|
(6.8)
|
|
|
|
|
Other income (loss),
net
|
(0.2)
|
|
0.1
|
|
|
|
|
Impact on income from
continuing operations before income taxes
|
(27.3)
|
|
(6.7)
|
Income tax expense
(benefit) on above special items
|
6.9
|
|
1.8
|
Tax
adjustments(2)
|
(1.9)
|
|
(1.5)
|
Impact of special
items on net income from continuing operations
|
$
(22.3)
|
|
$
(6.4)
|
|
|
|
|
Diluted earnings per
common share impact
|
$
(0.24)
|
|
$
(0.07)
|
|
|
|
|
Weighted average shares
used to compute adjusted earnings per share:
|
|
|
|
Diluted
|
91.8
|
|
92.3
|
|
|
(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, 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 impact from non-recurring income tax items, adjustments
to uncertain
tax position reserves and changes to valuation
allowances.
|
Attachment
4
|
Avient
Corporation
Condensed
Consolidated Balance Sheets
(In
millions)
|
|
|
(Unaudited)
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
582.7
|
|
$
641.1
|
Accounts receivable,
net
|
484.4
|
|
440.6
|
Inventories,
net
|
371.9
|
|
372.7
|
Other current
assets
|
125.3
|
|
115.3
|
Total current
assets
|
1,564.3
|
|
1,569.7
|
Property,
net
|
1,045.7
|
|
1,049.2
|
Goodwill
|
1,689.7
|
|
1,671.9
|
Intangible assets,
net
|
1,601.7
|
|
1,597.6
|
Other non-current
assets
|
209.8
|
|
196.6
|
Total
assets
|
$
6,111.2
|
|
$
6,085.0
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
debt
|
$
2.2
|
|
$
2.2
|
Accounts
payable
|
448.1
|
|
454.4
|
Accrued expenses and
other current liabilities
|
386.9
|
|
412.8
|
Total current
liabilities
|
837.2
|
|
869.4
|
Non-current
liabilities:
|
|
|
|
Long-term
debt
|
2,177.7
|
|
2,176.7
|
Pension and other
post-retirement benefits
|
66.2
|
|
67.2
|
Deferred income
taxes
|
332.5
|
|
342.5
|
Other non-current
liabilities
|
329.0
|
|
276.4
|
Total non-current
liabilities
|
2,905.4
|
|
2,862.8
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Avient shareholders'
equity
|
2,349.8
|
|
2,334.5
|
Noncontrolling
interest
|
18.8
|
|
18.3
|
Total
equity
|
2,368.6
|
|
2,352.8
|
Total liabilities
and equity
|
$
6,111.2
|
|
$
6,085.0
|
Attachment
5
|
Avient
Corporation
Condensed
Consolidated Statements of Cash Flows (Unaudited)
(In
millions)
|
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
Operating
Activities
|
|
|
|
Net income
|
$
20.4
|
|
$
84.5
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
48.7
|
|
35.7
|
Accelerated
depreciation
|
1.8
|
|
2.1
|
Share-based
compensation expense
|
3.2
|
|
3.2
|
Changes in assets and
liabilities, net of the effect of acquisitions:
|
|
|
|
Increase in accounts
receivable
|
(40.2)
|
|
(118.8)
|
Decrease (increase) in
inventories
|
3.8
|
|
(15.1)
|
(Decrease) increase in
accounts payable
|
(9.9)
|
|
90.5
|
Accrued expenses and
other assets and liabilities, net
|
(50.0)
|
|
(63.2)
|
Net cash (used)
provided by operating activities
|
(22.2)
|
|
18.9
|
Investing
activities
|
|
|
|
Capital
expenditures
|
(20.3)
|
|
(13.3)
|
Net proceeds from
divestiture
|
7.3
|
|
—
|
Net cash used by
investing activities
|
(13.0)
|
|
(13.3)
|
Financing
activities
|
|
|
|
Purchase of common
shares for treasury
|
—
|
|
(15.8)
|
Cash dividends
paid
|
(22.5)
|
|
(21.7)
|
Repayment of long-term
debt
|
(0.8)
|
|
(2.4)
|
Other
financing
|
(2.3)
|
|
(3.9)
|
Net cash used by
financing activities
|
(25.6)
|
|
(43.8)
|
Effect of exchange rate
changes on cash
|
2.4
|
|
(0.4)
|
Decrease in cash and
cash equivalents
|
(58.4)
|
|
(38.6)
|
Cash and cash
equivalents at beginning of year
|
641.1
|
|
601.2
|
Cash and cash
equivalents at end of period
|
$
582.7
|
|
$
562.6
|
Attachment
6
|
Avient
Corporation
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.
|
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
Sales:
|
|
|
|
Color,
Additives and Inks
|
$
537.0
|
|
$
649.5
|
Specialty
Engineered Materials
|
309.7
|
|
243.1
|
Corporate
|
(1.0)
|
|
(0.4)
|
Sales
|
$
845.7
|
|
$
892.2
|
|
|
|
|
Gross
margin:
|
|
|
|
Color,
Additives and Inks
|
$
162.0
|
|
$
192.1
|
Specialty
Engineered Materials
|
93.9
|
|
68.4
|
Corporate
|
(8.3)
|
|
(6.1)
|
Gross
margin
|
$
247.6
|
|
$
254.4
|
|
|
|
|
Selling and
administrative expense:
|
|
|
|
Color,
Additives and Inks
|
$
96.4
|
|
$
97.6
|
Specialty
Engineered Materials
|
50.8
|
|
30.1
|
Corporate
|
43.3
|
|
24.5
|
Selling and
administrative expense
|
$
190.5
|
|
$
152.2
|
|
|
|
|
Operating
income:
|
|
|
|
Color,
Additives and Inks
|
$
65.6
|
|
$
94.5
|
Specialty
Engineered Materials
|
43.1
|
|
38.3
|
Corporate
|
(51.6)
|
|
(30.6)
|
Operating
income
|
$
57.1
|
|
$
102.2
|
|
|
|
|
Depreciation &
amortization:
|
|
|
|
Color, Additives and
Inks
|
$
25.8
|
|
$
26.0
|
Specialty Engineered
Materials
|
21.2
|
|
7.8
|
Corporate
|
3.5
|
|
3.8
|
Depreciation &
Amortization
|
$
50.5
|
|
$
37.6
|
|
|
|
|
Earnings before
interest, taxes, depreciation and amortization
(EBITDA):
|
|
|
|
Color,
Additives and Inks
|
$
91.4
|
|
$
120.5
|
Specialty
Engineered Materials
|
64.3
|
|
46.1
|
Corporate
|
(48.1)
|
|
(26.8)
|
Other income (expense),
net
|
0.7
|
|
(0.6)
|
EBITDA
|
$
108.3
|
|
$
139.2
|
Attachment
7
|
Avient
Corporation
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 Avient's annual incentive plans and is used in debt
covenant computations. Senior management believes these
measures are useful to investors because they allow for comparison
to Avient's performance in prior periods without the effect of
items that, by their nature, tend to obscure Avient's operating
results due to the potential variability across periods based on
timing,
frequency and magnitude. Non-GAAP financial measures have
limitations as analytical tools and should not be considered in
isolation
from, or solely as alternatives to, financial measures prepared in
accordance with GAAP. Below is a reconciliation of these
non-GAAP
financial measures to their most directly comparable financial
measures calculated and presented in accordance with GAAP.
See Attachment 3 for a definition and summary of special
items.
|
|
|
Three Months
Ended
March
31,
|
Reconciliation to
Consolidated Statements of Income
|
2023
|
|
2022
|
|
|
|
|
Sales
|
$
845.7
|
|
$
892.2
|
|
|
|
|
Gross margin -
GAAP
|
247.6
|
|
254.4
|
Special items in gross
margin (Attachment 3)
|
8.0
|
|
5.8
|
Adjusted gross
margin
|
$
255.6
|
|
$
260.2
|
|
|
|
|
Adjusted gross margin
as a percent of sales
|
30.2 %
|
|
29.2 %
|
|
|
|
|
Operating income -
GAAP
|
57.1
|
|
102.2
|
Special items in
operating income (Attachment 3)
|
27.1
|
|
6.8
|
Adjusted operating
income
|
$
84.2
|
|
$
109.0
|
|
|
|
|
Adjusted operating
income as a percent of sales
|
10.0 %
|
|
12.2 %
|
|
|
|
Three Months
Ended
March 31,
|
Reconciliation to
EBITDA and Adjusted EBITDA:
|
2023
|
|
2022
|
Net income from
continuing operations – GAAP
|
$
21.3
|
|
$
64.7
|
Income tax
expense
|
7.7
|
|
20.0
|
Interest expense,
net
|
28.8
|
|
16.9
|
Depreciation and
amortization
|
50.5
|
|
37.6
|
EBITDA from continuing
operations
|
$
108.3
|
|
$
139.2
|
Special items, before
tax
|
27.3
|
|
6.7
|
Depreciation and
amortization included in special items
|
(1.8)
|
|
(2.1)
|
Adjusted
EBITDA
|
$
133.8
|
|
$
143.8
|
|
|
|
|
Adjusted EBITDA as a %
of sales
|
15.8 %
|
|
16.1 %
|
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SOURCE Avient Corporation