Avient Corporation reported significant financial growth in its third quarter and the first nine months of 2024, as detailed in its recent 10-Q filing. For Q3 2024, the company achieved sales of $815.2 million, an increase of $61.5 million (8.2%) from $753.7 million in Q3 2023. Year-to-date sales for the first nine months reached $2,493.9 million, up $70.1 million (2.9%) compared to $2,423.8 million in the same period last year.
The gross margin for Q3 2024 was $261.4 million, reflecting a substantial increase of $66.1 million (33.8%) from $195.3 million in Q3 2023. For the nine-month period, gross margin improved to $797.2 million, an increase of $113.6 million (16.6%) from $683.6 million in 2023. This improvement was attributed to raw material deflation, a favorable product mix, and reduced environmental remediation costs.
Operating income for Q3 2024 surged to $77.2 million, a 125.1% increase from $34.3 million in Q3 2023. For the nine months, operating income rose to $243.7 million, up 58.6% from $153.7 million in the prior year. Net income from continuing operations for Q3 2024 was $38.7 million, compared to $5.1 million in Q3 2023, while year-to-date net income reached $122.2 million, a significant increase from $48.7 million in the same period last year.
Earnings per share (EPS) also saw notable growth, with basic EPS for Q3 2024 at $0.42, up from $0.06 in Q3 2023. For the nine months, basic EPS increased to $1.33 from $0.53 in the previous year.
Avient's total assets increased to $6,047.3 million as of September 30, 2024, compared to $5,968.5 million at the end of 2023. The company reported total current assets of $1,457.4 million, up from $1,407.6 million at the end of 2023. However, cash and cash equivalents decreased to $505.7 million from $545.8 million during the same period.
In terms of strategic developments, Avient refinanced its senior secured term loan in April 2024, reducing interest rates by 50 basis points. Additionally, on September 19, 2024, the company issued $650.0 million in 6.250% Senior Notes, which were used to redeem existing debt. The company is also undergoing a restructuring program related to the integration of Clariant Color, with expected charges of approximately $72.0 million.
Overall, Avient's performance in Q3 2024 and the first nine months reflects strong revenue growth, improved profitability, and strategic financial management.
About AVIENT CORP
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