Avient’s consolidated sales up in Q2 2024

Materials maker Avient Corp. posted gains in sales and profit in the second quarter of 2024, reporting second quarter sales of US$849.7 million compared to US$824.4 million in the prior year quarter.

Officials with the Avon Lake, Ohio-based company said profit jumped almost 52 percent to US$33.8 million. For the first half, the firm’s sales were essentially flat at US$1.68 billion, with profit almost doubling to US$83.5 million.

“Consolidated sales expanded for the first time in seven quarters with contributions from both our Color, Additives and Inks, and Specialty Engineered Materials segments,” Avient president and CEO Ashish Khandpur said in an Aug. 6 news release.

On a geographic basis, all regions delivered year-over-year organic sales growth, the release said. “The U.S. and Canada grew organic sales 5 per cent and Latin America had a strong quarter growing organic sales by 19 per cent,” it said. “Growth in the Americas was driven by improving underlying demand trends, as well as winning new specifications and gaining share in markets supported by secular trends.”

The company also generated 4 per cent and 1 per cent organic sales growth in EMEA and Asia, respectively. “Europe and Asia regions benefited largely from restocking and share gains, particularly in the packaging end market,” the company said.

Looking to the third quarter, chief financial officer Jamie Beggs said Avient “anticipates continued year-over-year organic sales growth, with both segments growing earnings.”

“Our demand outlook for the second half of the year remains largely unchanged from our previous outlook in May, so we are updating our full-year guidance to reflect the strong second quarter results,” she continued. “Accordingly, our revised full-year guidance for adjusted EBITDA is now US$515 million to US$540 million, from our previous range of US$510 million to US$535 million.”