Avient Corporation announced its fourth quarter and full year results for 2023. Fourth quarter and full year GAAP earnings per share (EPS) were $0.30 and $0.83, compared to $(0.19) and $0.90 from continuing operations in the prior year, respectively.

"I'm pleased to finish the year with fourth quarter adjusted EPS of $0.52, reflecting an increase of 24% over the prior year," said Dr. Ashish Khandpur, president and CEO, Avient Corporation. "We delivered year-over-year earnings growth, much of which came from margin improvement in Europe and prudent cost control by our teams. Customer destocking was also less impactful during the quarter."

The company also noted that it finished the year with cash flow from operations of $202 million; excluding $104 million of taxes paid on the sale of the Distribution business, cash flow from operations was $306 million. Adjusted free cash flow for 2023 was $186 million, slightly ahead of expectations.

2024 Outlook

"In the first quarter, we expect demand to continue to improve in our two largest end markets, packaging and consumer, as destocking comes to an end and our sustainable solutions portfolio expands," said Jamie Beggs, SVP and CFO, Avient Corporation. "In addition, demand for Dyneema in defense applications is expected to be strong. Conversely, we continue to see destocking in healthcare and telecommunications as customers reduce inventory levels, and we expect weak demand in transportation and building & construction due to higher interest rates.

“For the full year, we are providing a range for adjusted EBITDA and adjusted EPS between $505 million and $535 million and $2.40 to $2.65, respectively,” Beggs added. “We anticipate demand strengthening as we progress through the year as destocking fully comes to an end, interest rates begin to abate and consumer sentiment improves."

“This provides an encouraging backdrop as we begin 2024,” Dr. Khandpur added. "We believe there are significant opportunities for us to drive profitable organic revenue growth and innovation, leveraging our culture of strong customer focus and portfolio of differentiated technologies. I'm excited to be leading this next chapter for Avient and building upon the great foundation established during the company's transformative years."