Avient Corporation (AVNT) stock reached a new 52-week high of $49.42 on August 26, reflecting strong investor confidence in the company’s performance. Over the past year, the stock has appreciated by 26%, outperforming the industry’s 6.8% decline. This upward trajectory is driven by Avient’s positive outlook and commitment to its growth strategy, focused on delivering innovative and sustainable material solutions.
Avient’s second-quarter results exceeded expectations, reinforcing its positive momentum. Revenue reached $849.7 million, surpassing the Zacks Consensus Estimate of $841.2 million and marking an increase from the previous year’s second quarter. The company’s adjusted earnings per share also outperformed, hitting 76 cents against an estimated 72 cents. This strong performance was fueled by growth across all regions and most end markets. Notably, Avient’s earnings have surpassed estimates in three of the last four quarters, demonstrating its consistent ability to deliver on its financial goals.
Looking ahead, Avient’s outlook remains positive. The Zacks Consensus Estimate for 2024 earnings is currently pegged at $2.65 per share, indicating a year-over-year growth of 12.3%. This estimate has been revised upward by 2% in the past 90 days, highlighting the continued optimism surrounding the company’s future prospects.
Based on its strong second-quarter results, Avient raised its full-year guidance. The company anticipates adjusted EPS of 62 cents for the third quarter, representing a 9% year-over-year increase. Both business segments are expected to contribute to organic sales growth, further driving earnings. While the demand outlook for the second half remains consistent with May projections, the robust second-quarter performance led to an updated full-year forecast.
Avient expects adjusted EBITDA to be between $515 million and $540 million, an increase from the previous range of $510-$535 million. The adjusted EPS guidance has also been lifted to the range of $2.55-$2.70, compared with the earlier estimate of $2.50-$2.65.
These positive developments, coupled with Avient’s commitment to innovation and sustainability, position the company for continued growth and success in the years to come.
