Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Sales | $ | 1,235.2 | $ | 609.1 | $ | 2,397.5 | $ | 1,320.6 |
Operating Income | 108.1 | 38.0 | 228.5 | 90.8 | ||||
Net income from continuing operations attributable to Avient shareholders | 68.8 | 23.0 | 148.1 | 56.1 | ||||
Basic earnings per share from continuing operations attributable to Avient shareholders | $ | 0.75 | $ | 0.25 | $ | 1.62 | $ | 0.63 |
Diluted earnings per share from continuing operations attributable to Avient shareholders | $ | 0.74 | $ | 0.25 | $ | 1.60 | $ | 0.63 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||
Reconciliation to Condensed Consolidated Statements of Income | $ | EPS | $ | EPS | ||||
Net income from continuing operations attributable to Avient shareholders | $ | 68.8 | $ | 0.74 | $ | 23.0 | $ | 0.25 |
Special items, after tax (Attachment 3) | 11.7 | 0.13 | 2.6 | 0.03 | ||||
Adjusted net income / EPS - excluding special items | $ | 80.5 | $ | 0.87 | $ | 25.6 | $ | 0.28 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||
Reconciliation to Condensed Consolidated Statements of Income | $ | EPS | $ | EPS | ||||
Net income from continuing operations attributable to Avient shareholders | $ | 148.1 | $ | 1.60 | $ | 56.1 | $ | 0.63 |
Special items, after tax (Attachment 3) | 14.3 | 0.16 | 11.2 | 0.12 | ||||
Adjusted net income / EPS - excluding special items | $ | 162.4 | $ | 1.76 | $ | 67.3 | $ | 0.75 |
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Sales | $ | 1,235.2 | $ | 609.1 | $ | 2,397.5 | $ | 1,320.6 |
Cost of sales | 946.5 | 459.4 | 1,806.4 | 999.4 | ||||
Gross margin | 288.7 | 149.7 | 591.1 | 321.2 | ||||
Selling and administrative expense | 180.6 | 111.7 | 362.6 | 230.4 | ||||
Operating income | 108.1 | 38.0 | 228.5 | 90.8 | ||||
Interest expense, net | (19.5) | (16.2) | (38.8) | (25.6) | ||||
Other income, net | 1.2 | 9.5 | 2.7 | 11.1 | ||||
Income from continuing operations before income taxes | 89.8 | 31.3 | 192.4 | 76.3 | ||||
Income taxes | (20.4) | (7.9) | (43.3) | (19.8) | ||||
Net income from continuing operations | 69.4 | 23.4 | 149.1 | 56.5 | ||||
Loss from discontinued operations, net of income taxes | - | (0.2) | - | (0.5) | ||||
Net income | 69.4 | 23.2 | 149.1 | 56.0 | ||||
Net income attributable to noncontrolling interests | (0.6) | (0.4) | (1.0) | (0.4) | ||||
Net income attributable to Avient common shareholders | $ | 68.8 | $ | 22.8 | $ | 148.1 | $ | 55.6 |
Earnings per share attributable to Avient common shareholders - Basic: | ||||||||
Continuing operations | $ | 0.75 | $ | 0.25 | $ | 1.62 | $ | 0.63 |
Discontinued operations | - | - | - | - | ||||
Total | $ | 0.75 | $ | 0.25 | $ | 1.62 | $ | 0.63 |
Earnings per share attributable to Avient common shareholders - Diluted: | ||||||||
Continuing operations | $ | 0.74 | $ | 0.25 | $ | 1.60 | $ | 0.63 |
Discontinued operations | - | - | - | (0.01) | ||||
Total | $ | 0.74 | $ | 0.25 | $ | 1.60 | $ | 0.62 |
Cash dividends declared per share of common stock | $ | 0.2125 | $ | 0.2025 | $ | 0.4250 | $ | 0.4050 |
Weighted-average shares used to compute earnings per common share: | ||||||||
Basic | 91.3 | 91.4 | 91.3 | 88.8 | ||||
Diluted | 92.4 | 91.8 | 92.3 | 89.4 |
Special items (1)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Cost of sales:
| ||||||||
Restructuring costs, including accelerated depreciation and amortization
| $ | (1.5) | $ | (1.2) | $ | (3.3) | $ | (1.2) |
Environmental remediation costs
| (12.5) | (3.1) | (13.0) | (3.5) | ||||
Reimbursement of previously incurred environmental costs
| - | 8.5 | 4.5 | 8.7 | ||||
Acquisition related costs
| 1.4 | - | 1.4 | - | ||||
Impact on cost of sales
| (12.6) | 4.2 | (10.4) | 4.0 | ||||
Selling and administrative expense: | ||||||||
Restructuring, legal and other
| (1.4) | (3.5) | (2.7) | (5.3) | ||||
Acquisition earn-out adjustments
| - | - | - | (1.0) | ||||
Acquisition related costs
| (0.2) | (9.7) | (3.5) | (16.4) | ||||
Impact on selling and administrative expense
| (1.6) | (13.2) | (6.2) | (22.7) | ||||
Impact on operating income
| (14.2) | (9.0) | (16.6) | (18.7) | ||||
Costs related to committed financing in interest expense, net | - | (0.5) | - | (0.5) | ||||
Other income, net
| - | 0.2 | - | 0.3 | ||||
Pension settlement gain and mark-to-market adjustment
| - | 6.9 | - | 6.9 | ||||
Impact on income from continuing operations before income taxes
| (14.2) | (2.4) | (16.6) | (12.0) | ||||
Income tax benefit on above special items
| 3.4 | 0.7 | 4.3 | 2.7 | ||||
Tax adjustments(2)
| (0.9) | (0.9) | (2.0) | (1.9) | ||||
Impact of special items on net income from continuing operations attributable to Avient Shareholders
| $ | (11.7) | $ | (2.6) | $ | (14.3) | $ | (11.2) |
Diluted earnings per common share impact | $ | (0.13) | $ | (0.03) | $ | (0.16) | $ | (0.12) |
Weighted average shares used to compute adjusted earnings per share:
| ||||||||
Diluted | 92.4 | 91.8 | 92.3 | 89.4 |
(Unaudited)
June 30, 2021
|
December 31, 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 616.2 | $ | 649.5 |
Accounts receivable, net | 705.2 | 516.6 | ||
Inventories, net | 412.5 | 327.5 | ||
Other current assets | 124.2 | 108.5 | ||
Total current assets | 1,858.1 | 1,602.1 | ||
Property, net | 680.1 | 694.9 | ||
Goodwill | 1,281.7 | 1,308.1 | ||
Intangible assets, net | 944.9 | 1,008.5 | ||
Operating lease assets, net | 87.3 | 80.9 | ||
Other non-current assets | 195.3 | 176.0 | ||
Total assets | $ | 5,047.4 | $ | 4,870.5 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Short-term and current portion of long-term debt | $ | 18.8 | $ | 18.6 |
Accounts payable | 574.6 | 471.7 | ||
Current operating lease obligations | 24.9 | 25.1 | ||
Accrued expenses and other current liabilities | 316.0 | 285.6 | ||
Total current liabilities | 934.3 | 801.0 | ||
Non-current liabilities: | ||||
Long-term debt | 1,852.2 | 1,854.0 | ||
Pension and other post-retirement benefits | 112.6 | 115.0 | ||
Non-current operating lease obligations | 62.8 | 56.0 | ||
Other non-current liabilities | 299.1 | 332.8 | ||
Total non-current liabilities | 2,326.7 | 2,357.8 | ||
SHAREHOLDERS' EQUITY | ||||
Avient shareholders' equity | 1,768.2 | 1,697.1 | ||
Noncontrolling interest | 18.2 | 14.6 | ||
Total equity | 1,786.4 | 1,711.7 | ||
Total liabilities and equity | $ | 5,047.4 | $ | 4,870.5 |
Six Months Ended June 30, | ||||
2021 | 2020 | |||
Operating Activities | ||||
Net income | $ | 149.1 | $ | 56.0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 69.5 | 40.8 | ||
Accelerated depreciation and amortization | 1.4 | - | ||
Share-based compensation expense | 5.6 | 5.7 | ||
Changes in assets and liabilities, net of the effect of acquisitions: | ||||
(Increase) decrease in accounts receivable | (196.1) | 16.8 | ||
(Increase) decrease in inventories | (88.1) | 17.4 | ||
Increase (decrease) in accounts payable | 108.4 | (23.5) | ||
Decrease in pension and other post-retirement benefits | (9.2) | (12.7) | ||
Increase (decrease) in accrued expenses and other assets and liabilities, net | 27.5 | (3.5) | ||
Payment of post-acquisition date earnout liability | - | (21.0) | ||
Net cash provided by operating activities | 68.1 | 76.0 | ||
Investing activities | ||||
Capital expenditures | (42.1) | (21.3) | ||
Net proceeds from divestiture | - | 7.1 | ||
Net cash proceeds provided by other assets | (2.0) | 5.2 | ||
Net cash used by investing activities | (44.1) | (9.0) | ||
Financing activities | ||||
Debt offering proceeds | - | 650.0 | ||
Purchase of common shares for treasury | (4.2) | (13.6) | ||
Cash dividends paid | (38.8) | (34.3) | ||
Repayment of long-term debt | (4.4) | (4.2) | ||
Payments of withholding tax on share awards | (4.2) | (1.6) | ||
Debt financing costs | - | (9.7) | ||
Equity offering proceeds, net of underwriting discount and issuance costs | - | 496.1 | ||
Payment of acquisition date earnout liability | - | (32.9) | ||
Net cash (used) provided by financing activities | (51.6) | 1,049.8 | ||
Effect of exchange rate changes on cash | (5.7) | (4.5) | ||
(Decrease) increase in cash and cash equivalents | (33.3) | 1,112.3 | ||
Cash and cash equivalents at beginning of year | 649.5 | 864.7 | ||
Cash and cash equivalents at end of period | $ | 616.2 | $ | 1,977.0 |
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Sales: | ||||||||
Color, Additives and Inks | $ | 624.4 | $ | 226.8 | $ | 1,233.7 | $ | 483.3 |
Specialty Engineered Materials | 240.6 | 158.8 | 457.1 | 344.1 | ||||
Distribution | 404.4 | 238.8 | 767.1 | 528.3 | ||||
Corporate and eliminations | (34.2) | (15.3) | (60.4) | (35.1) | ||||
Sales | $ | 1,235.2 | $ | 609.1 | $ | 2,397.5 | $ | 1,320.6 |
Gross margin: | ||||||||
Color, Additives and Inks | $ | 193.4 | $ | 75.7 | $ | 390.9 | $ | 165.1 |
Specialty Engineered Materials | 69.6 | 42.5 | 134.3 | 95.1 | ||||
Distribution | 40.1 | 27.2 | 79.4 | 60.8 | ||||
Corporate and eliminations | (14.4) | 4.3 | (13.5) | 0.2 | ||||
Gross margin | $ | 288.7 | $ | 149.7 | $ | 591.1 | $ | 321.2 |
Selling and administrative expense: | ||||||||
Color, Additives and Inks | $ | 107.1 | $ | 43.4 | $ | 215.8 | $ | 92.3 |
Specialty Engineered Materials | 32.3 | 25.5 | 62.8 | 55.8 | ||||
Distribution | 16.4 | 12.6 | 31.7 | 26.8 | ||||
Corporate and eliminations | 24.8 | 30.2 | 52.3 | 55.5 | ||||
Selling and administrative expense | $ | 180.6 | $ | 111.7 | $ | 362.6 | $ | 230.4 |
Operating income: | ||||||||
Color, Additives and Inks | $ | 86.3 | $ | 32.3 | $ | 175.1 | $ | 72.8 |
Specialty Engineered Materials | 37.3 | 17.0 | 71.5 | 39.3 | ||||
Distribution | 23.7 | 14.6 | 47.7 | 34.0 | ||||
Corporate and eliminations | (39.2) | (25.9) | (65.8) | (55.3) | ||||
Operating income | $ | 108.1 | $ | 38.0 | $ | 228.5 | $ | 90.8 |
Earnings before interest, taxes, depreciation and amortization (EBITDA):
| ||||||||
Color, Additives and Inks | $ | 111.6 | $ | 42.9 | $ | 227.7 | $ | 94.4 |
Specialty Engineered Materials | 45.4 | 24.6 | 87.4 | 54.4 | ||||
Distribution | 23.9 | 14.7 | 48.1 | 34.2 | ||||
Corporate and eliminations | (39.0) | (23.3) | (63.8) | (51.4) | ||||
Other income, net | 1.2 | 9.5 | $ | 2.7 | $ | 11.1 | ||
EBITDA | $ | 143.1 | $ | 68.4 | $ | 302.1 | $ | 142.7 |
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||
Reconciliation to Consolidated Statements of Income | 2021 | 2020 | 2021 | 2020 | ||||
Sales | $ | 1,235.2 | $ | 609.1 | $ | 2,397.5 | $ | 1,320.6 |
Gross margin - GAAP | 288.7 | 149.7 | 591.1 | 321.2 | ||||
Special items in gross margin (Attachment 3) | 12.6 | (4.2) | 10.4 | (4.0) | ||||
Adjusted gross margin | $ | 301.3 | $ | 145.5 | $ | 601.5 | $ | 317.2 |
Adjusted gross margin as a percent of sales | 24.4 | % | 23.9 | % | 25.1 | % | 24.0 | % |
Operating income - GAAP | 108.1 | 38.0 | 228.5 | 90.8 | ||||
Special items in operating income (Attachment 3) | 14.2 | 9.0 | 16.6 | 18.7 | ||||
Adjusted operating income | $ | 122.3 | $ | 47.0 | $ | 245.1 | $ | 109.5 |
Adjusted operating income as a percent of sales | 9.9 | % | 7.7 | % | 10.2 | % | 8.3 | % |
Three Months Ended June 30, | ||||||||||||
2021 | 2020 | |||||||||||
GAAP Results | Special Items | Adjusted Results | GAAP Results | Special Items | Adjusted Results | |||||||
Income from continuing operations before income taxes | $ | 89.8 | $ | 14.2 | $ | 104.0 | $ | 31.3 | $ | 2.4 | $ | 33.7 |
Income tax expense - GAAP | (20.4) | - | (20.4) | (7.9) | - | (7.9) | ||||||
Income tax impact of special items (Attachment 3) | - | (3.4) | (3.4) | - | (0.7) | (0.7) | ||||||
Tax adjustments (Attachment 3) | - | 0.9 | 0.9 | - | 0.9 | 0.9 | ||||||
Income tax (expense) benefit | $ | (20.4) | $ | (2.5) | $ | (22.9) | $ | (7.9) | $ | 0.2 | $ | (7.7) |
Effective Tax Rate(1)
| 22.7 | % | 22.0 | % | 25.1 | % | 22.5 | % |
Six Months Ended June 30, | ||||||||||||
2021 | 2020 | |||||||||||
GAAP Results | Special Items | Adjusted Results | GAAP Results | Special Items | Adjusted Results | |||||||
Income from continuing operations before income taxes | $ | 192.4 | $ | 16.6 | $ | 209.0 | $ | 76.3 | $ | 12.0 | $ | 88.3 |
Income tax expense - GAAP | (43.3) | - | (43.3) | (19.8) | - | (19.8) | ||||||
Income tax impact of special items (Attachment 3) | - | (4.3) | (4.3) | - | (2.7) | (2.7) | ||||||
Tax adjustments (Attachment 3) | - | 2.0 | 2.0 | - | 1.9 | 1.9 | ||||||
Income tax (expense) benefit | $ | (43.3) | $ | (2.3) | $ | (45.6) | $ | (19.8) | $ | (0.8) | $ | (20.6) |
Effective Tax Rate(1)
| 22.5 | % | 21.8 | % | 25.9 | % | 23.3 | % |
Reconciliation of Pro Forma Adjusted Earnings per Share: |
Three Months Ended June 30, 2020 |
Six Months Ended June 30, 2020 | Year Ended December 31, 2020 | |||
Net income from continuing operations attributable to Avient shareholders | $ | 23.0 | $ | 56.1 | $ | 132.0 |
Special items, after tax | 2.6 | 11.2 | 24.8 | |||
Adjusted net income from continuing operations excluding special items | 25.6 | 67.3 | 156.8 | |||
Clariant MB pro forma adjustments to net income from continuing operations(2)
| 12.9 | 20.7 | 20.7 | |||
Pro forma adjusted net income from continuing operations attributable to Avient shareholders | $ | 38.5 | $ | 88.0 | $ | 177.5 |
Weighted average diluted shares | 91.8 | 89.4 | 90.6 | |||
Pro forma impact to diluted shares from January 2020 equity offering(2)
| - | 2.9 | 1.5 | |||
Pro forma weighted average diluted shares | 91.8 | 92.3 | 92.1 | |||
Adjusted EPS - excluding special items pro forma for Clariant MB acquisition | $ | 0.42 | $ | 0.95 | $ | 1.93 |
Three Months Ended June 30, 2020 | ||||||||||
Reconciliation of Pro Forma Adjusted Earnings per Share | Avient | Special Items | Adjusted Avient |
Clariant MB
Pro Forma Adjustments(2)
| Pro Forma Adjusted Avient | |||||
Sales | $ | 609.1 | $ | - | $ | 609.1 | $ | 261.1 | $ | 870.2 |
Operating income | $ | 38.0 | $ | 9.0 | $ | 47.0 | $ | 22.0 | $ | 69.0 |
Interest expense, net | (16.2) | - | (16.2) | (5.3) | (21.5) | |||||
Other income, net | 9.5 | (6.6) | 2.9 | - | 2.9 | |||||
Income taxes | (7.9) | 0.2 | (7.7) | (3.8) | (11.5) | |||||
Net income attributable to noncontrolling interests | (0.4) | - | (0.4) | - | (0.4) | |||||
Net income from continuing operations attributable to Avient shareholders | $ | 23.0 | $ | 2.6 | $ | 25.6 | $ | 12.9 | $ | 38.5 |
Weighted average diluted shares | 91.8 | |||||||||
Pro forma adjusted EPS | $ | 0.42 |
Six Months Ended June 30, 2020 | ||||||||||
Reconciliation of Pro Forma Adjusted Earnings per Share: | Avient | Special Items | Adjusted Avient |
Clariant MB
Pro Forma Adjustments(2)
| Pro Forma Adjusted Avient | |||||
Sales | $ | 1,320.6 | $ | - | $ | 1,320.6 | $ | 540.5 | $ | 1,861.1 |
Operating income | $ | 90.8 | $ | 18.7 | $ | 109.5 | $ | 45.0 | $ | 154.5 |
Interest expense, net | (25.6) | - | (25.6) | (18.1) | (43.7) | |||||
Other income, net | 11.1 | (6.7) | 4.4 | - | 4.4 | |||||
Income taxes | (19.8) | (0.8) | (20.6) | (6.2) | (26.8) | |||||
Net income attributable to noncontrolling interests | (0.4) | - | (0.4) | - | (0.4) | |||||
Net income from continuing operations attributable to Avient shareholders | $ | 56.1 | $ | 11.2 | $ | 67.3 | $ | 20.7 | $ | 88.0 |
Weighted average diluted shares | 89.4 | |||||||||
Impact to diluted shares from January 2020 equity offering | 2.9 | |||||||||
Pro forma weighted average diluted shares | 92.3 | |||||||||
Pro forma adjusted EPS | $ | 0.95 |
Reconciliation of EBITDA by Segment |
Three Months Ended June 30, |
Six Months Ended June 30 | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating income: | ||||||||
Color, Additives and Inks | $ | 86.3 | $ | 32.3 | $ | 175.1 | $ | 72.8 |
Specialty Engineered Materials | 37.3 | 17.0 | 71.5 | 39.3 | ||||
Distribution | 23.7 | 14.6 | 47.7 | 34.0 | ||||
Corporate and eliminations | (39.2) | (25.9) | (65.8) | (55.3) | ||||
Operating income | $ | 108.1 | $ | 38.0 | $ | 228.5 | $ | 90.8 |
Items below OI in Corporate: | ||||||||
Other income, net | $ | 1.2 | $ | 9.5 | $ | 2.7 | $ | 11.1 |
Depreciation & amortization: | ||||||||
Color, Additives and Inks | $ | 25.3 | $ | 10.6 | $ | 52.6 | $ | 21.6 |
Specialty Engineered Materials | 8.1 | 7.6 | 15.9 | 15.1 | ||||
Distribution | 0.2 | 0.1 | 0.4 | 0.2 | ||||
Corporate and eliminations | 0.2 | 2.6 | 2.0 | 3.9 | ||||
Depreciation & Amortization | $ | 33.8 | $ | 20.9 | $ | 70.9 | $ | 40.8 |
EBITDA: | ||||||||
Color, Additives and Inks | $ | 111.6 | $ | 42.9 | $ | 227.7 | $ | 94.4 |
Specialty Engineered Materials | 45.4 | 24.6 | 87.4 | 54.4 | ||||
Distribution | 23.9 | 14.7 | 48.1 | 34.2 | ||||
Corporate and eliminations | (39.0) | (23.3) | (63.8) | (51.4) | ||||
EBITDA | $ | 143.1 | $ | 68.4 | $ | 302.1 | $ | 142.7 |
EBITDA as a % of Sales: | ||||||||
Color, Additives and Inks | 17.9 | % | 18.9 | % | 18.5 | % | 19.5 | % |
Specialty Engineered Materials | 18.9 | % | 15.5 | % | 19.1 | % | 15.8 | % |
Distribution | 5.9 | % | 6.2 | % | 6.3 | % | 6.5 | % |
Reconciliation of Pro Forma EBITDA - Color, Additives and Inks |
Three Months Ended June 30, |
Six Months Ended June 30, | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Sales: | ||||||||
Color, Additives and Inks | $ | 624.4 | $ | 226.8 | $ | 1,233.7 | $ | 483.3 |
Clariant MB pro forma adjustments(2)
| - | 261.1 | - | 540.5 | ||||
Pro forma sales | $ | 624.4 | $ | 487.9 | $ | 1,233.7 | $ | 1,023.8 |
Operating income: | ||||||||
Color, Additives and Inks | $ | 86.3 | $ | 32.3 | $ | 175.1 | $ | 72.8 |
Clariant MB pro forma adjustments(2)
| - | 22.0 | - | 45.0 | ||||
Pro forma operating income | $ | 86.3 | $ | 54.3 | $ | 175.1 | $ | 117.8 |
Depreciation & amortization: | ||||||||
Color, Additives and Inks | $ | 25.3 | $ | 10.6 | $ | 52.6 | $ | 21.6 |
Clariant MB pro forma adjustments(2)
| - | 15.0 | - | 30.1 | ||||
Pro forma depreciation & amortization | $ | 25.3 | $ | 25.6 | $ | 52.6 | $ | 51.7 |
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA):
| ||||||||
Color, Additives and Inks | $ | 111.6 | $ | 42.9 | $ | 227.7 | $ | 94.4 |
Clariant MB pro forma adjustments(2)
| - | 37.0 | - | 75.1 | ||||
Pro forma EBITDA | $ | 111.6 | $ | 79.9 | $ | 227.7 | $ | 169.5 |
Pro forma EBITDA as a % of Sales | 17.9 | % | 16.4 | % | 18.5 | % | 16.6 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
Reconciliation to Pro Forma Adjusted EBITDA: | 2021 | 2020 | 2021 | 2020 | ||||
Net income from continuing operations - GAAP | $ | 69.4 | $ | 23.4 | $ | 149.1 | $ | 56.5 |
Income tax expense | 20.4 | 7.9 | 43.3 | 19.8 | ||||
Interest expense | 19.5 | 16.2 | 38.8 | 25.6 | ||||
Depreciation and amortization from continuing operations | 33.8 | 20.9 | 70.9 | 40.8 | ||||
EBITDA | $ | 143.1 | $ | 68.4 | $ | 302.1 | $ | 142.7 |
Special items, before tax | 14.2 | 2.4 | 16.6 | 12.0 | ||||
Interest expense included in special items | - | (0.5) | - | (0.5) | ||||
Depreciation and amortization included in special items | 1.4 | (1.2) | 0.8 | (1.2) | ||||
Adjusted EBITDA | $ | 158.7 | $ | 69.1 | $ | 319.5 | $ | 153.0 |
Clariant MB pro forma adjustments(2)
| - | 37.0 | - | 75.1 | ||||
Pro forma adjusted EBITDA | $ | 158.7 | $ | 106.1 | $ | 319.5 | $ | 228.1 |
Attachments
- Original document
- Permalink
Disclaimer
Avient Corporation published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 12:08:31 UTC.