Avient Corp Rises 8% On Strong Q1 Results

Shares of polymer materials manufacturer Avient Corp. (AVNT) are climbing 8 percent on Wednesday's trading after the company posted higher first-quarter results, which also beat the Street view.

The company also said it signed a deal with Royal DSM to buy the DSM Protective Materials business for $1.49 billion. The acquisition also includes the ultra-lightweight specialty fiber brand Dyneema.

The acquisition is expected to be immediately accretive to EPS, adding around $0.35 per share on a pro forma basis for fiscal 2022.

In the first quarter, the company reported a net income of $84.5 million or $0.91 per share, higher than $79.7 million or $0.86 per share, reported for the same period a year ago. Excluding items, earnings increased by 11 percent to $0.99, from last year's $0.89.

Eight analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.95.

The polymer firm generated sales $1.29 billion, higher than $1.16 billion of last year.

Currently at $52.25, the stock has traded between $43.69 and $61.46 during the past 52 weeks.

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