(Adds Outlook)
Looking ahead, Avient Corporation (AVNT) has initiated second-quarter earnings outlook, above analysts' forecast.
For the, the company expects adjusted income per share of $0.71, above analysts' forecast for $0.69 per share. Analysts' estimates typically exclude one-off items.
For the full year, citing better-than-expected first-quarter results, the company lifted the lower end of its annual earnings guidance, which is in line with Street view. Avient now expects adjusted income per share of $2.50 to $2.65 against earlier guidance of $2.40 and $2.65 per share.
Analysts, on average, expect the firm to earn $2.54 per share, for the year.
Q1 Results:
AVIENT revealed a profit for its first quarter that increased from last year and beat the Street estimates.
The company's earnings totaled $49.4 million, or $0.54 per share. This compares with $19.9 million, or $0.22 per share, in last year's first quarter.
Excluding items, AVIENT CORP reported adjusted earnings of $69.8 million or $0.76 per share for the period.
Analysts on average had expected the company to earn $0.69 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 2.0% to $829 million from $845.7 million last year.
AVIENT CORP earnings at a glance (GAAP) :
-Earnings (Q1): $49.4 Mln. vs. $19.9 Mln. last year.-EPS (Q1): $0.54 vs. $0.22 last year.-Revenue (Q1): $829 Mln vs. $845.7 Mln last year.
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