Shares of Avient Corp. (AVNT) were gaining around 4 percent in the morning trading on the NYSE, after the maker of specialized polymer materials on Friday issued third-quarter earnings outlook and revised fiscal 2025 view, both above market estimates. This was after reporting higher second-quarter profit above the Street.
For the third quarter, the company expects adjusted earnings per share of $0.70, which represents 8 percent growth over the prior year quarter largely driven by higher margins.
The Wall Street analysts on average expect the company to report earnings of $0.67 per share. Analysts' estimates typically exclude special items.
Further, for fiscal 2025, the company narrowed adjusted earnings per share guidance to a range of $2.77 to $2.87 from previous guidance of $2.70 to $2.94. Analysts expect $2.76 per share in earnings for the year.
The company also narrowed full-year guidance range for adjusted EBITDA to $545 million to $560 million.
Jamie Beggs, Senior Vice President and Chief Financial Officer, said, "Looking ahead to the second half of the year, we expect similar demand trends that we experienced in the first half. We expect momentum from our high profit portfolios in defense and healthcare markets, along with disciplined cost controls and productivity initiatives, to contribute to continued margin expansion over the prior year."
In the second quarter, the company's bottom line totaled $52.6 million or $0.57 per share, compared to $33.6 million or $0.36 per share last year.
Adjusted earnings were $73.5 million or $0.80 per share for the period. Analysts had expected the company to earn $0.78 per share.
The company's revenue for the period rose 2.0 percent to $866.5 million from $849.7 million last year.
Avient is currently trading at $32.83, up 4 percent.
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