Avient (AVNT) FY2021 results: revenue $3.3 billion, up 49.7% on the year

Avient Corp. (AVNT) reported revenue of $3.3 billion for fiscal 2021, the year ended 31 December 2021, up 49.7% on the year before. Net income was $231 million, up 75.4%, and diluted earnings per share $2.51. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$3.3 billion

+49.7% on the year

FY2014FY2021

Operating margin

8.4%

5.0% a year earlier

FY2014FY2021

Net income

$231 million

+75.4% on the year

FY2014FY2021

Diluted EPS

$2.51

+73.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,316	2,215	2,863	+49.7%
Cost of revenue	2,372	1,555	2,206	+52.5%
Gross profit	944	660	657	+43.0%
Gross margin	28.5%	29.8%	23.0%
Research and development	83.2	59.8	50.6	+39.1%
Selling, general and administrative	664	548	500	+21.1%
Operating income	280	112	157	+150.6%
Operating margin	8.4%	5.0%	5.5%
Pre-tax income	204	61.1	109	+233.1%
Income tax	51.9	-11.7	33.7
Effective tax rate	25.5%	-19.1%	30.8%
Net income	231	132	589	+75.4%
Net margin	7.0%	5.9%	20.6%
Diluted EPS	$2.51	$1.45	$7.58	+73.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	234	222	301	+5.5%
Capital expenditure	101	63.7	81.7	+57.9%
Free cash flow	133	158	219	-15.6%
Free cash flow margin	4.0%	7.1%	7.7%
Cash from investing	-150	-1,432	612
Cash from financing	-115	982	-218
Depreciation and amortisation	144	112	87.5	+29.0%
Share-based compensation	11.2	11.3	11.6	-0.9%
Buybacks	4.2	22.4	26.9	-81.2%
Dividends paid	77.7	71.3	60.3	+9.0%
Dividend per share	$0.88	$0.82	$0.79	+6.7%
Diluted shares, weighted	92m	91m	78m	+1.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,775	1,697	1,052	+4.6%
Non-controlling interest	15.8	14.6	0.8	+8.2%
Debt	1,859	1,873	1,229	-0.7%
Operating lease liabilities	37.3	56.0	42.8	-33.4%
Other liabilities	1,310	1,230	948	+6.5%
Total liabilities and equity	4,997	4,870	3,273	+2.6%
Fixed assets	672	695	407	-3.3%
Goodwill	1,286	1,308	686	-1.7%
Intangible assets	925	1,008	469	-8.3%
Cash and equivalents	601	650	865	-7.4%
Receivables	440	517	330	-14.8%
Inventory	306	328	261	-6.6%
Other assets	766	365	255	+109.7%
Total assets	4,997	4,870	3,273	+2.6%

10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.