Avient (AVNT) FY2022 results: revenue $3.4 billion, up 2.5% on the year

Avient Corp. (AVNT) reported revenue of $3.4 billion for fiscal 2022, the year ended 31 December 2022, up 2.5% on the year before. Net income was $703 million, up 204.6%, and diluted earnings per share $7.63. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$3.4 billion

+2.5% on the year

FY2015FY2022

Operating margin

7.2%

8.4% a year earlier

FY2015FY2022

Net income

$703 million

+204.6% on the year

FY2015FY2022

Diluted EPS

$7.63

+204.0% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,397	3,316	2,215	+2.5%
Cost of revenue	2,514	2,372	1,555	+6.0%
Gross profit	883	944	660	-6.5%
Gross margin	26.0%	28.5%	29.8%
Research and development	84.9	83.2	59.8	+2.0%
Selling, general and administrative	639	664	548	-3.7%
Operating income	243	280	112	-13.0%
Operating margin	7.2%	8.4%	5.0%
Interest expense	120	n/a	n/a
Pre-tax income	63.8	204	61.1	-68.6%
Income tax	-19.3	51.9	-11.7
Effective tax rate	-30.3%	25.5%	-19.1%
Net income	703	231	132	+204.6%
Net margin	20.7%	7.0%	5.9%
Diluted EPS	$7.63	$2.51	$1.45	+204.0%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	398	234	222	+70.4%
Capital expenditure	106	101	63.7	+4.9%
Free cash flow	293	133	158	+119.9%
Free cash flow margin	8.6%	4.0%	7.1%
Cash from investing	-504	-150	-1,432
Cash from financing	166	-115	982
Depreciation and amortisation	163	144	112	+13.1%
Share-based compensation	13.2	11.2	11.3	+17.9%
Buybacks	36.4	4.2	22.4	+766.7%
Dividends paid	86.8	77.7	71.3	+11.7%
Dividend per share	$0.96	$0.88	$0.82	+9.7%
Diluted shares, weighted	92m	92m	91m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,334	1,775	1,697	+31.5%
Non-controlling interest	18.3	15.8	14.6	+15.8%
Debt	2,179	1,859	1,873	+17.2%
Operating lease liabilities	40.9	37.3	56.0	+9.7%
Other liabilities	1,512	1,310	1,230	+15.4%
Total liabilities and equity	6,085	4,997	4,870	+21.8%
Fixed assets	1,049	672	695	+56.1%
Goodwill	1,672	1,286	1,308	+30.0%
Intangible assets	1,598	925	1,008	+72.7%
Cash and equivalents	641	601	650	+6.6%
Receivables	441	440	517	+0.2%
Inventory	373	306	328	+21.9%
Other assets	312	766	365	-59.3%
Total assets	6,085	4,997	4,870	+21.8%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.