Avient (AVNT) Q3 FY2023 earnings: revenue $754 million, down 8.5% on the year

Avient Corp. (AVNT) reported revenue of $754 million for Q3 FY2023, the quarter ended 30 September 2023, down 8.5% on the same quarter a year earlier. Net income was $5 million, and diluted earnings per share $0.06. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$754 milliondown 8.5%

Net income$5 million

Diluted EPS$0.06

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	754	n/a	n/a	n/a
Cost of revenue	558	n/a	n/a	n/a
Gross profit	195	n/a	n/a	n/a
Gross margin	25.9%	n/a	n/a
Selling, general and administrative	161	n/a	n/a	n/a
Operating income	34.3	n/a	n/a	n/a
Operating margin	4.6%	n/a	n/a
Pre-tax income	5.0	n/a	n/a	n/a
Income tax	-0.1	n/a	n/a	n/a
Effective tax rate	-2.0%	n/a	n/a
Net income	5.1	n/a	n/a	n/a
Net margin	0.7%	n/a	n/a
Diluted EPS	$0.06	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	71.8	n/a	n/a	n/a
Capital expenditure	29.1	n/a	n/a	n/a
Free cash flow	42.7	n/a	n/a	n/a
Free cash flow margin	5.7%	n/a	n/a
Cash from investing	-26.8	n/a	n/a	n/a
Cash from financing	-128	n/a	n/a	n/a
Depreciation and amortisation	46.4	n/a	n/a	n/a
Share-based compensation	3.2	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	22.6	n/a	n/a	n/a
Dividend per share	$0.25	n/a	n/a	n/a
Diluted shares, weighted	92m	n/a	n/a	n/a
Shares outstanding at period end	91m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,277	n/a	n/a	n/a
Non-controlling interest	19.0	n/a	n/a	n/a
Debt	2,080	n/a	n/a	n/a
Other liabilities	1,414	n/a	n/a	n/a
Total liabilities and equity	5,790	n/a	n/a	n/a
Fixed assets	978	n/a	n/a	n/a
Goodwill	1,681	n/a	n/a	n/a
Intangible assets	1,563	n/a	n/a	n/a
Cash and equivalents	440	n/a	n/a	n/a
Receivables	437	n/a	n/a	n/a
Inventory	350	n/a	n/a	n/a
Other assets	341	n/a	n/a	n/a
Total assets	5,790	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	754	719	829	850	815	746	827	866	806	761	847	917
Cost of revenue	558	510	551	592	554	487	563	589	562	531	575	609
Gross profit	195	209	278	258	261	260	263	278	245	230	273	308
Gross margin	26%	29%	34%	30%	32%	35%	32%	32%	30%	30%	32%	34%
SG&A	161	166	184	185	184	174	262	182	178	190	177	195
Operating income	34.3	43.1	94.0	72.5	77.2	85.6	0.7	96.1	67.1	39.6	95.8	112
Operating margin	5%	6%	11%	9%	9%	11%	0%	11%	8%	5%	11%	12%
Pre-tax income	5.0	20.6	66.5	45.0	50.0	63.3	-26.6	70.9	42.9	24.5	72.3	89.1
Tax rate	-2%	-34%	25%	25%	23%	23%	n/a	25%	24%	30%	23%	26%
Net income	5.1	28.6	49.4	33.6	38.2	48.3	-20.2	52.6	32.6	16.9	55.7	64.8
Net margin	1%	4%	6%	4%	5%	6%	-2%	6%	4%	2%	7%	7%
Diluted EPS	$0.06	$0.31	$0.54	$0.36	$0.41	$0.52	-$0.22	$0.57	$0.36	$0.18	$0.61	$0.70
Operating cash flow	71.8	154	-42.8	106	71.1	123	-51.1	113	72.1	168	-34.5	93.8
Capital expenditure	29.1	44.4	24.4	31.4	25.0	41.1	12.5	27.0	24.7	42.4	19.0	22.3
Free cash flow	42.7	110	-67.2	74.5	46.1	81.5	-63.6	85.8	47.4	125	-53.5	71.5
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	22.6	22.6	23.5	23.5	23.5	23.5	24.7	24.7	24.7	24.7	25.2	25.2
Shares outstanding	91m	91m	91m	91m	91m	91m	92m	92m	92m	92m	92m	92m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001122976-23-000056: the filing on EDGAR. All of Avient Corp.'s filings: EDGAR company page.

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