Avient (AVNT) Q2 Earnings and Revenues Beat Estimates

Company Performance - Avient reported quarterly earnings of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, and up from $0.63 per share a year ago, representing an earnings surprise of 5.56% [1] - The company posted revenues of $849.7 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.01%, and an increase from $824.4 million year-over-year [1] - Over the last four quarters, Avient has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [1] Future Outlook - The immediate price movement of Avient's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [2][3] - The current consensus EPS estimate for the upcoming quarter is $0.60 on revenues of $801.23 million, and for the current fiscal year, it is $2.61 on revenues of $3.22 billion [4] - The estimate revisions trend for Avient is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] Industry Context - The Chemical - Diversified industry, to which Avient belongs, is currently in the bottom 8% of over 250 Zacks industries, which may impact stock performance [5] - Another company in the same industry, Kronos Worldwide, is expected to report quarterly earnings of $0.21 per share, reflecting a year-over-year change of +400%, with revenues anticipated to be $504.19 million, up 13.8% from the previous year [5][6]