Avient (US:AVNT) ZACKSยท2024-08-06 14:36Core Insights - Avient reported revenue of $849.7 million for the quarter ended June 2024, reflecting a year-over-year increase of 3.1% and surpassing the Zacks Consensus Estimate by 1.01% [1] - Earnings per share (EPS) for the quarter was $0.76, up from $0.63 in the same quarter last year, exceeding the consensus estimate of $0.72 by 5.56% [1] Revenue Performance - Specialty Engineered Materials sales were $308.10 million, slightly below the average estimate of $310.58 million, with a year-over-year increase of 2.4% [3] - Color, Additives and Inks sales reached $542 million, exceeding the average estimate of $531.63 million, marking a year-over-year growth of 3.3% [4] - Corporate sales reported a loss of $0.40 million, better than the estimated loss of $0.95 million, but reflecting a significant year-over-year decline of 55.6% [5] Operating Income - Operating income for Color, Additives and Inks was $86.10 million, surpassing the average estimate of $80.32 million [6] - Operating income for Specialty Engineered Materials was $42.80 million, slightly below the average estimate of $44.40 million [7] - Corporate operating loss was $56.40 million, worse than the average estimated loss of $38.10 million [8] Stock Performance - Avient's shares have returned -3.2% over the past month, compared to a -6.7% change in the Zacks S&P 500 composite [8] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [8]