AVON LAKE, Ohio (AP) — AVON LAKE, Ohio (AP) — Avient Corp (AVNT) on Thursday reported first-quarter net income of $55.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Avon Lake, Ohio-based company said it had profit of 61 cents. Earnings, adjusted for amortization costs and non-recurring costs, came to 83 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The maker of resins used in plastic pipe and other products posted revenue of $847.4 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $845.8 million.
Avient expects full-year earnings in the range of $2.93 to $3.17 per share.
Avient shares have climbed 21% since the beginning of the year. The stock has increased nearly 7% in the last 12 months.
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