Avient Announces Twelfth Consecutive Annual Increase in Quarterly Dividend

Rhea-AI Summary

Avient Corporation (NYSE: AVNT) has declared a quarterly cash dividend of $0.2475 per share, marking the twelfth consecutive annual increase. The dividend will be paid on January 6, 2023, to stockholders of record on December 16, 2022. This increase elevates the annual dividend from $0.95 to $0.99 per share. The company has achieved a compounded annual growth rate of 16% since initiating its dividend in 2011, attributed to its transformation towards specialty applications in high-growth markets while navigating macroeconomic uncertainties.

Positive

• Quarterly cash dividend of $0.2475 per share represents a 12th consecutive increase.
• Annual dividend raised from $0.95 to $0.99 per share.
• 16% compounded annual growth rate in dividends since 2011.
• Focus on specialty applications enhances revenue potential in growth markets.

Negative

• Near-term macroeconomic uncertainties could impact financial stability.

CLEVELAND, Oct. 13, 2022 /PRNewswire/ -- The Board of Directors of Avient Corporation (NYSE: AVNT), a leading provider of specialized and sustainable material solutions, has declared a quarterly cash dividend of twenty-four and three-quarters cents ($0.2475) per share on the common stock outstanding, representing the twelfth consecutive annual increase. 

The $0.2475 per share will be paid on January 6, 2023, to stockholders of record on December 16, 2022.  On an annualized basis, the dividend will increase from $0.95 to $0.99 per share on the common stock outstanding.

"We are pleased to raise our dividend for the twelfth consecutive year," said Robert M. Patterson, Chairman, President and Chief Executive Officer, Avient Corporation.  "Since first introducing the dividend in 2011, it has increased at a compounded annual growth rate of 16%.  This is a reflection of our portfolio transformation, with 100% of sales now coming from specialty applications, as well as our increased presence in higher growth and less cyclical markets.  While the near-term presents macro-economic uncertainties, we remain confident in our ability to generate strong free cash flow, continue to invest in innovation for the long-term, and return value to shareholders." 

About Avient

Avient Corporation (NYSE: AVNT) provides specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world.  Examples include:

• Unique technologies that improve the recyclability of products and enable recycled content to be incorporated, thus advancing a more circular economy
• Light-weighting solutions that replace heavier traditional materials like metal, glass and wood, which can improve fuel efficiency in all modes of transportation and reduce carbon footprint
• Sustainable infrastructure solutions that increase energy efficiency, renewable energy, natural resource conservation and fiber optic / 5G network accessibility

Avient is certified ACC Responsible Care®, a founding member of the Alliance to End Plastic Waste and certified Great Place to Work®.  For more information, visit www.avient.com.

To access Avient's news library online, please visit www.avient.com/news.

Forward-looking Statements

In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the effect on foreign operations of currency fluctuations, tariffs and other political, economic and regulatory risks, including recessionary conditions; the current and potential future impact of the COVID-19 pandemic on our business, results of operations, financial position or cash flows; changes in polymer consumption growth rates and laws and regulations regarding plastics in jurisdictions where we conduct business; fluctuations in raw material prices, quality and supply, and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to raise or sustain prices for products or services; our ability to continue to pay regular quarterly cash dividends, including at the increased rate, and the amounts and timing of any future dividends; information systems failures and cyberattacks; amounts for cash and non-cash charges related to restructuring plans that may differ from original estimates, including because of timing changes associated with the underlying actions; the ability to obtain required regulatory approvals and otherwise consummate the proposed sale of the Distribution business; and other factors affecting our business beyond our control, including without limitation, changes in the general economy, changes in interest rates, changes in the rate of inflation and any recessionary conditions. The above list of factors is not exhaustive.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.

 

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SOURCE Avient Corporation

FAQ

What is the dividend amount announced by Avient Corporation?

Avient Corporation announced a quarterly cash dividend of $0.2475 per share.

When will the dividend be paid to shareholders of Avient?

The dividend will be paid on January 6, 2023.

What is the new annual dividend amount for Avient Corporation?

The new annual dividend amount for Avient Corporation is $0.99 per share.

How long has Avient Corporation been increasing its dividend?

Avient Corporation has increased its dividend for twelve consecutive years.

What factors contributed to Avient's ability to increase its dividend?

Avient's dividend increase reflects its portfolio transformation and focus on specialty applications in higher growth markets.

What are the record dates for Avient's dividend payment?

Stockholders of record on December 16, 2022, will receive the dividend.