Avient Corporation Reports 3.1% Sales Growth to $3.24 Billion for Fiscal Year 2024

Avient Corporation reported a financial performance for the fiscal year ending December 31, 2024, with total sales from continuing operations reaching $3.24 billion, a 3.1% increase from $3.14 billion in 2023. The growth was primarily driven by a 4.0% increase in demand across various sectors, including consumer, defense, building and construction, packaging, and healthcare, although this was partially offset by unfavorable foreign currency impacts. The company's gross margin improved to 32.6%, up from 28.4% in the previous year, attributed to raw material deflation, a favorable product mix, and lower environmental remediation costs.

In terms of operational developments, Avient's two reportable segments, Color, Additives and Inks, and Specialty Engineered Materials, both experienced sales growth. The Color, Additives and Inks segment saw sales increase by $39.1 million, or 1.9%, while the Specialty Engineered Materials segment reported a $58.6 million, or 5.1%, increase in sales. Operating income for the overall company surged to $329.3 million, a significant increase of 67.3% compared to $196.8 million in 2023, reflecting improved operational efficiency and cost management.

Strategically, Avient has focused on enhancing its product offerings and expanding its market presence. The company has maintained a commitment to sustainability, developing technologies aimed at improving recyclability and reducing environmental impact. In 2024, Avient invested $98.7 million in research and development, up from $90.3 million in 2023, to support innovation in materials solutions. Additionally, the company has a robust global footprint with 102 manufacturing sites across various regions, with approximately 60% of sales generated from international customers.

The company also reported a significant reduction in corporate costs, primarily due to lower environmental remediation expenses and restructuring charges. As of December 31, 2024, Avient employed approximately 9,200 people, with a focus on attracting and retaining talent to support its growth initiatives. Looking ahead, Avient anticipates continued demand growth in its key markets, although it remains cautious about potential economic fluctuations and regulatory changes that could impact operations. The company plans to allocate capital towards strategic investments and operational improvements to sustain its growth trajectory.