AVNT - Earnings call transcript Q2 2024

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Operator

Good morning, ladies and gentlemen, and welcome to Avient Corporation's webcast to discuss the company's Second Quarter 2024 results. My name is Shannon, and I will be your operator for today. At this time, all participants are on a listen-only mode.

We will have a question-and-answer session following the company's prepared remarks.

As a reminder, this conference is maybe recorded for replay purposes. to President, call Treasurer like Di to now Vice Salvo, and would turn over the Joe I Investor Relations. proceed. Please

Giuseppe Di Salvo

today. and you on good everyone call that Thank joining morning, the us

that beginning, statements be Before forward-looking the Litigation Private within of statements to XXXX. Reform like remind Act considered made this of webcast we'd during may the Securities meaning you

business those based materially these Forward-looking risks expressed results most encourage a not guarantees recent by and that are factors factors a future any events statements will our forward-looking our and of involve any you be uncertainties, to our and of including future statements. and current for XX-Q on or other performance. They're results. which expectations risk in We or number actual affect expectation implied reports, applicable may of to or from forecasts of of cause to future management's discussion refer amendments, of can the differ complete

their GAAP use website, where During the the historical a this Avient for section the the on discussion describes U.S. presentation most in Investor GAAP financial of measures the is at in which refer Investor be available is replay today, our financial Relations of avient.com today's will non-GAAP reconciliation Relations in the the the both Please comparable to to measures. measures and provides and non-GAAP listed company company measures. A non-GAAP call website. financial replay Information directly section. access available will to press release,

me Dr. Executive Officer, is and President Chief Joining today our

the to hand Chief and Jamie Senior will Officer, begin. call now to Khandpur; President over and Ashish Financial Ashish Vice Beggs. I

Ashish Khandpur

second strong very performance, results. I'm first quarter financial our builds Thank you, which Joe, and everyone. pleased quarter upon with welcome, our

on particularly over with million of the said we line, growth organic in company line with Starting revenue excludes however, foreign X the growth. the our impact because on The grew calls, delivered we time quarters This it was been and sales the As the X% representing XXXX since noteworthy our Additives delivered broad-based an across last top expansion. is and both second organic focus and exchange. Sales, areas winning top new main for as-reported to I and X% from an end has achieved quarter, Color, growth quarter margin And all of both. growth sales basis. deliver the is which share, Both on of quarter, Engineered Inks, segments organic geographies Materials. inventory segments, business certain of this of destocking gaining specifications one have markets. previous product in of $XXX basis, Specialty benefited

Our $X.XX, well led the all team's as and to and versus This of year share EBITDA deflation quarter. prior second XXX margins helped to costs adjusted year basis is expand a prior earnings point as our quarter exceeded revenue, efficiently the a improvement versus grow $X.XX. to which operate XX% us adjusted material That's by control increase raw for XX.X%. per ability prior the guidance

end packaging slightly Europe. from Color, primarily by by XX%, in an favorable segment From material benefited raw X particularly and both quarter and respectively. the restocking, the markets, greatest some These our X% on from Consumer growing of had are benefited largest impact well and and perspective, costs. was performance market better-than-expected the in demand better Inks Our which driven growth as Additives as end

Healthcare. and was product This also new due strong deliver growth. above in to share and gaining growth Construction We market and primarily had Building specifications to

have second to lagging the has and previous in well to delivery pleased I earnings during weak, that destocking calls, SEM somewhat basis. positioned in XX% business. for quarter and report am in its Construction areas markets. that While the other U.S. are new certain on began and Color Healthcare believe Not won run in Building we both segments noted Healthcare improvement we destocking and we Canada a order was gained monitoring macro the to we and sales drug capitalize are remain indicators see share end and of a only course, devices. grew most notably patterns year-over-year medical do on meaningful that trend, currently applications On

driven We the have growing conflicts as demand. by devices, developing pharmaceutical specific Defense NATO programs. and with has strategically we key end underlying ODMs benefit partnered companies market, are strong In and they them these from demand and with been overseas

up our digits. constitutes in X% over year be year the Energy, prior full remain The quarter. continue sales double continued U.S. down low destocking quarter, primarily challenged is second digits demand in expect second in Our growth markets end were and quarter double more Telecommunication sales the Telecommunications to to modestly second the in the and the sales and by together we of with market weak which impacted Europe. end sales

than for start down demand, grid. It sales which the expect sales transmission Energy first designed start of and the the to third overall the we return XX% a as year. we half where of half levels applications third electrical market year. customers in the end the We trends U.S. see is growth story we inventory our have similar the been to harden managing to quarter, in more of improving in modest particular As is the improving, accounts for Telecommunication in quarter, second

and innovative the manner. ensuring sustainable provides business materials in role rods, an a Composites in play applications grid such reliability the important as Our insulator which in of cross arms

category developing detail in and Jamie Energy it provide to discuss off results in grow second on our hand I to focus XXXX space. We our more update in to expect the an now will over will to solutions time, quarter we broad importance this on and to outlook. of innovative continue

Jamie Beggs

largely also strong this expected. Thank you, I unfolded was Ashish. as pleased our performance quarter, which with

raw EBITDA over expansion well quarter was X% X% deflation. by XXXX. expanded total basis grew basis, second EBITDA discipline Ashish margins adjusted as and of The as-reported cost X% teams basis Adjusted material on an strong Margin and and organic points impact helped As excluding highlighted, exchange. of an our on company operational sales XXX control the foreign grew by the as

translates adjusted to of versus the prior Our year. $X.XX growth EPS XX%

addition share some year. with our XX% makes sales X% have we the this delivered adjusted $XXX which April lower of total as to growth, benefited pay provided in term repricing XXXX. the Beginning To at by of perspective sales, million of that of expense from Canada, region. organic the well sales on up the U.S. regional In down as growth and loan also to performance, and XXXX in prior reflect a the team EPS from resulting versus August EBITDA again time growth interest slide

share goods. our in also The care region. end and specifications gains underpin restocking and product household strong, Consumer from growth the personal products New benefiting of largest was market

and build applications comprising markets. building momentum this seeing sales improving Canada demand in in Latin recent cleaning as products this benefited that strong U.S. We draught half such conventional Mexico. Food well for from on serve Packaging of Beverage total and quarter expect our in in high temperatures trends as in conditions by the growth applications the supplies. U.S. influenced is America, primary replace second increasing strong as in we as end in of market the Composite X% as Energy well and by used the in materials to was likely from are while very also we region, and only the had year and increased which flooding end and Telecom a XX%. The South grew demand sales Brazil

to are and OEMs Our looking brand trade serve is to nearshore also of their in with light flows Latin tariffs. global President in owners and political America strategic, who chains us supply allowing uncertainty

applications. EMEA dropped which but Where a the are rate by the by correlated in benefited packaging, inflation to We the participate is Beverage in June end from in in the restocking PMI and as well been European Sales there particularly we has well Central weigh The in continued demand weaker may Food to region. interest manufacturing Telecommunication and sales with in and partially region cut this trend from business see growth and for favorable in market. confidence this X% This May June, remain to signals cautious. as as the positive on term. long-term Bank, was the grew EMEA Consumer some offset near Consumer positioned growth expect sign,

the region's in expect Accordingly, grew China we X% sales likely we and remain as trends in end the X are Asia markets, will through for weakness region for seeing In the Healthcare and the Consumer. second growth uncertainty gains which Construction. half new year. order Building encouraging And such, economic during while move year-over-year grow the business of to we book share are expect Packaging gains year. remains, largest Asia, muted the as in in As the offset we and balance by largely of was

orders and base for which household primarily as Construction by mix by with net from from personal EBITDA expand of on impact single growth high-performance Turning Composite to growth solutions from Construction. during for by momentum was by X%, expanded restocking cable and high market materials sales. focus performance. by markets and X/X in The outdoor the other offset continued should deflation devices. Healthcare energy the EBITDA up modest The care Consumer Consumer applications Color, Europe, monitoring grow new wire in share overall restocking along quarter. Materials as also helped previously. included by contributed XX destocking sales segment benefited quarters, and sports to restocking cost applications, U.S. accretive several Composite price and and growth and Telecommunications business Colors XX% helped driven materials, well partially that and to impacted which which margin material and this the Latin and The able of grew with from Inks, a Europe about review a by XXX was The of start to and represents of end as foreign care using basis by the Healthcare Consumer Adjusted in stemmed sales Consumer, SEM's X% sales favorable during new organically. Building the and points, with the Examples points. and deflation, and benefit Most which in our X% sales I'll driven used additive margins. in end started basis Healthcare functional maintain wins, end respiratory applications, Weaker performance Packaging driven segment and gains material grew particularly applications quarter. some Engineered well order Specialty digits reductions, segment see exchange. was as for was in Building primarily growth as primarily segment well Building have Additives as fabrics. raw was for pickup quarter. customers. during as Construction EBITDA market, and which raw construction America discussed margins demand Healthcare EBITDA and grew which in the of This business, goods excluding

guidance. to next Turning

an We to estimates third for update full the year are today range. quarter providing XXXX and guidance our

We expect of quarter X% per year. prior increase over the share third which earnings reflects $X.XX, a

trend in growth year-over-year We to quarter expect of the continue quarter. third second the

Regarding expectations. we the deflation, approximately input million in material of first line which the was raw realized year, our half in in costs, $XX with

not including and certain second repeat material as additives. year hydrocarbon-based our is expected across polycarbonate we as polyethylene basket, the half of of benefit as polymer this However, levels as modest the such majority and are the in of well inflation materials seeing polypropylene to raw

headwind the in year-over-year Taking from previous expectations of into are previously million discussed, back in XXXX have May. year. consideration, half factored compensation the for variable provided Additionally, in our outlook we as of half all from $XX second this unchanged the also of largely a

range to a reflect $X.XX As $X.XX. such, share to adjusting to quarter guidance $XXX EBITDA adjusted to $XXX range results million adjusted better-than-expected second of earnings of and we a are million full and the increasing year our per to range

year $XXX interest our do represents adjusted in it maturing of XXXX, during XX% are debt do prior May debt of X% market XX, the guidance expense we have refinance in unchanged year look and million. material guidance term, now this We expectations conditions. subject our to forward to portion expense at were have a impact to EPS we growth year. million $XXX to expect for a over it full near Our full refinance the opportunistically year XXXX. to If full of to not we approximately Interest the

expenditures to to continue tax and and guidance. $XXX rate million, unchanged effective our versus to We between XX% our XX% capital roughly be prior are also expect our adjusted be which

Avient. updated our XXXX latest over just of Before a and to stakeholders. our metrics proud closing the of Ashish remarks, sustainability like and highlights turning online, particularly attention published performance the sustainability release and call know to to of back we call at I to are details all I to our report our are provides that that important few out for We report. I'd it wanted of action draw and examples

I and our Financial of X XX% are by employees news increased updated Scope helped will gas now all reduced First CDP showcased to emissions. our goal us Ashish which to agencies & over rating to second, our on the that to upcoming score increased and our Avient approaching reduction these will are exciting back XX% the to and Ecovadis in Since Since quickly to our recently moving is top-tier a our the Force report, reporting us greenhouse GHG scores. independent last we I'd And our our in thank have emissions A-, contribute improving top companies it X% XXXX, Task our about reduction. performance with scores. underlying X our Gold, Climate-related an some Day. who alignment share earn Investor sustainability turn Disclosures. like of

Ashish Khandpur

proud basis Thank Those many collaboration including that along save want finalizing the and with we Since the my delivering with growth who tirelessly New team Avient worked prepared to leadership team, session we'll among call. global stakeholders, our concludes a employees we the while our now today. forthcoming, particularly after Registration York speaking organic conversations, our investors. you, That quarter. are strong long a big plan joining will in date. please today's margins City. Operator, Avient on saying with have expanding been are question-and-answer close investors company, for and I Jamie. December of by X strategic second the deliver am to thank of the you the share quarters teams customers, line. X on ready to remarks details to but be now I a bottom forming are begin for for I for of

Operator

Mike Research question [Operator Harrison of with Partners. first Our Instructions] comes line the from Seaport

Michael Harrison

Congrats on a nice quarter.

Ashish Khandpur

Thank you. Mike!

Michael Harrison

was your outlook lot hoping like It of half. whole hasn't the But could you maybe a thoughts changed was demand visibility I Ashish, into where sounds from few some on second that your about really months seeing share ago. it growth you of provide some momentum I'm second key in curious you're patterns what in what some helps some see hearing markets order maybe from into to that and you're a continue to half? your the that can customers confidence

Ashish Khandpur

the sales And been meeting at Sure, Mike. X%. I basis, mean provided growth as you at finished know, we on on QX and we that for we look track like has our we feel our right our book are an growth we with -- for July, when organic order revenue year. finished how range

sales first it in So by printed have second think about if half, first you X.X%. of grown as the and half year, half we

high single single down And to digits about so happen, low accordingly digits. that if comes you can think it, from

digits let's mid-single the expectation. So take as the is midpoint

look as trend little a are and -- the in with guidance with X about about are to momentum revenue mix. that's XX% consistent then into to we X than looking I expect that's that book, as that's sorry, kind our order QX, of we providing QX. in some we QX, we into that's then of also of And in And want here. segments we QX bit very where QX, grew more just So And our for had year-over-year. our we talk that finished what QX continue.

coming from are back. some are seeing place where come we So a demand we market

develop programs our we helping place. share and of teams half some are But are seeing year... these to into We more and which applications, taking seeing the really our the new go digits is also new mid-single win growth take restocking in second

Michael Harrison

kind its maybe that Healthcare you about how you're Thank sounds of little and opportunities right. was sounds next Healthcare. All talk you has what seeing of bit seeing the talk process drug over the that hoping a maybe next Can it course. the some growing you, that, quarters years? see and maybe couple developed run in like you're delivery a But some the destocking you've could than little I It like more and around you and partnerships evolving monitoring. segment of about bit

Ashish Khandpur

Sure, Mike.

are over destocking, Healthcare, said, you restocking, maker as we both co-equipment well believe the As we is seeing and as in finally distribution. our or OEMs accounts,

We both are on channels. seeing the sales growth those

is good to that's So largely destocking a indicating sign over.

winning drug more and obesity in of and have drugs kind especially We also new areas, monitoring, applications teams to pivoted some are of applications. around the glucose our of delivery share high-growth monitoring also,

pivot are as Healthcare, really to helping that we which at to areas in double applications is grow so our winning And showed QX. in fast Healthcare in sales growing digits

Now both I well additives in and when CAI as SEM as color providing side growing in happening into look are what's Healthcare.

good sign. And which other side, seeing like demand, robust so delivery are medical side, inhalers syringes our again, and devices good, is equipment So drug type that's stuff. restocking catheters, a and on for we conventional specific devices the our devices,

are since we business what devices. and in drug fast-growth drug point, Healthcare our some just would have businesses, core XXXX. this we CAGR as are I which our equipment also but at And growing a delivery new been winning a we So context -- applications delivery in where call XX% of building

and and innovate So has to it business. healthy in It's continue it a is that good been quite fast, growing we profitable, area.

Michael Harrison

very much. All helpful. right. Thanks Very

Operator

with Research, question the comes Fermium LLC. line next Frank from of Mitsch Our

Frank Mitsch

referring that such because to legal when see assuming one has drug delivery that's the you -- you I'm wonder... margins, businesses of high to type you're

Ashish Khandpur

for clarifying a... is It Thank for you that us.

Frank Mitsch

that there the for what XX% quarter. second your Can business? was is that modest you year-over-year in it growth little more expectations are the provide you XQ balance that up mentioned and of the a in in year color The Absolutely. and in Star Defense,

Ashish Khandpur

Yes. Sure, Frank.

and our QX growth, -- modestly know, as also strong sequentially but So helped up year. our you in was QX margins year-over-year, very but was only that was Defense, but versus not last down,

look prepared levels. growth a the QX business. what we Jamie growth full comps for line remarks we rest double-digit plus solid with included expect quite still area momentum our at in in As that finish, the in weak, QX, strong see And double-digit in in perspective. we year were for last year, since in Defense. have that we from as to and revenue it But good of more -- her the into see been results for year, Again, a said QX

We with are winning agencies, new with from the countries as from. Spain, also in have countries, we capital some the and not NATO just NATO enforcement but well programs police programs, with as both local other new applications, orders specific that apart Germany law

momentum good there. So

Frank Mitsch

of deflation, magnitude talked order in see. And like materials expectations helpful. to year. there the the XQ as you I on $XX to that? think expecting what about what way of Very in balance then the being a inflation Jamie, Is XQ, for was raw but to a quantify your any impacts second benefit going you're our quarter something -- and million positive

Jamie Beggs

The number QX deflation Sure. million. $XX about was

more but we're about now, QX, $XX to for it's $X half, that's our million first million a The versus the curves little back the half, for current headwind. $XX in the hit million may to outlook. first way Right and expecting $XX QX bit So look half. the closer between million,

Frank Mitsch

All right.

flat So in XQ...

Jamie Beggs

QX, me, to inflation I that's the the lower in side. some I'm on sorry, some -- but end expect of would

we're a I going QX. in see to little more think

Operator

Wells of comes Sison the next from line question with Our Fargo. Michael

Michael Sison

the second Any as that terms then the of will good for have Ashish. you're Hopefully, follow-up you've in seeing It keep product well. be digits, the development changes up outlook like you or there a just can volume mostly of there in sounds sales Guardians made that in that momentum new of such? at sort half And growth? mid-single third growth quarter. In terms momentum R&D, some

Ashish Khandpur

Mike. Yes,

second so you just as our on growth. outlook, QX, first is for growth, one on half volume-related the that So see, all even

will momentum is we and And again So seen. volume then in volume half that growth strong very second it's related. continue growth half that have second

that continue. So will momentum

are goes bearing And and have seeing new what respect second done to how changes your if we program -- to anything strong so wins. any application is really And we results wins, that back yet. question, with

respect of have we done changing a of So world. sales different we strategy team -- regions how are to around our lot pivots addressing our the with really

example, for to local of So we those, because away X local going more China that the multinational Asia, for seeing example, to apart from in between key global in accounts we those move some accounts. versus were multinational the serving, committed business accounts, were from we

is, our which growth is pivoted -- know, We low area, GDP And teams you there and share so as EMEA, one a low-growth there. in area.

respect focus with in new we Our with we as new our applications trends on and we and in winning And place that. and now business. products are blocking some just And -- as hardening team's with grid well like doing secular as applications tackling is then are seeing and taking basic to share, well the new other winning are with teams momentum U.S., there that applications. of the electric are

you're of new the and I is product growth development some the areas think restocking, our is a a certain market development coming also and So combination seeing but back share not significant across amount from that world, volume globe. just happening wins in come of application of growth new demand for what

Michael Sison

they're it. been plan, there most and land. in of investors year? still that at you're of of power strategic Investor And beginning as the do about know to terms then that the -- a the on maybe highlight Got for December. since you to developing of you're longer-term about kind thoughts think Day important focused And the I earnings and of the any in you've are sort you metrics But lot think probably that keep what going for

Ashish Khandpur

Yes.

earnings the Mike for have X, and organically I for until top top X future. the you the at highlighted profitable ask calls, into talent what to the the for margins numbers. mean, me going really let that to and And But some strategic just that's December we can I feed I growth, amplifying really, obviously, then is past would on that's bottom patience of to is, areas and expanding line grow, give -- line our the strategy. know, line growing while our a all mind which of line, and innovation, share part back address this when our for leadership Avient we we will So top come plan actually things. thing really those the building and bottom third the is in of as are But how point And time. what on make innovation how to central focused growth in

and that our not also sustainable we line So are only way, a ourselves competition the top but differentiate from margins. growing in improve

Operator

Our comes the David of line Bank. from with Deutsche Hoang next question

David Huang

I hiring Chief Officer of and these you with currently And guess wish development. your organizations to in charge Can person marketing Ashish, you Technology achieve you're new see new to are change company? what I and in do that us hires? a did business structured how another be or remind those

Ashish Khandpur

Sure, David.

the CTO a the of both, So both in structured are part, the as structure technology. R&D well central as team businesses currently, we

of it's and some so business center are folks corporation. right in in the the And of the of kind R&D now -- most the are

really we continues how we want to we trying deliver. just to when are flywheel the that can of we to innovation bring -- a So see actually also build CTO,

So of we think in terms horizon.

Horizon bit business. example, a and the being for incubated could or little and X the away from X in be Horizon business, So in either business X be sitting could

So while very it's to customers. connected still directly the

that's in model and capability. actually we think our trying to we consolidating to And R&D build get I high-growth that capacity spaces So are started our some have structures R&D of especially going.

parts fast. came we into now grow -- the we some want areas because they of them through have enough build in around of company this to where So can R&D pulling But scale we different we company have where scattered really acquisitions. different the started together to

we -- changing have that we world some part the marketing started are on of are some doing CTO would obviously organization the that as and story. Then of we is technology changes side, the really look So fast. changing the the And be trends view, front. on world fast into

with about create think usage distribution and power, is going lot artificial happening really a what you generation. of it's if to So for intelligence, electric

And can and in pass-out has a to we -- that effect so we on areas. can because play once AI, provider, those semiconductors and derivative businesses area -- supply needed in for we are again. a our are and that material we Similarly, need

So it's all mobility, of whether those so we whether and markets. on happening, part are electrification these can become it's forth. so trends and And fast-growing

understand And so way we to models. go-to-market also markets in a our and need better those

those sometimes We commercialize lot things do but markets technology, important. how have of a to we approach these equally is

So this have new be to we area. in marketing advertised out is position helping going that that

David Huang

sustainable It I back look then growth to how solutions is today? And the dynamic contributed to mentioned, share those X they they're share Composites. that's it. quarter? where there if any and related fundamental sounds some guess the the are Got -- the And change you volume platforms, you guess, at for underlying [Indiscernible] I the more much organic to of gains gains? just competitive going guess like does contributed to volume in growth I

Ashish Khandpur

Yes.

gains the traditional in our engineered So think not actually this materials. much Composites they were as I were in share as time

the SEM and On clearly, we Color gains market. Additives side, broad-based on the in taking side, saw share

I to think Composites bigger. play we expect

and As Defense my winning in comments NATO other share with in respect things I was with earlier to mentioning countries.

are in and there. Panels is we that we of Construction Composite area So that with are and Also, respect kick seeing materials momentum in in used in. going seeing are construction homes Building Composites to products some to

Composites think I is for So going to story be second a half largely us.

have which your to second traditional gain side. on seen we general, question, respect in share engineered but -- so And With materials was...

Jamie Beggs

more Building much the that in wins more of like side. business because And suggest business how the side David, with in like restocking I instance, sustainable cases, in that the started Building well. a maybe in is also and applications. you much really then Within new and new really the in I you're specificity go underlying Construction with we wouldn't it then for just that's gain. the out and Packaging, Ashish space had looking other think the really then case. gain, second Composite was and if related cable to in that and more was market the up applications related new Construction, to certain driven by space, for for really win conditions the share said, the that question, functional restocking between was Composites because on Like space XX% to instance, the X%, Additive up that also that's be either how that into take applications And gain is bit share on And I because a new within So XX%. applications of as company, for to think solutions, called for And our or region, on wire in something which would the was highly add the

of really buckets the for how between So X grew all those growth the mix organic quarter. within

Operator

the Laurence Our comes next Jefferies. question of of Alexander line from

Laurence Alexander

half I XXXX, and for short I This term, evolve to your medium just Estok wondering of back to mix how is I'm guess guess maybe into mix. you about expect XXXX... year on so maybe Laurence. this guys the Kevin in

Jamie Beggs

we're not expecting back lot perspective, Yes, from whole price a through. come from mix to half a

year. 'XX volume $X.XX up margin up in a with mix really That it's half little back the and expecting back come through haven't earlier, be with But a mentioned mix Ashish bit material the that of some half. comes for not to for 'XX. may comes the because in of may As expansion. stronger help story we're we -- price back be half the estimates There

to hold, before, we continue. start And take more margin expansion as As expect those amplifying Ashish mentioned in are programs interested to we do innovation.

get give be So we expect but that to we'll we specifics positive, when X. more to December

Laurence Alexander

And to you pricing, downstream? bit Or to... Understood. let's Okay. a coming say, say, expect knock-on trend kind but I coming of I'm just just further pressures XXXX. customers you let's pricing do talked curious, from, guess materials from little mean down, expect raw continue about that I if into I you any would with effects mean, were

Jamie Beggs

back year. the pricing the is half actually of going Well, up in

expect million the $X million we to Frank, in year. So back $XX like I answered the half with of

strong a history. have We

quarters be expect that back it's of inflationary for continue deflationary really a I environment. last teams the that. If to the benefit done with price The have to case. have a or X if you nice regardless able net to job being XX to go an

Operator

comes final of Andrews the Our Stanley. from line Morgan of Vincent question

Vincent Andrews

Henrik on you what help is This from the Turner us for year? perspective what's Vincent. and from cash a you capital for Can flow working expect going understand on

Jamie Beggs

year. Sure. of Maybe comparison to just a little prior bit a

expenditures about million free we we So cash a flow. for last our into $XXX look year little XXXX, are And higher million. had we year, capital the over $XXX of slightly estimated than as

working as guy] capital versus XXXX, impede use is -- the So of won't We expect taking -- had capital. expect do between CapEx sale XXXX. [good guy]. one working that we that of into for working a to as and XX%. level is sorry, higher about a be One effect, XX% our sales, we the cash, 'XX sales of two to other million reminder, change the averages cash -- $XX do Maybe and percentage things which a the [good also in in is because

We too. expect that of continue this half year, to back through the

Vincent Andrews

Great. this see the all for basket One additional expectation driving third quarter question continuing? could that the What is to had. parts fourth Raws the relative quarter? the And additional of something that in inflation I you is

Jamie Beggs

Yes.

primarily seeing relates the we're obviously, current seeing that's that TPE. that's the but evolution and we curve. mean, visibility performance go pigment, in really dependent half, we half as I this the best through back at have of we're kind as point. the what of polypropylene the back hydrocarbon kind on really what in certain by to So our driven as basket, which well polyethylene, additives That's is

Ashish Khandpur

joining we'll With call. conclude and that, everyone, you next us, I Thank you, you. for today's Thank Okay. think see quarter. we'll

Operator

This concludes today's call. conference for you your participation. Thank

disconnect. now may You

Avient (AVNT) 6 Aug 242024 Q2 Earnings call transcript