PolyOne Corporation (NYSE:POL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 22, 2020 • 08:00 am ET

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PolyOne Corporation (NYSE:POL) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, ladies and gentlemen, and welcome to the Avient Corporation Second Quarter 2020 Conference Call. My name is Sarah, and I'll be the operator today. [Operator Instructions] We will have a question-and-answer session at the end of the conference. [Operator Instructions]

At this time, I would like to turn the call over to Joe Di Salvo, Vice President, Treasurer and Investor Relations. Please proceed.

Executive
Joe Di Salvo

Thank you, Sarah.

Good morning and welcome to everyone joining us on the call today. Before beginning, we'd like to remind you that statements made during this conference call may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements will give current expectations or forecasts of future events and are not guarantees of future performance.

They're based on management's expectation and 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 statement. Some of these risks and uncertainties can be found in the company's filings with the Securities and Exchange Commission, as well as in today's press release.

During the discussion today, the company will use both GAAP and non-GAAP financial measures. Please refer to the earnings release posted on the Avient website, where the company describes the non-GAAP measures and provides a reconciliation from the most comparable GAAP financial measures.

Joining me today is our Chairman, President and Chief Executive Officer, Bob Patterson and Executive Vice President and Chief Financial Officer, Brad Richardson.

Now I will turn the call over to Bob.

Executive
Robert M. Patterson

Well, thanks, Joe, and good morning everyone, and welcome to our second quarter 2020 earnings call, the first ever as Avient Corporation.

I'd like to begin our call today with an acknowledgment of support for those who have been impacted by coronavirus. Our heartfelt appreciation also goes out to the countless frontline workers and first responders as they continue to play an important role in a response and recovery effort. At Avient, our first priority remains the health and safety of our associates, customers and all stakeholders. We continue to adhere to government guidelines and protocols, as well as other preventative measures to help stop the spread of the virus. As we do, we continue to serve our customers as an essential supplier and partner.

On June 16, we held a mid-quarter investor call, during which we commented on our second quarter expectations in light of the pandemic. As we now share our actual results, we report we delivered adjusted EPS of $0.39, which is $0.03 better than we expected at the time. Recall that to provide an apples-to-apples comparison to the prior year, these results exclude the impact of the financing for the Clariant masterbatch acquisition, including the additional shares from the equity offering in February, and the debt raised in May, our adjusted EPS for the second quarter was $0.28.

The improvement was driven by an uptick in the sales in Asia in the last