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AVON LAKE, Ohio (AP) — AVON LAKE, Ohio (AP) — Avient Corp (AVNT) on Tuesday reported a first-quarter loss of $20.2 million, after reporting a profit in the same period a year earlier.
The Avon Lake, Ohio-based company said it had a loss of 22 cents per share. Earnings, adjusted for non-recurring costs and amortization costs, were 76 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The maker of resins used in plastic pipe and other products posted revenue of $826.6 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $833.5 million.
Avient shares have decreased 17% since the beginning of the year. The stock has decreased 23% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AVNT at https://www.zacks.com/ap/AVNT