Shares of Avient Corporation (NYSE: AVNT) rallied over 5% in trading on October 31st after the specialty materials company reported better-than-expected third quarter 2024 results and raised its full-year earnings outlook.

For the quarter ended September 30th, Avient posted adjusted earnings per share of $0.65, exceeding the $0.63 consensus estimate. Revenues increased 8.2% year-over-year to $815.2 million, topping analysts' expectations of $797.5 million. The company attributed the strong topline growth to broad-based gains across all regions and most end markets.

Both of Avient's core business segments contributed to the robust quarterly performance. The Color, Additives and Inks unit saw sales rise 7.1% to $521.5 million, while operating income climbed 17.1% to $75.5 million. The Specialty Engineered Materials segment generated sales of $294.6 million, up 10% from a year ago, with operating income increasing 20.1% to $36.4 million.

Looking ahead, Avient narrowed its full-year 2024 adjusted earnings per share guidance range to $2.63 to $2.67, versus the prior outlook of $2.55 to $2.70. The revised forecast represents earnings growth of 11% to 13% compared to 2023.

The company also announced plans to host an investor day in New York City on December 4th, where it will outline its strategic approach for driving growth and margin expansion in the coming years.