Eastman Announces Fourth-Quarter and Full-Year 2023 Financial Results

Eastman Chemical Company (NYSE:EMN) announced its fourth-quarter and full-year 2023 financial results.

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• Delivered approximately $1.4 billion of cash from operating activities in 2023, demonstrating the strength of our cash flow.
• Demonstrated commercial excellence in our pricing by leveraging the strength of our value proposition to offset significant macro-driven volume challenges.
• Reduced costs by approximately $200 million in 2023, net of inflation.
• Closed the previously announced divestiture of Texas City Operations for $490 million.
• Introduced plastic waste into the Kingsport methanolysis facility and expect to produce on spec material and to generate revenue soon.

(In millions, except per share amounts; unaudited)

4Q23

4Q22

FY23

FY22

Sales revenue

$2,207

$2,373

$9,210

$10,580

Earnings before interest and taxes (“EBIT”)

477

76

1,302

1,159

Adjusted EBIT*

222

171

1,097

1,339

Earnings per diluted share

2.61

0.01

7.49

6.35

Adjusted earnings per diluted share*

1.31

0.89

6.40

7.88

Net cash provided by operating activities

452

457

1,374

975

* For non-core and unusual items excluded from adjusted earnings and for adjusted provision for income taxes, segment adjusted EBIT margins, and net debt, reconciliations to reported company and segment earnings and total borrowings for all periods presented in this release, see Tables 3A, 3B, 4, and 6.