Eastman Announces First-Quarter 2022 Financial Results

Eastman Chemical Company (NYSE:EMN) announced its first-quarter 2022 financial results.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220428006266/en/

The company reaffirms guidance of $9.50-$10 adjusted EPS for 2022, building on strong underlying performance in the first quarter:

• First-quarter revenue increased 13 percent year-over-year, and 19 percent excluding the impact of the divested rubber additives and adhesive resins product lines.
• Made significant progress raising selling prices by 17 percent on a combined basis in Additives & Functional Products and Advanced Materials to recover spreads and offset broad-based inflation.
• Innovation-driven growth model continues to deliver volume growth and mix improvement in the specialties despite a challenging operating environment.
• Strong 8-12 percent adjusted EPS growth expected in the second quarter year-over-year driven by the specialties.

(In millions, except per share amounts)			1Q22	1Q21
Sales revenue			$2,714	$2,409
Earnings before interest and taxes (“EBIT”)			333	389
Adjusted EBIT*			366	400
Earnings per diluted share			1.80	1.99