Eastman Announces Third-Quarter 2022 Financial Results

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

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221027006115/en/

The company delivered third-quarter results in line with its mid-September update:

• Reached a definitive agreement with PepsiCo to baseload our planned third molecular recycling facility.
• Third-quarter revenue increased 13 percent excluding the impacts of the divested rubber additives and adhesives resins product lines and foreign currency exchange rates.
• Implemented double-digit price increases across all operating segments to offset significant levels of continued inflation.
• Taking decisive actions to reduce costs by approximately $150 million in 2023.

(In millions, except per share amounts; unaudited)			3Q22	3Q21
Sales revenue			$2,709	$2,720
Earnings before interest and taxes (“EBIT”)			324	370
Adjusted EBIT*			333	445
Earnings per diluted share			2.46	2.57