Eastman Announces First-Quarter 2023 Financial Results

Eastman Chemical Company (NYSE:EMN) announced its first-quarter 2023 financial results.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230427005948/en/

• Strong sequential improvement in earnings driven by disciplined pricing, lower costs, and efficient operations.
• Demonstrated commercial excellence by holding prices stable to fourth quarter despite weak demand and continued customer inventory destocking.
• Continued progression on circular economy platform, building an exciting new vector of growth for the company.
• On track to reduce cost structure by more than $200 million, net of inflation.
• Functional amines, a stable growth and high-margin business, integrated into Additives & Functional Products. See “Functional Amines” section of this release and tables for more information.

(In millions, except per share amounts)

 

1Q23

 

1Q22

Sales revenue

 

$2,412

 

$2,714

 

 

 

 

 

Earnings before interest and taxes (“EBIT”)

 

246

 

333

 

 

 

 

 

Adjusted EBIT*

 

283

 

366

Earnings per diluted share

 

1.12

 

1.80