Eastman Chemical reports Q2 adjusted EPS $2.15, consensus $2.01

Reports Q2 revenue $2.36B, consensus $2.36B. “We delivered strong second-quarter results driven by topline growth and strong sequential margin improvement,” said Mark Costa, Board Chair and CEO. “We saw modest seasonal increases in our sales volume led by durables and automotive end markets. Underlying primary demand trends remained weak. Against this backdrop, the Eastman team remains focused on commercial and operational excellence. With customer inventory destocking largely complete and end-market demand stabilizing at lower levels, we will continue to focus on controllable items and leveraging our innovation-driven growth model to deliver growth above our underlying end markets. We also continue to advance our circular platform and demonstrate our leadership position in the circular economy. We continued to successfully serve our customers, demonstrated higher operating rates, and achieved an important milestone by introducing hard-to-recycle feedstocks into the Kingsport methanolysis facility, while we also worked through start-up issues.”