Eastman Chemical reports Q4 adjusted EPS $1.31, consensus $1.30

Reports Q4 revenue $2.207B, consensus $2.21B. “We delivered solid fourth-quarter results in a macroeconomic environment with weak primary demand due to seasonal declines and continued customer inventory destocking in some of our key end markets, including agriculture and medical,” said Mark Costa, Board Chair and CEO. “Against this backdrop, we remained laser focused on cash generation and are incredibly proud to have generated approximately $1.4 billion of operating cash flow in 2023. In addition to our strong cash flow, we reduced costs by approximately $200 million in 2023, demonstrating our continued discipline. We enter 2024 on an upbeat note with the completed construction of our methanolysis facility in Kingsport, Tennessee. We just recently introduced plastic waste into the front end of the process and expect to produce on spec material and to generate revenue soon. We are building momentum as a leader in the circular economy, which adds to my confidence in the resilience of our earnings and cash flow going forward.”