Eastman Chemical reports Q4 adjusted EPS 89c, consensus $1.26

Reports Q4 revenue $2.37B, consensus $2.44B. "We ended the year with a challenging fourth quarter primarily due to lower demand in key end markets and geographies, customer inventory destocking beyond normal seasonality, and limited benefit from lower raw material and energy costs in this reduced demand environment. Despite the significant challenges in the fourth quarter and throughout the year, we demonstrated commercial excellence in our pricing, made progress on new business revenue growth, and returned significant cash to shareholders. We also made significant progress on our circular platform during the year, and this remains an exciting opportunity for Eastman to create considerable value as a leader in providing a solution for the global plastic waste crisis. We remain confident in the resiliency of our portfolio and the sustainability of our strong cash flow going forward," said Mark Costa, Board Chair and CEO. "In fourth quarter, primary demand slowed, destocking accelerated across all end markets, and the rapid spread of COVID-19 in China weakened demand at the end of the fourth quarter, adjusted EPS included a negative impact of approximately $0.20 from foreign currency exchange rates, and adjusted EPS included a negative impact of approximately $0.15 resulting from Winter Storm Elliott, Controllable actions give confidence we can deliver a strong 2023, including cost reductions of more than $200 million net of inflation," the company stated.