Eastman Announces First-Quarter 2024 Financial Results

Eastman Chemical Company (NYSE:EMN) announced its first-quarter 2024 financial results.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240425795736/en/

• Delivered strong sequential increase in sales volume/mix and earnings driven by reconnection to primary demand for many of our specialty products in Advanced Materials and Additives & Functional Products.
• Achieved on spec production and revenue generation at our Kingsport methanolysis facility.
• Pathway to ~$75 million of incremental EBITDA in 2024 vs. 2023 from Kingsport methanolysis facility.
• Selected by U.S. Department of Energy to receive up to $375 million investment for our second U.S. molecular recycling project in Longview, Texas.

(In millions, except per share amounts; unaudited)

 

 

1Q24

1Q23

Sales revenue

 

 

$2,310

$2,412

 

 

 

 

 

Earnings before interest and taxes (“EBIT”)

 

 

263

246

 

 

 

 

 

Adjusted EBIT*

 

 

274

283

 

Earnings per diluted share

 

 

1.39

1.12