Eastman Announces First-Quarter 2024 Financial Results - Seite 2

 

Adjusted earnings per diluted share*

 

 

1.61

1.63

 

Net cash used in operating activities

 

 

(16)

(2)

*For non-core and unusual items excluded from adjusted earnings and for adjusted provision for income taxes, segment adjusted EBIT margins, and net debt, reconciliations to reported company and segment earnings and total borrowings for all periods presented in this release, see Tables 3A, 3B, 4A, and 6.

“We delivered strong sequential earnings growth in the first quarter, above the high-end of our initial expectations,” said Mark Costa, Board Chair and CEO. “In the first quarter, we were encouraged to see continued evidence that inventory destocking is complete across most of our key end markets including consumer durables, building and construction, and personal care. Sales volume/mix improved 4 percent sequentially as demand for our products appears to be reconnecting to primary end-market demand. We are also incredibly proud to have achieved on spec production and revenue generation at our Kingsport methanolysis facility. Achieving this milestone is a direct result of years of commitment and dedication from hundreds of Eastman employees and the support of their families. For their dedication, I am extraordinarily grateful. We have started 2024 with strong momentum. Demand in our base business is recovering, and we have solidified our position as a world leader in the circular economy. I am confident in our ability to deliver earnings growth and strong cash flow going forward.”

Segment Results 1Q 2024 versus 1Q 2023

Advanced Materials – Sales revenue increased 1 percent due to 4 percent higher sales volume/mix partially offset by 3 percent lower selling prices.

Higher sales volume/mix in specialty plastics was the result of reduced levels of customer inventory destocking and a shift towards reconnecting with primary end-market demand, particularly in consumer durables. This growth was partially offset by continued customer inventory destocking in the medical end market and a lower sales volume/mix in performance films due to strong demand in China in the prior-year period.