Eastman Chemical Company (NYSE: EMN) reported lower sales and adjusted profit for the second quarter of 2023. The management provided guidance for the full fiscal year.
- Total sales revenue decreased to $2.32 billion in the second quarter from $2.78 billion in the corresponding period of 2022
- The chemical company reported adjusted earnings of $1.99 per share for the three-month period, lower than the $2.83 per share profit it reported a year earlier
- Unadjusted profit, on a per-share basis, came in at $2.27, compared to $2.03 in the prior-year quarter
- Net cash provided by operating activities was $410 million in the second quarter, vs. $245 million last year
- Q2 adjusted EBITDA decreased to $336 million from $469 million in the year-ago period
- The company said it expects the auto, aviation, and other markets to modestly improve in the second half of the year
- Eastman is looking for earnings in the range of $6.50 per share to $7.00 per share for fiscal 2023
- It continues to expect to generate $1.4 billion of operating cash flow this year
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