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
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%
