Fri, Jul 26, 3:03 PM (43 days ago)
Eastman Chemical Company's Q2 2024 financial report highlights a modest increase in sales revenue to $2.363 billion, up 2% YoY, driven primarily by higher sales volume, partially offset by lower selling prices. Gross profit rose slightly to $599 million. Operating expenses were well-managed with SG&A and R&D expenses both showing slight decreases. EBIT improved by 4% to $337 million, with adjusted EBIT (excluding non-core items) up 5% to $353 million. Net earnings attributable to Eastman declined to $230 million, down from $272 million in Q2 2023, translating to diluted EPS of $1.94. Cash flow from operations decreased to $351 million in the first half of 2024, impacted by higher variable compensation payouts. The company repaid $241 million in debt and issued $750 million in new notes due 2034. Overall, Eastman demonstrated stable financial performance with effective cost management despite challenges from lower selling prices.