Eastman Q3 adj. EPS $2.05, revenue $2.71B; guides Q4 adj. EPS $1.10-$1.40, FY22 adj. EPS $8.05-$8.35

EASTMAN CHEMICAL CO

2022-Q3 EPS reported $6.26 revenue$8,207,000,000

Third-quarter revenue $2,709M flat YoY; excluding divestitures and FX, revenue up 13%.
Adjusted EBIT $333M vs $445M prior year; adjusted diluted EPS $2.05 vs $2.46.
Reached definitive agreement with PepsiCo to baseload third planned molecular recycling facility.
Taking actions to reduce costs by ~$150 million in 2023.
Guides FY2022 adjusted EPS $8.05-$8.35; Q4 adj. EPS $1.10-$1.40; operating cash flow $1-1.2B.

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