Eastman Q2 adj EPS $1.99, revenue $2.32B down 17% YoY; guides FY23 adj EPS $6.50-$7.00

EASTMAN CHEMICAL CO

2023-Q2 EPS reported $3.39 revenue$4,736,000,000

Revenue $2,324M (-17% YoY); GAAP EPS $2.27, adj EPS $1.99; EBIT $323M, adj EBIT $336M.
Segments: Advanced Materials -13%, Additives & Functional -19%, Fibers +33%, Chemical Intermediates -33%.
Operating cash flow $410M vs $245M YoY; returned $144M via dividends and buybacks.
FY2023 guidance: adj EPS $6.50-$7.00, operating cash flow ~$1.4B; expect >$200M cost reduction.
Weak demand and customer destocking persist; H2 EPS seen somewhat below H1; auto/aviation modest improvement.

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