Eastman Q2 adjusted EPS $2.15 beats $1.99 YoY; revenue up 2%; guides FY24 EPS $7.40-$7.85

EASTMAN CHEMICAL CO

2024-Q2 EPS reported $3.33 revenue$4,673,000,000

Revenue $2,363M (+2% YoY); reported EPS $1.94 vs $2.27; adjusted EPS $2.15 vs $1.99.
EBIT $337M, adjusted EBIT $353M; sales volume/mix up 6%, prices down 4%.
Advanced Materials revenue +8% on 12% volume/mix growth; Chemical Intermediates EBIT fell on lower spreads.
Kingsport methanolysis facility milestone introduced hard-to-recycle feedstocks; expects ~$50M incremental EBITDA in 2024.
FY2024 EPS guidance $7.40-$7.85; cash from ops ~$1.4B; repurchased $100M shares in Q2.

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