KINGSPORT, Tenn., September 13, 2022–(Organization WIRE)–Eastman Chemical Firm (NYSE:EMN) provided an update on its 3rd-quarter 2022 monetary final results.
Third-quarter 2022 altered earnings for each share (EPS) are predicted to be somewhere around $2.00. Prior expectations were being for good progress when compared to third-quarter 2021 altered EPS of $2.46.
“There are 3 major elements negatively impacting our quantity and product mix in the third quarter,” reported Mark Costa, Board Chair and CEO. “While demand across some end markets, together with agriculture and private treatment, is demonstrating resilience, desire has slowed a lot more than expected in August and September, in distinct in the buyer durables and building and building close markets and the European and Asian regions. At the very same time, logistics have been challenged by an acceleration of marine logistics troubles on the U.S. East Coastline, notably impacting large-value specialty merchandise in Highly developed Products sure for other regions. Operational troubles have also impacted volume and product mix, as recovery of our polymer strains from an electrical energy outage in July at our Kingsport facility took longer than predicted,” Costa included.
Commenting on higher expenses in the quarter, Costa said, “Specific costs have trended better than anticipated and are impacting 3rd-quarter general performance, significantly for natural gas in the U.S., which achieved a 14-12 months higher throughout the quarter. A stronger U.S. dollar from a number of currencies, including the euro and the yen, is also negatively impacting results.
“In response to these accelerating troubles and ongoing uncertainty, we are raising charges wherever correct to offset higher charges and applying actions to regulate expenditures throughout the firm,” Costa stated.
“As we close a demanding third quarter, our motivation to our expansion programs is unwavering. Our investments have us nicely positioned as a foremost specialty supplies business, underpinned by our leadership place in the circular economic system,” Costa concluded.
This update to our outlook does not incorporate any effects from the modern rail embargo or the possible for a rail worker strike in the U.S. later this thirty day period.
Eastman will announce third-quarter 2022 financial effects immediately after the close of U.S. equities markets on Thursday, Oct 27, and carry out a general public teleconference to go over benefits at 8:00 a.m. ET on Friday, October 28. Eastman expects to present a fourth-quarter economical outlook at that time.
This news launch involves forward-searching statements about present anticipations and assumptions for long term world financial conditions logistics challenges, offer chain concerns for buyers and suppliers, and uncooked material and strength expenditures aggressive situation and acceptance of specialty items in key markets blend of products and solutions marketed expense reductions and revenue, earnings, altered diluted EPS, money circulation, and money and money equivalents for total-calendar year 2022. These types of expectations and assumptions are primarily based upon particular preliminary information, inside estimates, and management assumptions, anticipations, and programs, and are subject matter to a number of dangers and uncertainties inherent in projecting long term circumstances, events, and results. Actual results could vary materially from expectations and assumptions expressed in the ahead-seeking statements if one or extra of the fundamental assumptions or anticipations show to be inaccurate or are unrealized. Important elements that could lead to true success to differ materially from these types of anticipations are and will be comprehensive in the company’s filings with the Securities and Exchange Fee, together with the Type 10-K submitted for 2021, and the Kind 10-Q submitted for 2nd-quarter 2022, both equally of which are available, on the Eastman world wide web web site at www.eastman.com in the Investors, SEC filings section. These statements are primarily based on our current beliefs and expectations and converse only as of the date of this launch. We do not undertake any obligation to publicly update any forward-hunting statements.
Started in 1920, Eastman is a international specialty elements company that creates a broad vary of items identified in objects persons use each individual working day. With the intent of enhancing the quality of lifestyle in a material way, Eastman operates with consumers to provide innovative solutions and answers while keeping a dedication to security and sustainability. The company’s innovation-pushed expansion design will take advantage of earth-class technologies platforms, deep purchaser engagement, and differentiated application improvement to develop its leading positions in desirable stop markets this kind of as transportation, constructing and construction, and consumables. As a globally inclusive and varied corporation, Eastman employs somewhere around 14,000 men and women all over the world and serves buyers in extra than 100 nations around the world. The company had 2021 earnings of close to $10.5 billion and is headquartered in Kingsport, Tennessee, United states of america. For additional details, check out www.eastman.com.
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Media: Tracy Kilgore Addington
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Buyers: Greg Riddle
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