Eastman Chemical Company


SKU: EMN Category:


Eastman Chemical Company delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus in terms of earnings. While some segments, like automotive and aviation, showed solid growth and were expected to continue performing well, other markets, particularly consumer discretionary and specific durable markets, were heavily impacted by extensive destocking. Despite signs of improvement and expectations for lessening destocking in the upcoming quarters, these challenges reduced the company’s earnings outlook for the rest of the year. However, Eastman Chemical’s management remains optimistic for a better year in 2024, anticipating resolving destocking issues and improved demand due to normal seasonality and recovery in high-value markets, bolstered by cost optimization efforts. Despite the challenges in the last quarter, Eastman’s team continues to focus on optimizing its cost structure and maintaining discipline in its specialties. The company expects the destocking trend to ease gradually. It anticipates a positive momentum in the year’s second half, likely to carry into a much-improved performance in 2024 as the global economic conditions stabilize and demand rebounds in critical markets. We give Eastman Chemical Company a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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