Eastman Chemical Files Q3 2024 10-Q

TL;DR

Eastman Chemical's Q3 2024 10-Q is in, check financials for latest performance.

AI Summary

Eastman Chemical Company filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including revenues, cost of goods sold, and net interest income/expense. Specific dollar amounts and dates are not detailed in this header information but would be found within the full report.

Why It Matters

This filing provides investors and analysts with the latest financial data for Eastman Chemical, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within the report can reveal significant risks or opportunities.

Key Players & Entities

• EASTMAN CHEMICAL CO (company) — Filer
• 20240930 (date) — Period of Report
• 20241101 (date) — Filing Date
• 0000915389-24-000227 (other) — Accession Number

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share EMN New York Stock Exchange

Filing Documents

• emn-20240930.htm (10-Q) — 1932KB
• ex3101-2024093013aceocert.htm (EX-31.01) — 10KB
• ex3102-2024093013acfocert.htm (EX-31.02) — 10KB
• ex3201-202409301350ceocert.htm (EX-32.01) — 5KB
• ex3202-202409301350cfocert.htm (EX-32.02) — 5KB
• eastman_blackx300dpi1a.jpg (GRAPHIC) — 22KB
• eastman_blackx300dpi2a.jpg (GRAPHIC) — 22KB
• eastman_blackx300dpi3a.jpg (GRAPHIC) — 22KB
• eastman_blackx300dpia.jpg (GRAPHIC) — 22KB
• emn-20240930_g1.jpg (GRAPHIC) — 22KB
• 0000915389-24-000227.txt ( ) — 9128KB
• emn-20240930.xsd (EX-101.SCH) — 36KB
• emn-20240930_cal.xml (EX-101.CAL) — 62KB
• emn-20240930_def.xml (EX-101.DEF) — 255KB
• emn-20240930_lab.xml (EX-101.LAB) — 527KB
• emn-20240930_pre.xml (EX-101.PRE) — 394KB
• emn-20240930_htm.xml (XML) — 1794KB

Forward-Looking Statements

Forward-Looking Statements 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1.

Financial Statements

Financial Statements Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings 4 Unaudited Consolidated Statements of Financial Position 5 Unaudited Consolidated Statements of Cash Flows 6 Notes to the Unaudited Consolidated Financial Statements 7 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 4.

Controls and Procedures

Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION 1.

Legal Proceedings

Legal Proceedings 45 1A.

Risk Factors

Risk Factors 45 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 5. Other Information 47 6. Exhibits 48

Signatures

Signatures 49 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements made or incorporated by reference in this Quarterly Report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act (Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Forward-looking statements are all statements, other than statements of historical fact, that may be made by Eastman Chemical Company ("Eastman" or the "Company") from time to time. In some cases, you can identify forward-looking statements by terminology such as "anticipates", "believes", "estimates", "expects", "intends", "may", "plans", "projects", "forecasts", "will", "would", "could", and similar expressions, or expressions of the negative of these terms. Forward-looking statements may relate to, among other things, such matters as planned and expected capacity increases and utilization; anticipated capital spending; expected depreciation and amortization; environmental matters, opportunities and risks (including potential risks associated with physical and transitional impacts of climate change and related voluntary and regulatory carbon requirements); exposure to and effects of hedging raw material and energy prices and foreign currencies exchange and interest rates; disruption or interruption of operations and of raw material or energy supply; operating risks related to the Company's information technology infrastructure, including potential service interruptions, data corruption and reputational damage as a result of cyber-based threats and attacks; global and regional economic, political, and business conditions, including heightened inflation, capital market volatility, interest rate and currency fluctuations, and economic slowdown or recession; competition; growth opportunities; supply and demand, volume, price, cost, margin and sales; pending, threatened and future legal proceedings; earnings, cash flow, dividends, stock repurc

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS, COMPREHENSIVE INCOME AND RETAINED EARNINGS Third Quarter First Nine Months (Dollars in millions, except per share amounts) 2024 2023 2024 2023 Sales $ 2,464 $ 2,267 $ 7,137 $ 7,003 Cost of sales 1,859 1,783 5,401 5,406 Gross profit 605 484 1,736 1,597 Selling, general and administrative expenses 183 160 554 536 Research and development expenses 65 60 184 182 Asset impairments, restructuring, and other charges, net 30 — 41 22 Other components of post-employment (benefit) cost, net ( 5 ) ( 2 ) ( 14 ) ( 8 ) Other (income) charges, net 3 10 42 40 Earnings before interest and taxes 329 256 929 825 Net interest expense 49 57 148 163 Earnings before income taxes 280 199 781 662 Provision for income taxes 99 20 204 77 Net earnings 181 179 577 585 Less: Net earnings attributable to noncontrolling interest 1 1 2 1 Net earnings attributable to Eastman $ 180 $ 178 $ 575 $ 584 Basic earnings per share attributable to Eastman $ 1.55 $ 1.50 $ 4.91 $ 4.92 Diluted earnings per share attributable to Eastman $ 1.53 $ 1.49 $ 4.86 $ 4.89 Comprehensive Income Net earnings including noncontrolling interest $ 181 $ 179 $ 577 $ 585 Other comprehensive income (loss), net of tax: Change in cumulative translation adjustment 39 ( 24 ) 38 ( 67 ) Defined benefit pension and other postretirement benefit plans: Amortization of unrecognized prior service credits ( 2 ) ( 6 ) ( 6 ) ( 16 ) Derivatives and hedging: Unrealized gain (loss) during period ( 13 ) 9 ( 6 ) ( 3 ) Reclassification adjustment for (gains) losses included in net income, net — ( 2 ) 15 ( 3 ) Total other comprehensive income (loss), net of tax 24 ( 23 ) 41 ( 89 ) Comprehensive income including noncontrolling interest 205 156 618 496 Less: Comprehensive income attributable to noncontrolling interest 1 1 2 1 Comprehensive income attributable to Eastman $ 204 $ 155 $ 616 $ 495 Retained Earnings Retained earnings at beg

Properties

Properties Properties and equipment at cost 13,916 13,574 Less: Accumulated depreciation 8,327 8,026 Net properties 5,589 5,548 Goodwill 3,655 3,646 Intangible assets, net of accumulated amortization 1,072 1,138 Other noncurrent assets 807 820 Total assets $ 15,060 $ 14,633 Liabilities and Stockholders' Equity Current liabilities Payables and other current liabilities $ 2,142 $ 2,035 Borrowings due within one year 448 541 Total current liabilities 2,590 2,576 Long-term borrowings 4,606 4,305 Deferred income tax liabilities 517 601 Post-employment obligations 652 667 Other long-term liabilities 967 954 Total liabilities 9,332 9,103 Stockholders' equity Common stock ($ 0.01 par value – 350,000,000 shares authorized; shares issued – 223,349,426 and 222,762,317 as of September 30, 2024 and December 31, 2023, respectively) 2 2 Additional paid-in capital 2,435 2,368 Retained earnings 9,780 9,490 Accumulated other comprehensive income (loss) ( 278 ) ( 319 ) 11,939 11,541 Less: Treasury stock at cost ( 107,487,628 and 105,469,354 shares as of September 30, 2024 and December 31, 2023, respectively) 6,285 6,083 Total Eastman stockholders' equity 5,654 5,458 Noncontrolling interest 74 72 Total equity 5,728 5,530 Total liabilities and stockholders' equity $ 15,060 $ 14,633 The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS First Nine Months (Dollars in millions) 2024 2023 Operating activities Net earnings $ 577 $ 585 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 380 380 Asset impairment charges 5 — Benefit from deferred income taxes ( 76 ) ( 156 ) Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: (Increase) decrease in trade receivables ( 154 ) 68 (Increase) decrease in inventories ( 222 ) 147 Increase (decrease)

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