Eastman Q1 Report 2024

Sales revenue increased 1 percent due to 4 percent higher sales volume/mix partially offset by 3 percent lower selling prices.

Higher sales volume/mix in specialty plastics was the result of reduced levels of customer inventory destocking and a shift towards reconnecting with primary end-market demand, particularly in consumer durables. This growth was partially offset by continued customer inventory destocking in the medical end market and a lower sales volume/mix in performance films due to strong demand in China in the prior-year period.

Highlights

• Delivered strong sequential increase in sales volume/mix and earnings driven by reconnection to primary demand for many of our specialty products in Advanced Materials and Additives & Functional Products.
• Achieved on spec production and revenue generation at our Kingsport methanolysis facility.
• Pathway to ~$75 million of incremental EBITDA in 2024 vs. 2023 from Kingsportmethanolysis facility.
• Selected by U.S. Department of Energy to receive up to $375 million investment for our second U.S. molecular recycling project in Longview, Texas.