Eastman Half-Year Report 2024

“We delivered strong second-quarter results driven by topline growth and strong sequential margin improvement,” said Mark Costa, Board Chair and CEO. “We saw modest seasonal increases in our sales volume led by durables and automotive end markets. Underlying primary demand trends remained weak. Against this backdrop, the Eastman team remains focused on commercial and operational excellence. With customer inventory destocking largely complete and end-market demand stabilizing at lower levels, we will continue to focus on controllable items and leveraging our innovation-driven growth model to deliver growth above our underlying end markets. We also continue to advance our circular platform and demonstrate our leadership position in the circular economy. We continued to successfully serve our customers, demonstrated higher operating rates, and achieved an important milestone by introducing hard-to-recycle feedstocks into the Kingsport methanolysis facility, while we also worked through start-up issues.”

Highlights

  • Delivered strong year-over-year sales volume/mix growth driven by Advanced Materials.  
  • Drove a 300-basis-point sequential margin improvement through volume/mix growth and operating leverage.
  • Demonstrated continued commercial excellence by focusing on specialty product offerings and managing price-cost across the company.
  • Continued to ramp up sales to our customers from the Kingsport methanolysis facility, while demonstrating higher operating rates and broadening the range of hard-to-recycle feedstocks.
  • Delivered solid 1H24 operating cash flow and repurchased $100 million of shares in second quarter 2024.

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