Eastman Chemical reports Q3 adjusted EPS $1.47, consensus $1.45

Reports Q3 revenue $2.27B, consensus $2.3B. The company said, “Our third-quarter results reflect decisive steps we took to aggressively reduce inventories and prioritize strong cash generation. We delivered this strong cash flow against a backdrop of persistently weak demand and continued inventory destocking across several of our key end markets. We are encouraged to see modest improvements in demand across some markets, including consumer durables and personal care, but the pace of recovery has been slower than expected. We continue to focus on controllable actions, including maintaining cost discipline, defending the value of our products with resilient pricing, and managing working capital. These actions contribute to my confidence in the resiliency of our portfolio and sustainability of our strong cash flow going forward. We are also incredibly excited to be on track for producing material and realizing revenue from our Kingsport, Tennessee, methanolysis facility around the end of the year, further positioning Eastman as a leader in the circular economy.”