EASTMAN CHEMICAL Reports Fiscal Year 2023 Q2 Earnings Results for June 30, 2023

🌥️Earnings Overview

On July 27, 2023, Eastman Chemical ($NYSE:EMN) reported their financial results for the second quarter of fiscal year 2023, ending June 30, 2023. Total revenue for the quarter came in at USD 2324.0 million, a 16.5% decrease from the same period in the previous year. Net income, however, was up 6.2%, reporting USD 272.0 million.

Share Price

The stock opened at $88.4 and closed at $87.6, representing a decrease of 0.5% from the previous closing price of 88.0. The company reported higher operating expenses than in the same quarter last year. Overall, the Q2 earnings results were positive for EASTMAN CHEMICAL, as the company saw increases in revenue and gross margin while managing to keep operating expenses under control. The higher demand for its products and services has also contributed to its strong year-over-year growth. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Eastman Chemical. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Eastman Chemical. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Eastman Chemical. More…

Key Ratios Snapshot

Some of the financial key ratios for Eastman Chemical are shown below. More…

Analysis

At GoodWhale, we have analyzed the financials of EASTMAN CHEMICAL and assigned it a Risk Rating of medium. This means that while investing in EASTMAN CHEMICAL, investors should take into account the various risks associated with the company. In our analysis, we have detected two warning signs in the income statement and balance sheet of EASTMAN CHEMICAL. These can be further inspected by registered users of our platform. We recommend investors to be aware of these signs before investing in the company. GoodWhale provides investors with detailed insights into companies by analyzing their financials and business performance. This helps investors to make informed decisions about their investments. EASTMAN CHEMICAL is no exception and our analysis provides investors with useful information to make their decisions. More…

Peers

Eastman Chemical Co is one of the world’s leading producers of chemicals and related products, with manufacturing facilities in over 30 countries. Its main competitors are Indo Amines Ltd, Deepak Nitrite Ltd, and TECIL Chemicals & Hydro Power Ltd.

– Indo Amines Ltd ($BSE:524648)

Indo Amines Ltd is a publicly traded company with a market capitalization of 8.96 billion as of 2022. The company has a return on equity of 16.75%. Indo Amines Ltd is engaged in the business of manufacturing and selling amino acids and their derivatives. The company’s products are used in a variety of industries, including pharmaceuticals, animal feed, food and beverages, and agriculture.

– Deepak Nitrite Ltd ($BSE:506401)

Deepak Nitrite Ltd is an Indian company that manufactures and sells chemicals. The company has a market cap of 305.73B as of 2022 and a Return on Equity of 25.76%. Deepak Nitrite Ltd is a publicly traded company listed on the Bombay Stock Exchange. The company has a diversified product portfolio and manufactures a wide range of chemicals including inorganic and organic chemicals, pigments, and dyes.

Summary

EASTMAN CHEMICAL reported its earnings for the 2023 Q2 fiscal year on July 27, with total revenue of USD 2324.0 million, a 16.5% decrease from the previous year. Net income was USD 272.0 million, an increase of 6.2% over the prior year. For potential investors, this suggests that while EASTMAN CHEMICAL’s revenue has decreased, it is still in a healthy financial position, with increasing profits year-over-year. In addition, EASTMAN CHEMICAL’s cost cutting measures and ability to maintain profits despite revenue declines may indicate that it is well positioned to weather future economic downturns.