EMN FY 2023 Earnings Report — Eastman Chemical Company Revenue & Financial Results | Market Cap Arena

Eastman Chemical CompanyEMN

FY 2023 Earnings

Reported February 14, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$9.2B	—	$10.5B	—	-12.7%
Op. Income	$1.1B	—	$1.1B	—	1.1%
Gross Margin	22.4%	—	19.5%	—	2.9pp
Net Margin	9.7%	—	7.5%	—	2.2pp
EPS (Diluted)	$7.49	—	$6.35	—	18.0%
Free Cash Flow	$546M	—	$364M	—	50.0%

Revenue Flow

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$7.1B
GROSS PROFIT	$2.1B
R&D Expenses	$239M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$727M
Other Expenses	$0
Operating Expenses	$966M
Cost & Expenses	$8.1B
OPERATING INCOME	$1.1B
Interest Income	$10M
Interest Expense	$225M
Other Income/Expenses	-$9M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$191M
Net Income from Continuing Ops	$896M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$894M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$894M
D&A	$498M
EBIT	$1.3B
EBITDA	$1.8B
EPS	$8
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$7.1B
GROSS PROFIT	$2.1B
R&D Expenses	$239M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$727M
Other Expenses	$0
Operating Expenses	$966M
Cost & Expenses	$8.1B
OPERATING INCOME	$1.1B
Interest Income	$10M
Interest Expense	$225M
Other Income/Expenses	-$9M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$191M
Net Income from Continuing Ops	$896M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$894M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$894M
D&A	$498M
EBIT	$1.3B
EBITDA	$1.8B
EPS	$8
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$896M
Depreciation & Amortization	$498M
Stock-Based Compensation	$0
Deferred Income Tax	-$102M
Other Non-Cash Items	-$209M
Change in Working Capital	$291M
OPERATING CASH FLOW	$1.4B
Capital Expenditure	-$828M
Acquisitions (Net)	$379M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$17M
NET CASH FROM INVESTING	-$432M
Net Debt Issuance	-$338M
Common Stock Repurchased	-$150M
Common Dividends Paid	-$376M
Other Financing Activities	-$24M
NET CASH FROM FINANCING	-$888M
FREE CASH FLOW	$546M
Net Change in Cash	$55M

Balance Sheet

Item	Amount
Cash & Equivalents	$548M
Short-Term Investments	$0
Net Receivables	$1.2B
Inventory	$1.7B
Other Current Assets	$96M
TOTAL CURRENT ASSETS	$3.5B
PP&E (Net)	$5.5B
Goodwill	$3.6B
Intangible Assets	$1.1B
Long-Term Investments	$124M
Tax Assets	$0
Other Non-Current Assets	$696M
TOTAL NON-CURRENT ASSETS	$11.2B
TOTAL ASSETS	$14.6B
Account Payables	$1.2B
Short-Term Debt	$593M
Deferred Revenue	$0
Other Current Liabilities	$218M
TOTAL CURRENT LIABILITIES	$2.6B
Long-Term Debt	$4.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$601M
Other Non-Current Liabilities	$1.4B
TOTAL NON-CURRENT LIABILITIES	$6.5B
TOTAL LIABILITIES	$9.1B
Common Stock	$2M
Additional Paid-In Capital	$2.4B
Retained Earnings	$9.5B
Treasury Stock	-$6.1B
Accum. Other Comp. Income	-$319M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.5B
Minority Interest	$72M
TOTAL EQUITY	$5.5B
TOTAL LIABILITIES & EQUITY	$14.6B
Total Debt	$5.1B
Net Debt	$4.6B