EASTMAN CHEMICAL CO
For the period ended Mar 31, 2025. Filed Apr 25, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 25, 2025
EMN$64.41-2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-01.
0000915389-24-000227
2. Management's Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresOverviewCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-25.
0000915389-25-000105
2. Management's Discussion and Analysis of Financial Condition and Results of OperationsNon-GAAP Financial MeasuresOverviewThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 45 previous paragraphs and 37 current paragraphs.
31 unchanged; 4 reworded; 2 added; 8 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Sales revenue decreased in first quarter 2025 compared to first quarter 2024 as lower sales volume and an unfavorable shift in foreign currency exchange rates were partially offset by higher selling prices.
Current report
EBIT excluding non-core items increased in first quarter 2025 compared to first quarter 2024 primarily due to the absence of start-up costs at the Kingsport methanolysis facility, as well as higher selling prices and lower distribution costs, net of higher raw material and energy costs. These net positive impacts were partially offset by lower sales volume in the Fibers segment and an unfavorable shift in foreign currency exchange rates.
Removed paragraphs (8)
Previous report
•In first nine months 2023, the Company recognized unusual insurance proceeds, net of costs from the previously reported January 31, 2022 operational incident at its Kingsport site as a result of a steam line failure (the "steam line incident"). Management considered the steam line incident unusual because of the Company's operational and safety history and the magnitude of the unplanned disruption.
Previous report
•Cost of sales impact from restructuring activities; and
Previous report
•Steam line incident costs (insurance proceeds), net.
Previous report
Sales revenue increased in third quarter 2024 compared to third quarter 2023 primarily due to higher sales volume. Sales revenue increased in first nine months 2024 compared to first nine months 2023 primarily due to higher sales volume, partially offset by lower selling prices. Higher sales volume was primarily attributed to the end of customer inventory destocking across most end-markets. Lower selling prices were primarily due to lower raw material and energy prices and lower distribution prices.
Previous report
EBIT excluding non-core and unusual items increased in third quarter 2024 compared to third quarter 2023 primarily due to higher sales volume, higher selling prices, and lower raw material and energy costs. These impacts were partially offset by higher SG&A expenses. EBIT excluding non-core and unusual items increased in first nine months 2024 compared to first nine months 2023 primarily due to higher sales volume and lower raw material and energy costs, net of lower selling prices. These impacts were partially offset by higher SG&A expenses.
Reworded paragraphs (4)
Previous wording
Non-GAAP Financial Measures - Non-Core and Unusual Items Excluded from Earnings and Adjustments to Provision for Income Taxes
Current wording
Non-GAAP Financial Measures - Non-Core Items Excluded from Earnings and Adjustments to Provision for Income Taxes
Previous wording
Eastman's products and operations are managed and reported in four operating segments: Advanced Materials ("AM"), Additives & Functional Products ("AFP"), Chemical Intermediates ("CI"), and Fibers. Eastman uses an innovation-driven growth model which consists of leveraging world class scalable technology platforms, delivering differentiated application development capabilities, and relentlessly engaging the market. The Company's world class technology platforms form the foundation of sustainable growth by differentiated products through significant scale advantages in research and development ("R&D") and advantaged global market access. Molecular recycling technologies continue to be an area of investment focus for the Company and extends the level of differentiation afforded by our world class technology platforms. Differentiated application development converts market complexity into opportunities for growth and accelerates innovation by enabling a deeper understanding of the value of Eastman's products and how they perform within customers' and end-user products. Key areas of application development include thermoplastic conversion, functional films, coatings formulations, textiles and nonwovens, and personal and home care formulations. The Company engages the market by working directly with customers and downstream users, targeting attractive niche markets, and leveraging disruptive macro trends. Management believes that these elements of the Company's innovation-driven growth model, combined with disciplined portfolio management and balanced capital deployment, will result in consistent, sustainable earnings growth and strong cash flow from operations.
Current wording
Eastman's products and operations are managed and reported in four operating segments: Advanced Materials ("AM"), Additives & Functional Products ("AFP"), Chemical Intermediates ("CI"), and Fibers. Eastman uses an innovation-driven growth model which consists of leveraging world class scalable technology platforms, delivering differentiated application development capabilities, and relentlessly engaging the market. The Company's world class technology platforms, scale advantage, and sustainability macrotrends form the foundation of the Company's research and development ("R&D") and innovation initiatives. Molecular recycling technologies continue to be an area of investment focus for the Company and extends the level of differentiation afforded by our world class technology platforms. Eastman began operating one of the world's largest molecular recycling facilities in 2024. Differentiated application development converts market complexity into opportunities for growth and accelerates innovation by enabling a deeper understanding of the value of Eastman's products and how they perform within customers' and end-user products. Key areas of application development include thermoplastic conversion, functional films, coatings formulations, textiles, and personal and home care formulations. The Company engages the market by working directly with customers and downstream users, targeting attractive niche markets, and leveraging disruptive macro trends. Management believes that these elements of the Company's innovation-driven growth model, combined with disciplined portfolio management and balanced capital deployment, will result in consistent, sustainable earnings growth and strong cash flow from operations.
Previous wording
Sales, EBIT, and EBIT excluding non-core and unusual items were as follows:
Current wording
Sales, EBIT, and EBIT excluding non-core items were as follows:
Previous wording
Cash provided by operating activities was $747 million in first nine months 2024 and $922 million in first nine months 2023.
Current wording
Cash used in operating activities was $167 million in first three months 2025 and $16 million in first three months 2024.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•Environmental and other costs from previously divested or non-operational sites and product lines.
Previous report — wording carried elsewhere
The following unusual items are excluded by management in its evaluation of certain earnings results in this Quarterly Report: