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Eastman Chemical (EMN) Q3 FY2023 earnings: revenue $2.3 billion, down 16.3% on the year

Eastman Chemical Co. (EMN) reported revenue of $2.3 billion for Q3 FY2023, the quarter ended 30 September 2023, down 16.3% on the same quarter a year earlier. Net income was $178 million, down 40.9% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$2.3 billiondown 16.3%
Net income$178 milliondown 40.9%
Diluted EPS$1.49
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue2,267n/an/an/a
Cost of revenue1,783n/an/an/a
Gross profit484n/an/an/a
Gross margin21.3%n/an/a
Research and development60.0n/an/an/a
Selling, general and administrative160n/an/an/a
Pre-tax income199n/an/an/a
Income tax20.0n/an/an/a
Effective tax rate10.1%n/an/a
Net income178n/an/an/a
Net margin7.9%n/an/a
Diluted EPS$1.49n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow514n/an/an/a
Capital expenditure236n/an/an/a
Free cash flow278n/an/an/a
Free cash flow margin12.3%n/an/a
Cash from investing-182n/an/an/a
Cash from financing-299n/an/an/a
Depreciation and amortisation120n/an/an/a
Share-based compensation10.0n/an/an/a
Dividends paid94.0n/an/an/a
Dividend per share$0.79n/an/an/a
Diluted shares, weighted119mn/an/an/a
Shares outstanding at period end119mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity5,352n/an/an/a
Non-controlling interest72.0n/an/an/a
Debt5,220n/an/an/a
Other liabilities3,950n/an/an/a
Total liabilities and equity14,594n/an/an/a
Fixed assets5,426n/an/an/a
Goodwill3,643n/an/an/a
Intangible assets1,148n/an/an/a
Cash and equivalents439n/an/an/a
Receivables880n/an/an/a
Inventory1,721n/an/an/a
Other assets1,337n/an/an/a
Total assets14,594n/an/an/a

Questions

What was Eastman Chemical's revenue in Q3 FY2023?

Eastman Chemical (EMN) reported revenue of $2.3 billion for Q3 FY2023, the quarter ended 30 September 2023, down 16.3% on the same quarter a year earlier.

How much did Eastman Chemical earn in Q3 FY2023?

Net income for Q3 FY2023 was $178 million, down 40.9% on the year, and diluted earnings per share $1.49.

When did Eastman Chemical report Q3 FY2023 results?

Eastman Chemical filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 27 October 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,2672,2072,3102,3632,4642,2452,2902,2872,2021,9732,1772,513
Cost of revenue1,7831,7431,7781,7641,8591,6911,7231,7811,7691,6351,7461,953
Gross profit484464532599605554567506433338431560
Gross margin21%21%23%25%25%25%25%22%20%17%20%22%
R&D60.057.059.060.065.066.067.067.063.058.060.065.0
SG&A160191191180183182182157160159178185
Pre-tax income19942521428728029725316913412.0136256
Tax rate10%27%23%20%35%-11%28%17%65%-775%21%28%
Net income17831016523018033018214047.0105107183
Net margin8%14%7%10%7%15%8%6%2%5%5%7%
Diluted EPS$1.49$2.61$1.39$1.94$1.53$2.82$1.57$1.20$0.40$0.92$0.93$1.59
Operating cash flow514452-16.0367396540-167233402502-137224
Capital expenditure236179185115120179147150137112103100
Free cash flow278273-201252276361-31483.0265390-240124
Dividends paid94.094.095.095.095.094.096.095.096.094.096.096.0
Shares outstanding119m223m118m117m116m224m115m115m114m224m114m114m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0000915389-23-000170: the filing on EDGAR. All of Eastman Chemical Co.'s filings: EDGAR company page.

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