$EMN
EASTMAN CHEMICAL CO

2023 Q1 Form 10-Q Financial Statement

#000091538923000091 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $2.412B $2.373B $2.714B
YoY Change -11.13% -11.92% 12.66%
Cost Of Revenue $1.883B $1.997B $2.164B
YoY Change -12.99% -6.46% 19.49%
Gross Profit $529.0M $376.0M $550.0M
YoY Change -3.82% -32.74% -8.03%
Gross Profit Margin 21.93% 15.84% 20.27%
Selling, General & Admin $191.0M $172.0M $196.0M
YoY Change -2.55% -17.31% 6.52%
% of Gross Profit 36.11% 45.74% 35.64%
Research & Development $62.00M $64.00M $65.00M
YoY Change -4.62% -4.48% 12.07%
% of Gross Profit 11.72% 17.02% 11.82%
Depreciation & Amortization $141.0M $117.0M $121.0M
YoY Change 16.53% -4.1% -18.79%
% of Gross Profit 26.65% 31.12% 22.0%
Operating Expenses $253.0M $221.0M $261.0M
YoY Change -3.07% -769.7% 7.85%
Operating Profit $276.0M $155.0M $289.0M
YoY Change -4.5% -73.82% -18.82%
Interest Expense -$52.00M -$48.00M -$35.00M
YoY Change 48.57% 2.13% -27.08%
% of Operating Profit -18.84% -30.97% -12.11%
Other Income/Expense, Net -$11.00M $12.00M
YoY Change -191.67% 200.0%
Pretax Income $194.0M $28.00M $287.0M
YoY Change -32.4% -94.71% -15.34%
Income Tax $60.00M $26.00M $51.00M
% Of Pretax Income 30.93% 92.86% 17.77%
Net Earnings $134.0M $1.000M $235.0M
YoY Change -42.98% -99.74% -14.23%
Net Earnings / Revenue 5.56% 0.04% 8.66%
Basic Earnings Per Share $1.13 $1.82
Diluted Earnings Per Share $1.12 $8.299K $1.80
COMMON SHARES
Basic Shares Outstanding 118.9M shares 118.8M shares 129.0M shares
Diluted Shares Outstanding 119.7M shares 130.7M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $599.0M $493.0M $487.0M
YoY Change 23.0% 7.41% -9.81%
Cash & Equivalents $599.0M $493.0M $487.0M
Short-Term Investments
Other Short-Term Assets $93.00M $114.0M $93.00M
YoY Change 0.0% 18.75% 12.05%
Inventory $1.944B $1.894B $1.671B
Prepaid Expenses
Receivables $1.051B $957.0M $1.187B
Other Receivables $286.0M $227.0M $461.0M
Total Short-Term Assets $3.973B $3.778B $4.929B
YoY Change -19.4% -18.68% 29.81%
LONG-TERM ASSETS
Property, Plant & Equipment $5.258B $5.160B $4.997B
YoY Change 5.22% 3.28% -8.58%
Goodwill $3.703B $3.664B $3.665B
YoY Change 1.04% 0.63% -17.57%
Intangibles $1.203B $1.210B $1.303B
YoY Change -7.67% -11.16% -25.16%
Long-Term Investments
YoY Change
Other Assets $846.0M $855.0M $912.0M
YoY Change -7.24% -2.17% 22.42%
Total Long-Term Assets $11.01B $10.89B $10.88B
YoY Change 1.22% 0.15% -12.27%
TOTAL ASSETS
Total Short-Term Assets $3.973B $3.778B $4.929B
Total Long-Term Assets $11.01B $10.89B $10.88B
Total Assets $14.98B $14.67B $15.81B
YoY Change -5.21% -5.49% -2.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.945B $1.319B $1.381B
YoY Change 40.84% 7.41% 41.5%
Accrued Expenses $319.0M $168.0M
YoY Change -11.63% -15.15%
Deferred Revenue
YoY Change
Short-Term Debt $1.014B $1.126B $984.0M
YoY Change 3.05% 50.74% 203.7%
Long-Term Debt Due $1.014B $1.126B $748.0M
YoY Change 35.56% 50.74% 150.17%
Total Short-Term Liabilities $2.971B $3.251B $3.136B
YoY Change -5.26% 9.42% 55.56%
LONG-TERM LIABILITIES
Long-Term Debt $4.636B $4.025B $4.379B
YoY Change 5.87% -8.77% -15.79%
Other Long-Term Liabilities $823.0M $856.0M $720.0M
YoY Change 14.31% 17.74% 4.5%
Total Long-Term Liabilities $5.459B $4.881B $5.099B
YoY Change 7.06% -5.02% -13.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.971B $3.251B $3.136B
Total Long-Term Liabilities $5.459B $4.881B $5.099B
Total Liabilities $9.721B $9.431B $9.829B
YoY Change -1.1% -3.08% -0.48%
SHAREHOLDERS EQUITY
Retained Earnings $9.013B $8.973B $8.694B
YoY Change 3.67% 4.86% 5.25%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.932B $5.932B $4.920B
YoY Change 20.57% 22.06% 23.0%
Treasury Stock Shares 103.6M shares 93.44M shares
Shareholders Equity $5.188B $5.153B $5.893B
YoY Change
Total Liabilities & Shareholders Equity $14.98B $14.67B $15.81B
YoY Change -5.21% -5.49% -2.4%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income $134.0M $1.000M $235.0M
YoY Change -42.98% -99.74% -14.23%
Depreciation, Depletion And Amortization $141.0M $117.0M $121.0M
YoY Change 16.53% -4.1% -18.79%
Cash From Operating Activities -$2.000M $457.0M $17.00M
YoY Change -111.76% 6.28% -92.13%
INVESTING ACTIVITIES
Capital Expenditures $174.0M -$206.0M $112.0M
YoY Change 55.36% -7.21% 23.08%
Acquisitions $73.00M $0.00
YoY Change
Other Investing Activities $19.00M $0.00 $2.000M
YoY Change 850.0% -100.0% 0.0%
Cash From Investing Activities -$252.0M -$206.0M -$117.0M
YoY Change 115.38% -149.28% 18.18%
FINANCING ACTIVITIES
Cash Dividend Paid $94.00M $98.00M
YoY Change -4.08% 4.26%
Common Stock Issuance & Retirement, Net -$103.0M
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $357.0M -223.0M $129.0M
YoY Change 176.74% -79.84% -194.16%
NET CHANGE
Cash From Operating Activities -$2.000M 457.0M $17.00M
Cash From Investing Activities -$252.0M -206.0M -$117.0M
Cash From Financing Activities $357.0M -223.0M $129.0M
Net Change In Cash $106.0M 28.00M $28.00M
YoY Change 278.57% -110.85% -216.67%
FREE CASH FLOW
Cash From Operating Activities -$2.000M $457.0M $17.00M
Capital Expenditures $174.0M -$206.0M $112.0M
Free Cash Flow -$176.0M $663.0M -$95.00M
YoY Change 85.26% 1.69% -176.0%

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CY2022 us-gaap Payments For Restructuring
PaymentsForRestructuring
18000000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
52000000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
16000000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
19000000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3055
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2869
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0331
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0246
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0413
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0193
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y4M24D
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
83.84
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
21.67
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
120.80
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
28.07
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4000000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 segment
CY2023Q1 us-gaap Revenues
Revenues
2412000000 usd
CY2022Q1 us-gaap Revenues
Revenues
2714000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
246000000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Interest Expense Interest Income Income Taxes Extraordinary Items Noncontrolling Interests Net
IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
333000000 usd

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