Eastman Chemical Company, a specialty additives company, has reported sales revenue decline to $2,122 million in its third quarter (Q3) for fiscal 2020 that ended on September 30, compared to the sales revenue of $2,325 million in the same period last fiscal. Company’s earnings before interest and taxes were down to $243 million (Q3 FY19: $367 million).
Eastman Chemical Company, a specialty additives company, has reported sales revenue decline to $2,122 million in its third quarter (Q3) for fiscal 2020 that ended on September 30, compared to the sales revenue of $2,325 million in the same period last fiscal. Company's earnings before interest and taxes were down to $243 million (Q3 FY19: $367 million).#
“Demand across most of our end markets improved in the third quarter resulting in 10 per cent higher sales revenue and almost 60 per cent higher adjusted earnings sequentially,” Mark Costa, board chair and CEO at Eastman, said in a press release. “This performance continues to demonstrate the value of having a diverse set of end markets and the benefit of our innovation-driven growth model.”
Eastman Chemical Company, a specialty additives company, has reported sales revenue decline to $2,122 million in its third quarter (Q3) for fiscal 2020 that ended on September 30, compared to the sales revenue of $2,325 million in the same period last fiscal. Company's earnings before interest and taxes were down to $243 million (Q3 FY19: $367 million).#
Sales of additives & functional products for Q3 FY20 were down to $742 million ($832 million). Sales of advanced materials dropped marginally to $668 million ($697 million) due to lower sales volume, less favourable product mix, and lower selling prices. Whereas, sales of chemical intermediates slipped to $506 million ($579 million) due to lower raw material prices. Fibres sales for the period were $206 million ($217 million).
Eastman Chemical Company, a specialty additives company, has reported sales revenue decline to $2,122 million in its third quarter (Q3) for fiscal 2020 that ended on September 30, compared to the sales revenue of $2,325 million in the same period last fiscal. Company's earnings before interest and taxes were down to $243 million (Q3 FY19: $367 million).#
Company’s sales during the quarter in all the locations decreased with US and Canada $894 million ($966 million), Asia Pacific $547 million ($602 million), EMEA $556 million ($611 million) and Latin America was $125 million ($146 million).
Eastman Chemical Company, a specialty additives company, has reported sales revenue decline to $2,122 million in its third quarter (Q3) for fiscal 2020 that ended on September 30, compared to the sales revenue of $2,325 million in the same period last fiscal. Company's earnings before interest and taxes were down to $243 million (Q3 FY19: $367 million).#
“With demand having improved throughout the third quarter and into October, we entered the fourth quarter with solid momentum. However, the resurgence of Covid-19 is increasing uncertainty in the global economic outlook, further limiting visibility for the back half of the fourth quarter,” Costa said.
Fibre2Fashion News Desk (JL)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
