Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
Company reported that the sales decreased reportedly due to lower selling prices due to lower raw material and energy prices and increased competitive activity.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
“We delivered strong year-over-year earnings growth and impressive free cash flow, demonstrating the power of our innovation and the discipline of our operational execution,” Mark Costa, board chair and CEO at Eastman, said in a press release. “However, the impact of the Covid-19 global pandemic has resulted in unprecedented challenges as we move forward.”
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
Sales volume modestly increased in personal care and wellness, water treatment, architectural coatings, agriculture, and consumables end markets, as company reported. However, this growth was offset by lower volume attributed to weak demand in transportation and textile end markets due to Covid-19.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
Fibres segment sales was relatively unchanged to $212 million. Acetate tow sales volume was reportedly stable. Demand for textiles products was negatively impacted by Covid-19.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
Additives & Functional Products segment sales decreased to $822 million (Q1 FY19: $855 million), due to lower selling prices across the segment and an unfavourable shift in foreign currency exchange rates partially offset by higher sales volume of care chemicals, water treatment, architectural coatings, and adhesives resins product lines, as company reported.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
Advanced Materials and Chemical Intermediates sales decreased to $615 million and $592 million respectively, due to lower selling prices, less favourable product mix. Lower selling prices were primarily due to lower raw material prices.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
Sales in US and Canada during the quarter were $980 million (Q1 FY19: $1,000 million). Asia Pacific sales were $495 million (Q1 FY19: $553 million). Europe, Middle East and Africa sales were $631 million (Q1 FY19: $689 million). Latin America sales were $135 million.
Eastman Chemical Company, a specialty additives company, posted its sales fell 6 per cent to $2.24 billion in first quarter (Q1) FY20 compared to sales of $2.38 billion in same quarter prior year. Gross profit for the quarter were $577 million. Net earnings for the quarter rose from $209 million in Q1 FY19 to $260 million in the reported quarter.#
“In this extraordinarily challenging environment, visibility is severely limited. We are substantially increasing our cost reduction targets to be approximately $150 million of net savings, including adjusting our operations to endmarket demand, significantly reducing discretionary spend, and deferring some site turnarounds,” Costa said while commenting on the future outlook for FY20.
Fibre2Fashion News Desk (JL)
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