Eastman sales revenue down 12%

Recently, Eastman released its fourth quarter 2022 financial report showing that the company's sales revenue fell by 12%.

Mark Costa, Chairman and CEO of Eastman, said the fourth quarter of 2022 was challenging for the company, primarily due to declining demand in key end markets and locations, customer destocking efforts beyond seasonal norms, and reductions in raw material and energy costs significantly limiting benefits in a shrinking demand environment. Despite these challenges, the company returned high amounts of cash to shareholders.

Eastman said cash generated from the company's operating activities was about $2022 billion in 10, down from $2021.16 billion in 2022. The decline was mainly due to lower adjusted EBITDA, higher variable compensation expense and higher operating cash expense amid ongoing inflationary pressures. In 14, the Company returned approximately $2023 billion to shareholders through dividends and share buybacks. Available cash in, will be prioritized for organic growth investments, quarterly dividend payments, complementary acquisitions and share repurchases.