KINGSPORT â Eastman Chemical announced higher revenues and earnings in its first quarter report on Thursday.
âWe delivered outstanding first quarter results, with adjusted EPS (earnings per share) up 20% compared with first quarter 2019 and up 5% compared with strong first-quarter 2020 results,â said Mark Costa, Eastman board chair and CEO. âFirst-quarter results included approximately $30 million of costs from the impact of Winter Storm Uri. The combination of continued disciplined operational execution, the diversity of our end markets, and the benefit of our innovation-driven growth model positioned Eastman well for the return of economic growth. In addition, our focus on cash generation resulted in record first-quarter free cash flow that was well above last year. While economic growth has returned, the threat from COVID-19 per- sists, and we remain diligent in our efforts to keep our employees safe and maintain the operational integrity of our facilities.â�
Marat Moore
Guest Opinion
Last year on Earth Day, the first wave of COVID-19 had us in its grip. Across Tennessee, businesses and schools went dark, church pews emptied, and sick patients filled hospital beds. In April 2020 we could not have foreseen the losses families would suffer in the year to come, or the traumas health care workers would endure.
But on this Earth Day, we have cause for cautious hope. Why? Because major pharmaceutical companies raced â and in one case, even cooperated â to develop safe vaccines. With the boost of the Defense Production Act, vaccine production and distribution ramped up at record speed.
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