Eastman Chemical Earnings: Volume Growth Supports Our Recovery Thesis
Eastman Chemical's first-quarter results showed demand was recovering in line with our outlook for the cadence of the year. Volumes rose 3% versus the prior-year quarter, following inventory destocking that weighed on 2023 results. In 2024, we think Eastman will generate higher profits, as customer inventory destocking will be largely completed by the end of the second quarter.