Eastman Chemical Company (EMN) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 28, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day everyone and welcome to the Second Quarter 2023 Eastman Conference Call. Today's conference is being recorded. This call is being broadcast live on the Eastman website, www.eastman.com.

I'll now turn the call over to Mr. Greg Riddle of Eastman Investor Relations. Please go ahead, sir.

Greg Riddle

Thank you, Elliot, and good morning everyone and thanks for joining us. On the call with me today are Mark Costa, Board Chair and CEO; and William McLain, Executive Vice President and CFO; and Jake LaRoe, Manager, Investor Relations.

Yesterday after market closed, we posted our second quarter 2023 financial results news release and SEC 8-K filing, our slides and the related prepared remarks in the Investors section of our website, www.aspen.com.

Before we begin, I'll cover two items. First, during this presentation, you will hear certain forward-looking statements concerning our plans and expectations. Actual events or results could differ materially.

Certain factors related to future expectations are or will be detailed in our second quarter 2023 financial results news release, during this call, in the preceding slides, and prepared remarks and in our filings with the Securities and Exchange Commission, including the Form 10-K filed for full year 2022 and the Form 10-Q to be filed for second quarter 2023.

Second, earnings referenced in this presentation exclude certain non-core and unusual items. Reconciliations to the most directly comparable GAAP financial measures and other associated disclosures, including a description of the excluded and adjusted items, are available in the second quarter 2023 financial results news release. As we posted the slides and accompanying prepared remarks on our website last night, we will now go straight into Q&A.

Elliot, please, let's start with our first question.

Questions and Answers:

Operator

Thank you. [Operator Instructions] Our first question today comes from Josh Spector with UBS. Your line is open.

Josh Spector

Yes, hi. Thanks for taking my question. I guess, first, I was just wondering if you could talk about the cadence of earnings here in the second half. Obviously, you're talking about a number of inventory adjustments impacting 3Q. If you could talk towards what you're thinking more of the steady state looks like, whether it's 4Q or maybe beyond that, and what that implies for longer-term earnings CAGR here? Thanks.