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Eastman Chemical Company detailed the company's solid financial position, which provides a solid foundation for the company's response to the current novel coronavirus (COVID-19) outbreak
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Eastman Chairman and Chief Executive Officer Mark Costa said: "Eastman is in a strong financial position, supported by strong cash flow, a solid balance sheet and ample liquidity from multiple sources
.
Eastman got off to a strong start in January this year, showing resilience in February and early March, and expects earnings per share in the first quarter of 2020 to be higher than the same period last year and exceeding previous expectations
.
Eastman will also take other steps in 2020 to further boost free cash flow, including reducing capital expenditures to $325 million to $375 million from an earlier forecast of $450 million to $475 million
.
Eastman's balance sheet remains strong, with no long-term debt maturing in 2020 and a manageable amount of debt maturing in 2021
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Adequate and multi-sourced liquidity support is an important part of Eastman's financial strength, including a $1.
5 billion revolving credit facility
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"Thank you to the Eastman team for their tremendous efforts to keep the company going during this difficult time," said Costa.
"
Eastman's materials are critical to many markets including healthcare, consumer goods and food, and I would like to thank Eastman from the bottom of my heart.
