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Issue 22, 2020 - Eastman's Q3 sales down 8.73% year-over-year

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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Eastman's third-quarter sales fell 8.
73% year-on-year

On November 2, Eastman released its financial results
for the third quarter of 2020.
Third-quarter sales of US$2,122 million decreased by 8.
73% year-on-year (Q3 2019 sales were US$2,325 million), adjusted EBITDA was US$310 million, diluted earnings per share were US$1.
18, net cash from operating activities was US$442 million and free cash flow
from operating activities was US$360 million.

As for the reasons for the decline in performance, Eastman said that the decline in performance was mainly caused by the decline in sales revenue and EBIT due to the impact of
the new crown pneumonia epidemic.
However, during the pandemic, Eastman took timely steps to ensure the safety of employees and the normal operation of the production base, in addition, it continued to maintain strong cash flow and ensure sufficient multi-source liquidity support
.
For now, Eastman remains resilient and is expected to achieve rapid growth as soon as the global economy returns to growth
.

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