[8-K] Essential Utilities, Inc. Reports Material Event
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Eastman Chemical (EMN) 10-Q 鈥� Q2 2025 highlights
- Revenue: $2.29 B, down 3% YoY; 1H 2025 revenue $4.58 B (-2%).
- Profitability: Gross profit fell 16% to $506 M; gross margin 22.1% vs. 25.4% prior-year. EBIT declined 34% to $222 M; net earnings attributable to Eastman down 39% to $140 M (EPS $1.20 vs. $1.94).
- Segment trends: Sales slipped in Advanced Materials (-2%) and Chemical Intermediates (-10%) and dropped sharply in Fibers (-17%); Additives & Functional Products gained 7%. Adjusted EBIT by segment turned negative, reflecting weaker volumes, price/mix pressure and $50 M 鈥淥ther鈥� losses.
- Cash flow & liquidity: 1H operating cash flow only $66 M (vs. $351 M), as working-capital outflows and variable-compensation payments weighed. Free cash flow was roughly -$231 M after $297 M capex. Cash slid to $423 M (-$414 M YTD).
- Balance sheet: Total debt edged up to $5.13 B; company issued $250 M of 5.0% 2029 notes and repaid $450 M 3.8% 2025 notes. Net interest expense rose to $53 M (+6%). Inventories up 8% to $2.15 B; environmental liabilities increased to $325 M.
- Capital returns: Paid $0.83 dividend (up 2%), repurchased $50 M shares; shares outstanding 114.8 M.
Overall, EMN remained profitable but faced revenue softness, margin compression, substantially weaker cash generation and higher leverage.
Eastman Chemical (EMN) 10-Q 鈥� Risultati Q2 2025
- Ricavi: 2,29 miliardi di dollari, in calo del 3% su base annua; ricavi nel 1H 2025 pari a 4,58 miliardi (-2%).
- 搁别诲诲颈迟颈惫颈迟脿: Utile lordo diminuito del 16% a 506 milioni; margine lordo al 22,1% rispetto al 25,4% dell鈥檃nno precedente. EBIT sceso del 34% a 222 milioni; utile netto attribuibile a Eastman in calo del 39% a 140 milioni (EPS 1,20$ vs 1,94$).
- Tendenze per segmento: Le vendite sono diminuite nei Materiali Avanzati (-2%) e negli Intermedi Chimici (-10%) e sono calate drasticamente nelle Fibre (-17%); Additivi e Prodotti Funzionali sono cresciuti del 7%. L鈥橢BIT rettificato per segmento 猫 diventato negativo, riflettendo volumi pi霉 deboli, pressioni su prezzi e mix e perdite 鈥淎ltro鈥� per 50 milioni.
- Flusso di cassa e liquidit脿: Il flusso di cassa operativo nel 1H 猫 stato solo di 66 milioni (contro 351 milioni), influenzato da uscite di capitale circolante e pagamenti di compensi variabili. Il flusso di cassa libero 猫 stato circa -231 milioni dopo investimenti per 297 milioni. La liquidit脿 猫 scesa a 423 milioni (-414 milioni da inizio anno).
- Bilancio: Il debito totale 猫 salito a 5,13 miliardi; l鈥檃zienda ha emesso 250 milioni di obbligazioni 5,0% 2029 e rimborsato 450 milioni di obbligazioni 3,8% 2025. Le spese per interessi nette sono aumentate a 53 milioni (+6%). Le scorte sono aumentate dell鈥�8% a 2,15 miliardi; le passivit脿 ambientali sono salite a 325 milioni.
- Ritorni per gli azionisti: Dividendo pagato di 0,83$ (+2%), riacquisto di azioni per 50 milioni; azioni in circolazione 114,8 milioni.
In generale, EMN 猫 rimasta redditizia ma ha affrontato una debolezza nei ricavi, compressione dei margini, una generazione di cassa molto pi霉 debole e un indebitamento pi霉 elevato.
Eastman Chemical (EMN) 10-Q 鈥� Resumen Q2 2025
- Ingresos: 2,29 mil millones de d贸lares, una ca铆da del 3% interanual; ingresos en el primer semestre 2025 de 4,58 mil millones (-2%).
- Rentabilidad: La utilidad bruta disminuy贸 un 16% a 506 millones; margen bruto del 22,1% frente al 25,4% del a帽o anterior. EBIT baj贸 un 34% a 222 millones; ganancias netas atribuibles a Eastman cayeron un 39% a 140 millones (EPS 1,20$ vs 1,94$).
- Tendencias por segmento: Las ventas bajaron en Materiales Avanzados (-2%) e Intermedios Qu铆micos (-10%) y cayeron fuertemente en Fibras (-17%); Aditivos y Productos Funcionales aumentaron un 7%. El EBIT ajustado por segmento se volvi贸 negativo, reflejando vol煤menes m谩s d茅biles, presi贸n en precios y mezcla y p茅rdidas 鈥淥tros鈥� por 50 millones.
- Flujo de caja y liquidez: El flujo operativo en el primer semestre fue solo de 66 millones (vs 351 millones), afectado por salidas de capital de trabajo y pagos de compensaciones variables. El flujo de caja libre fue aproximadamente -231 millones despu茅s de 297 millones en capex. El efectivo baj贸 a 423 millones (-414 millones en lo que va del a帽o).
- Balance: La deuda total aument贸 a 5,13 mil millones; la empresa emiti贸 250 millones en notas 5,0% 2029 y pag贸 450 millones en notas 3,8% 2025. El gasto neto por intereses subi贸 a 53 millones (+6%). Inventarios aumentaron un 8% a 2,15 mil millones; pasivos ambientales subieron a 325 millones.
- Retornos de capital: Pag贸 dividendo de 0,83$ (+2%), recompr贸 acciones por 50 millones; acciones en circulaci贸n 114,8 millones.
En general, EMN se mantuvo rentable pero enfrent贸 una debilidad en ingresos, compresi贸n de m谩rgenes, generaci贸n de caja sustancialmente m谩s d茅bil y mayor apalancamiento.
Eastman Chemical (EMN) 10-Q 鈥� 2025雲� 2攵勱赴 鞖旍暯
- 毵れ稖: 22鞏� 9觳滊 雼煬搿� 鞝勲厔 雽�牍� 3% 臧愳唽; 2025雲� 靸侂皹旮� 毵れ稖 45鞏� 8觳滊 雼煬(-2%).
- 靾橃澋靹�: 齑濎澊鞚� 16% 臧愳唽頃� 5鞏� 600毵� 雼煬; 齑濎澊鞚惦 22.1%搿� 鞝勲厔 25.4% 雽�牍� 頃橂澖. EBIT電� 34% 臧愳唽頃� 2鞏� 2,200毵� 雼煬; 靾滌澊鞚奠潃 39% 臧愳唽頃� 1鞏� 4,000毵� 雼煬(欤茧嫻靾滌澊鞚� 1.20雼煬 vs 1.94雼煬).
- 靷梾攵� 霃欗枼: 瓿犼笁 靻岇灛 毵れ稖 2% 臧愳唽, 頇旐暀 欷戧皠觳� 10% 臧愳唽, 靹湢 攵�氍胳潃 17% 旮夑皭; 觳皜鞝� 氚� 旮半姤靹� 鞝滍拡鞚� 7% 歃濌皜. 臁办爼 EBIT電� 攵�氍鸽硠搿� 氇憪 毵堨澊雱堨姢 鞝勴櫂, 韺愲Г霟� 臧愳唽, 臧�瓴�/氙轨姢 鞎曤皶 氚� 5觳滊 雼煬 鈥橁赴韮�鈥� 靻愳嫟 氚橃榿.
- 順勱笀 頋愲 氚� 鞙犽彊靹�: 靸侂皹旮� 鞓侅梾順勱笀頋愲鞚� 6,600毵� 雼煬鞐� 攵堦臣(鞝勲厔 霃欔赴 3鞏� 5,100毵� 雼煬), 鞖挫爠鞛愲掣 鞙犾稖 氚� 氤�霃� 氤挫儊 歆�旮� 鞓來枼. 鞛愳湢順勱笀頋愲鞚� 鞎� -2鞏� 3,100毵� 雼煬, 靹る箘韴瀽 2鞏� 9,700毵� 雼煬 氚橃榿 頉�. 順勱笀 氤挫湢鞎§潃 4鞏� 2,300毵� 雼煬搿� 鞐办磮 雽�牍� 4鞏� 1,400毵� 雼煬 臧愳唽.
- 鞛靸来儨响�: 齑� 攵�毂勲姅 51鞏� 3觳滊 雼煬搿� 靻岉彮 歃濌皜; 須岇偓電� 5.0% 2029雲� 毵岅赴 毂勱秾 2鞏� 5觳滊 雼煬毳� 氚滍枆頃橁碃 3.8% 2025雲� 毵岅赴 毂勱秾 4鞏� 5觳滊 雼煬毳� 靸來櫂. 靾滌澊鞛� 牍勳毄鞚� 6% 歃濌皜頃� 5,300毵� 雼煬. 鞛碃電� 8% 歃濌皜頃� 21鞏� 5觳滊 雼煬; 頇橁步 攵�毂勲姅 3鞏� 2,500毵� 雼煬搿� 歃濌皜.
- 鞛愲掣 頇橃洂: 氚半嫻旮� 0.83雼煬 歆�旮�(2% 歃濌皜), 鞛愳偓欤� 5,000毵� 雼煬 毵れ瀰; 氚滍枆 欤检嫕 靾� 1鞏� 1,480毵� 欤�.
鞝勲皹鞝侅溂搿� EMN鞚� 靾橃澋靹膘潉 鞙犾頄堨溂雮� 毵れ稖 攵�歆�, 毵堨 鞎曤皶, 順勱笀 彀届稖霠� 雽�韽� 鞎巾檾 氚� 攵�毂� 歃濌皜鞐� 歆侂┐頄堧嫟.
Eastman Chemical (EMN) 10-Q 鈥� Points cl茅s T2 2025
- Chiffre d'affaires : 2,29 milliards USD, en baisse de 3 % en glissement annuel ; chiffre d'affaires du 1er semestre 2025 脿 4,58 milliards (-2 %).
- Rentabilit茅 : Le b茅n茅fice brut a chut茅 de 16 % 脿 506 millions ; marge brute 脿 22,1 % contre 25,4 % l鈥檃n pass茅. L鈥橢BIT a diminu茅 de 34 % 脿 222 millions ; b茅n茅fice net attribuable 脿 Eastman en baisse de 39 % 脿 140 millions (BPA 1,20 $ contre 1,94 $).
- Tendances par segment : Les ventes ont recul茅 dans les Mat茅riaux Avanc茅s (-2 %) et les Interm茅diaires Chimiques (-10 %) et ont fortement baiss茅 dans les Fibres (-17 %) ; les Additifs & Produits Fonctionnels ont progress茅 de 7 %. L鈥橢BIT ajust茅 par segment est devenu n茅gatif, refl茅tant des volumes plus faibles, des pressions sur les prix/mix et des pertes 芦 Autres 禄 de 50 millions.
- Flux de tr茅sorerie et liquidit茅s : Le flux de tr茅sorerie op茅rationnel du 1er semestre n鈥檃 茅t茅 que de 66 millions (contre 351 millions), p茅nalis茅 par des sorties de fonds li茅es au fonds de roulement et des paiements de r茅mun茅rations variables. Le flux de tr茅sorerie libre 茅tait d鈥檈nviron -231 millions apr猫s 297 millions d鈥檌nvestissements. La tr茅sorerie a chut茅 脿 423 millions (-414 millions depuis le d茅but de l鈥檃nn茅e).
- Bilan : La dette totale a l茅g猫rement augment茅 脿 5,13 milliards ; la soci茅t茅 a 茅mis 250 millions d鈥檕bligations 脿 5,0 % 茅ch茅ance 2029 et rembours茅 450 millions d鈥檕bligations 脿 3,8 % 茅ch茅ance 2025. Les charges d鈥檌nt茅r锚ts nettes ont augment茅 de 6 % 脿 53 millions. Les stocks ont progress茅 de 8 % 脿 2,15 milliards ; les passifs environnementaux ont augment茅 脿 325 millions.
- Retour aux actionnaires : Dividende vers茅 de 0,83 $ (+2 %), rachat d鈥檃ctions pour 50 millions ; actions en circulation 114,8 millions.
Dans l鈥檈nsemble, EMN est rest茅e rentable mais a fait face 脿 un ralentissement des revenus, une compression des marges, une g茅n茅ration de tr茅sorerie nettement plus faible et un endettement accru.
Eastman Chemical (EMN) 10-Q 鈥� Highlights Q2 2025
- Umsatz: 2,29 Mrd. USD, R眉ckgang um 3 % im Jahresvergleich; Umsatz im 1. Halbjahr 2025 bei 4,58 Mrd. USD (-2 %).
- 笔谤辞蹿颈迟补产颈濒颈迟盲迟: Bruttogewinn fiel um 16 % auf 506 Mio. USD; Bruttomarge 22,1 % gegen眉ber 25,4 % im Vorjahr. EBIT sank um 34 % auf 222 Mio. USD; auf Eastman entfallender Nettogewinn um 39 % auf 140 Mio. USD (EPS 1,20 USD vs. 1,94 USD).
- Segmenttrends: Ums盲tze sanken bei Advanced Materials (-2 %) und Chemical Intermediates (-10 %) und fielen stark bei Fibers (-17 %); Additives & Functional Products legten um 7 % zu. Bereinigtes EBIT je Segment wurde negativ, was auf schw盲chere Volumina, Preis-/Mixdruck und 50 Mio. USD 鈥濻onstige鈥� Verluste zur眉ckzuf眉hren ist.
- Cashflow & Liquidit盲t: Operativer Cashflow im 1. Halbjahr nur 66 Mio. USD (vs. 351 Mio.), belastet durch Abfl眉sse im Working Capital und variable Verg眉tungen. Free Cashflow lag bei etwa -231 Mio. USD nach 297 Mio. USD Investitionen. Barmittel sanken auf 423 Mio. USD (-414 Mio. USD seit Jahresbeginn).
- Bilanz: Gesamtschulden stiegen leicht auf 5,13 Mrd. USD; das Unternehmen emittierte 250 Mio. USD 5,0 % Anleihen 2029 und tilgte 450 Mio. USD 3,8 % Anleihen 2025. Nettozinsaufwand stieg um 6 % auf 53 Mio. USD. Lagerbest盲nde stiegen um 8 % auf 2,15 Mrd. USD; Umweltverbindlichkeiten erh枚hten sich auf 325 Mio. USD.
- 碍补辫颈迟补濒谤眉肠办蹿濒眉蝉蝉别: Dividende von 0,83 USD gezahlt (+2 %), Aktienr眉ckk盲ufe in H枚he von 50 Mio. USD; ausstehende Aktien 114,8 Mio.
Insgesamt blieb EMN profitabel, sah sich jedoch mit Umsatzeinbu脽en, Margendruck, deutlich schw盲cherer Cash-Generierung und h枚herer Verschuldung konfrontiert.
Positive
- Dividend growth: quarterly payout increased to $0.83/share and was fully paid.
- Capital market access: issued $250 M of 5.0% 2029 notes and maintains $1.5 B revolver through 2029.
- SG&A efficiency: expense down 13% YoY, indicating cost-containment progress.
Negative
- EPS down 39% YoY to $1.20; EBIT down 34% reflecting margin compression.
- Operating cash flow collapsed to $66 M from $351 M, turning free cash flow negative.
- Debt load higher: total borrowings rose to $5.13 B; net interest expense up 6%.
- Environmental liabilities climbed to $325 M (+14%).
- Segment EBIT weakness: all four operating segments reported negative adjusted EBIT in Q2.
- Inventory build of $163 M YOY, pressuring working capital.
Insights
TL;DR 鈥� Earnings down 39%, cash flow weak, leverage up; near-term outlook skews negative.
Revenue contraction was modest, yet margin erosion proved severe: gross margin lost 330 bp and EBIT dropped 34%. The biggest red flag is cash: $66 M YTD OCF vs. $351 M prior year, driven by $183 M receivables and $131 M inventory build. With $297 M capex, free cash flow is deeply negative, forcing higher debt and commercial paper usage. Interest costs rose and environmental liabilities expanded $41 M. Segment data show broad EBIT deterioration, suggesting limited pricing power amid softer demand, especially in Fibers and Intermediates. Management maintained dividends and buybacks, but those returns are funded by balance-sheet leverage, not operating surplus. Unless volumes rebound or cost actions gain traction, 2025 EPS consensus faces downside risk.
TL;DR 鈥� Defensive holders may tolerate 3.7% yield, but FCF shortfall and rising debt weaken thesis.
EMN鈥檚 steady dividend and extended $1.5 B revolver maturing 2029 provide liquidity, yet core fundamentals deteriorated. Inventory inflation and restructuring outlays pushed working capital negative, while capex remains heavy to fund recycling and growth projects. Net debt/EBITDA is creeping higher; interest-rate swaps hedge exposure but lift accounting complexity. The $50 M Q2 buyback looks cosmetic relative to cash burn. Shares may face multiple compression until visibility on cash conversion improves. From a risk-reward standpoint, I downgrade exposure, keeping only a small position for yield and potential cyclical upswing in Advanced Materials.
Eastman Chemical (EMN) 10-Q 鈥� Risultati Q2 2025
- Ricavi: 2,29 miliardi di dollari, in calo del 3% su base annua; ricavi nel 1H 2025 pari a 4,58 miliardi (-2%).
- 搁别诲诲颈迟颈惫颈迟脿: Utile lordo diminuito del 16% a 506 milioni; margine lordo al 22,1% rispetto al 25,4% dell鈥檃nno precedente. EBIT sceso del 34% a 222 milioni; utile netto attribuibile a Eastman in calo del 39% a 140 milioni (EPS 1,20$ vs 1,94$).
- Tendenze per segmento: Le vendite sono diminuite nei Materiali Avanzati (-2%) e negli Intermedi Chimici (-10%) e sono calate drasticamente nelle Fibre (-17%); Additivi e Prodotti Funzionali sono cresciuti del 7%. L鈥橢BIT rettificato per segmento 猫 diventato negativo, riflettendo volumi pi霉 deboli, pressioni su prezzi e mix e perdite 鈥淎ltro鈥� per 50 milioni.
- Flusso di cassa e liquidit脿: Il flusso di cassa operativo nel 1H 猫 stato solo di 66 milioni (contro 351 milioni), influenzato da uscite di capitale circolante e pagamenti di compensi variabili. Il flusso di cassa libero 猫 stato circa -231 milioni dopo investimenti per 297 milioni. La liquidit脿 猫 scesa a 423 milioni (-414 milioni da inizio anno).
- Bilancio: Il debito totale 猫 salito a 5,13 miliardi; l鈥檃zienda ha emesso 250 milioni di obbligazioni 5,0% 2029 e rimborsato 450 milioni di obbligazioni 3,8% 2025. Le spese per interessi nette sono aumentate a 53 milioni (+6%). Le scorte sono aumentate dell鈥�8% a 2,15 miliardi; le passivit脿 ambientali sono salite a 325 milioni.
- Ritorni per gli azionisti: Dividendo pagato di 0,83$ (+2%), riacquisto di azioni per 50 milioni; azioni in circolazione 114,8 milioni.
In generale, EMN 猫 rimasta redditizia ma ha affrontato una debolezza nei ricavi, compressione dei margini, una generazione di cassa molto pi霉 debole e un indebitamento pi霉 elevato.
Eastman Chemical (EMN) 10-Q 鈥� Resumen Q2 2025
- Ingresos: 2,29 mil millones de d贸lares, una ca铆da del 3% interanual; ingresos en el primer semestre 2025 de 4,58 mil millones (-2%).
- Rentabilidad: La utilidad bruta disminuy贸 un 16% a 506 millones; margen bruto del 22,1% frente al 25,4% del a帽o anterior. EBIT baj贸 un 34% a 222 millones; ganancias netas atribuibles a Eastman cayeron un 39% a 140 millones (EPS 1,20$ vs 1,94$).
- Tendencias por segmento: Las ventas bajaron en Materiales Avanzados (-2%) e Intermedios Qu铆micos (-10%) y cayeron fuertemente en Fibras (-17%); Aditivos y Productos Funcionales aumentaron un 7%. El EBIT ajustado por segmento se volvi贸 negativo, reflejando vol煤menes m谩s d茅biles, presi贸n en precios y mezcla y p茅rdidas 鈥淥tros鈥� por 50 millones.
- Flujo de caja y liquidez: El flujo operativo en el primer semestre fue solo de 66 millones (vs 351 millones), afectado por salidas de capital de trabajo y pagos de compensaciones variables. El flujo de caja libre fue aproximadamente -231 millones despu茅s de 297 millones en capex. El efectivo baj贸 a 423 millones (-414 millones en lo que va del a帽o).
- Balance: La deuda total aument贸 a 5,13 mil millones; la empresa emiti贸 250 millones en notas 5,0% 2029 y pag贸 450 millones en notas 3,8% 2025. El gasto neto por intereses subi贸 a 53 millones (+6%). Inventarios aumentaron un 8% a 2,15 mil millones; pasivos ambientales subieron a 325 millones.
- Retornos de capital: Pag贸 dividendo de 0,83$ (+2%), recompr贸 acciones por 50 millones; acciones en circulaci贸n 114,8 millones.
En general, EMN se mantuvo rentable pero enfrent贸 una debilidad en ingresos, compresi贸n de m谩rgenes, generaci贸n de caja sustancialmente m谩s d茅bil y mayor apalancamiento.
Eastman Chemical (EMN) 10-Q 鈥� 2025雲� 2攵勱赴 鞖旍暯
- 毵れ稖: 22鞏� 9觳滊 雼煬搿� 鞝勲厔 雽�牍� 3% 臧愳唽; 2025雲� 靸侂皹旮� 毵れ稖 45鞏� 8觳滊 雼煬(-2%).
- 靾橃澋靹�: 齑濎澊鞚� 16% 臧愳唽頃� 5鞏� 600毵� 雼煬; 齑濎澊鞚惦 22.1%搿� 鞝勲厔 25.4% 雽�牍� 頃橂澖. EBIT電� 34% 臧愳唽頃� 2鞏� 2,200毵� 雼煬; 靾滌澊鞚奠潃 39% 臧愳唽頃� 1鞏� 4,000毵� 雼煬(欤茧嫻靾滌澊鞚� 1.20雼煬 vs 1.94雼煬).
- 靷梾攵� 霃欗枼: 瓿犼笁 靻岇灛 毵れ稖 2% 臧愳唽, 頇旐暀 欷戧皠觳� 10% 臧愳唽, 靹湢 攵�氍胳潃 17% 旮夑皭; 觳皜鞝� 氚� 旮半姤靹� 鞝滍拡鞚� 7% 歃濌皜. 臁办爼 EBIT電� 攵�氍鸽硠搿� 氇憪 毵堨澊雱堨姢 鞝勴櫂, 韺愲Г霟� 臧愳唽, 臧�瓴�/氙轨姢 鞎曤皶 氚� 5觳滊 雼煬 鈥橁赴韮�鈥� 靻愳嫟 氚橃榿.
- 順勱笀 頋愲 氚� 鞙犽彊靹�: 靸侂皹旮� 鞓侅梾順勱笀頋愲鞚� 6,600毵� 雼煬鞐� 攵堦臣(鞝勲厔 霃欔赴 3鞏� 5,100毵� 雼煬), 鞖挫爠鞛愲掣 鞙犾稖 氚� 氤�霃� 氤挫儊 歆�旮� 鞓來枼. 鞛愳湢順勱笀頋愲鞚� 鞎� -2鞏� 3,100毵� 雼煬, 靹る箘韴瀽 2鞏� 9,700毵� 雼煬 氚橃榿 頉�. 順勱笀 氤挫湢鞎§潃 4鞏� 2,300毵� 雼煬搿� 鞐办磮 雽�牍� 4鞏� 1,400毵� 雼煬 臧愳唽.
- 鞛靸来儨响�: 齑� 攵�毂勲姅 51鞏� 3觳滊 雼煬搿� 靻岉彮 歃濌皜; 須岇偓電� 5.0% 2029雲� 毵岅赴 毂勱秾 2鞏� 5觳滊 雼煬毳� 氚滍枆頃橁碃 3.8% 2025雲� 毵岅赴 毂勱秾 4鞏� 5觳滊 雼煬毳� 靸來櫂. 靾滌澊鞛� 牍勳毄鞚� 6% 歃濌皜頃� 5,300毵� 雼煬. 鞛碃電� 8% 歃濌皜頃� 21鞏� 5觳滊 雼煬; 頇橁步 攵�毂勲姅 3鞏� 2,500毵� 雼煬搿� 歃濌皜.
- 鞛愲掣 頇橃洂: 氚半嫻旮� 0.83雼煬 歆�旮�(2% 歃濌皜), 鞛愳偓欤� 5,000毵� 雼煬 毵れ瀰; 氚滍枆 欤检嫕 靾� 1鞏� 1,480毵� 欤�.
鞝勲皹鞝侅溂搿� EMN鞚� 靾橃澋靹膘潉 鞙犾頄堨溂雮� 毵れ稖 攵�歆�, 毵堨 鞎曤皶, 順勱笀 彀届稖霠� 雽�韽� 鞎巾檾 氚� 攵�毂� 歃濌皜鞐� 歆侂┐頄堧嫟.
Eastman Chemical (EMN) 10-Q 鈥� Points cl茅s T2 2025
- Chiffre d'affaires : 2,29 milliards USD, en baisse de 3 % en glissement annuel ; chiffre d'affaires du 1er semestre 2025 脿 4,58 milliards (-2 %).
- Rentabilit茅 : Le b茅n茅fice brut a chut茅 de 16 % 脿 506 millions ; marge brute 脿 22,1 % contre 25,4 % l鈥檃n pass茅. L鈥橢BIT a diminu茅 de 34 % 脿 222 millions ; b茅n茅fice net attribuable 脿 Eastman en baisse de 39 % 脿 140 millions (BPA 1,20 $ contre 1,94 $).
- Tendances par segment : Les ventes ont recul茅 dans les Mat茅riaux Avanc茅s (-2 %) et les Interm茅diaires Chimiques (-10 %) et ont fortement baiss茅 dans les Fibres (-17 %) ; les Additifs & Produits Fonctionnels ont progress茅 de 7 %. L鈥橢BIT ajust茅 par segment est devenu n茅gatif, refl茅tant des volumes plus faibles, des pressions sur les prix/mix et des pertes 芦 Autres 禄 de 50 millions.
- Flux de tr茅sorerie et liquidit茅s : Le flux de tr茅sorerie op茅rationnel du 1er semestre n鈥檃 茅t茅 que de 66 millions (contre 351 millions), p茅nalis茅 par des sorties de fonds li茅es au fonds de roulement et des paiements de r茅mun茅rations variables. Le flux de tr茅sorerie libre 茅tait d鈥檈nviron -231 millions apr猫s 297 millions d鈥檌nvestissements. La tr茅sorerie a chut茅 脿 423 millions (-414 millions depuis le d茅but de l鈥檃nn茅e).
- Bilan : La dette totale a l茅g猫rement augment茅 脿 5,13 milliards ; la soci茅t茅 a 茅mis 250 millions d鈥檕bligations 脿 5,0 % 茅ch茅ance 2029 et rembours茅 450 millions d鈥檕bligations 脿 3,8 % 茅ch茅ance 2025. Les charges d鈥檌nt茅r锚ts nettes ont augment茅 de 6 % 脿 53 millions. Les stocks ont progress茅 de 8 % 脿 2,15 milliards ; les passifs environnementaux ont augment茅 脿 325 millions.
- Retour aux actionnaires : Dividende vers茅 de 0,83 $ (+2 %), rachat d鈥檃ctions pour 50 millions ; actions en circulation 114,8 millions.
Dans l鈥檈nsemble, EMN est rest茅e rentable mais a fait face 脿 un ralentissement des revenus, une compression des marges, une g茅n茅ration de tr茅sorerie nettement plus faible et un endettement accru.
Eastman Chemical (EMN) 10-Q 鈥� Highlights Q2 2025
- Umsatz: 2,29 Mrd. USD, R眉ckgang um 3 % im Jahresvergleich; Umsatz im 1. Halbjahr 2025 bei 4,58 Mrd. USD (-2 %).
- 笔谤辞蹿颈迟补产颈濒颈迟盲迟: Bruttogewinn fiel um 16 % auf 506 Mio. USD; Bruttomarge 22,1 % gegen眉ber 25,4 % im Vorjahr. EBIT sank um 34 % auf 222 Mio. USD; auf Eastman entfallender Nettogewinn um 39 % auf 140 Mio. USD (EPS 1,20 USD vs. 1,94 USD).
- Segmenttrends: Ums盲tze sanken bei Advanced Materials (-2 %) und Chemical Intermediates (-10 %) und fielen stark bei Fibers (-17 %); Additives & Functional Products legten um 7 % zu. Bereinigtes EBIT je Segment wurde negativ, was auf schw盲chere Volumina, Preis-/Mixdruck und 50 Mio. USD 鈥濻onstige鈥� Verluste zur眉ckzuf眉hren ist.
- Cashflow & Liquidit盲t: Operativer Cashflow im 1. Halbjahr nur 66 Mio. USD (vs. 351 Mio.), belastet durch Abfl眉sse im Working Capital und variable Verg眉tungen. Free Cashflow lag bei etwa -231 Mio. USD nach 297 Mio. USD Investitionen. Barmittel sanken auf 423 Mio. USD (-414 Mio. USD seit Jahresbeginn).
- Bilanz: Gesamtschulden stiegen leicht auf 5,13 Mrd. USD; das Unternehmen emittierte 250 Mio. USD 5,0 % Anleihen 2029 und tilgte 450 Mio. USD 3,8 % Anleihen 2025. Nettozinsaufwand stieg um 6 % auf 53 Mio. USD. Lagerbest盲nde stiegen um 8 % auf 2,15 Mrd. USD; Umweltverbindlichkeiten erh枚hten sich auf 325 Mio. USD.
- 碍补辫颈迟补濒谤眉肠办蹿濒眉蝉蝉别: Dividende von 0,83 USD gezahlt (+2 %), Aktienr眉ckk盲ufe in H枚he von 50 Mio. USD; ausstehende Aktien 114,8 Mio.
Insgesamt blieb EMN profitabel, sah sich jedoch mit Umsatzeinbu脽en, Margendruck, deutlich schw盲cherer Cash-Generierung und h枚herer Verschuldung konfrontiert.
FAQ
How did Eastman Chemical's (EMN) Q2 2025 revenue compare to last year?
Q2 2025 sales were $2.29 billion, down about 3% from $2.36 billion in Q2 2024.
What was EMN鈥檚 diluted EPS for Q2 2025?
Diluted EPS declined to $1.20 from $1.94 a year earlier.
Did operating cash flow improve in 2025?
No. First-half operating cash flow was $66 million, versus $351 million in 1H 2024.
How much debt is on Eastman鈥檚 balance sheet?
Total borrowings were $5.13 billion at 30 June 2025; long-term portion $4.78 billion.
What dividend did EMN declare for Q2 2025?
The board declared a $0.83 per-share cash dividend, up from $0.81 last year.
Which segment showed the largest sales decline?
The Fibers segment fell 17% YoY, from $330 M to $274 M.
Why did environmental liabilities increase?
Estimated remediation costs were revised upward, lifting the reserve to $325 million.
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