Eastman Board Increases Dividend for 11th Consecutive Year

Rhea-AI Summary

The Board of Directors of Eastman Chemical Company (NYSE: EMN) has declared a quarterly cash dividend of $0.69 per share, marking a five percent increase from the previous $0.66 per share. This dividend is scheduled for payment on Jan. 8, 2021, to stockholders of record as of Dec. 15, 2020. Senior VP Willie McLain expressed confidence in the company’s ability to generate earnings growth and maintain strong cash flow, showcasing a commitment to returning value to stockholders for the 11th consecutive year.

Positive

• Quarterly cash dividend increased to $0.69 per share.
• 11th consecutive year of dividend increase.
• Board's confidence in earnings growth and strong cash flow.

Negative

• None.

KINGSPORT, Tenn.--(BUSINESS WIRE)--The Board of Directors of Eastman Chemical Company (NYSE: EMN) has declared a quarterly cash dividend of $0.69 per share on the company's common stock, a five percent increase from $0.66 per share. The dividend is payable Jan. 8, 2021, to stockholders of record as of Dec. 15, 2020.

“I am pleased that for the 11^th consecutive year, Eastman is increasing the dividend as part of our ongoing commitment to return cash to our stockholders,” said Willie McLain, senior vice president and chief financial officer. “This action reflects the Board’s confidence in our ability to deliver earnings growth and continue our record of generating strong cash flow, which has remained resilient even during the global pandemic.”

Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end-markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. The company had 2019 revenues of approximately $9.3 billion and is headquartered in Kingsport, Tennessee, USA. For more information, visit www.eastman.com.