Welcome to our dedicated page for Eastman Chemical Company news (Ticker: EMN), a resource for investors and traders seeking the latest updates and insights on Eastman Chemical Company stock.
Eastman Chemical Company, established in 1920 to supply chemicals for Eastman Kodak, has evolved into a global leader in specialty chemicals. Headquartered in Kingsport, Tennessee, Eastman operates manufacturing sites worldwide and generates most of its revenue outside the United States, particularly in Asian markets.
Eastman specializes in high-margin specialty products, having strategically divested from noncore businesses over the past few years. The company's offerings span a wide array of industries, including transportation, building and construction, consumables, and textiles.
One of Eastman's notable achievements is the development of Naia™ Renew cellulosic fiber, which recently received the Global Recycled Standard (GRS) certification. This innovation showcases Eastman's commitment to sustainability, addressing the challenge of textile waste through molecular recycling technology. Naia™ Renew is produced from 60% sustainably sourced wood pulp and 40% GRS-certified waste materials, setting a new standard for sustainable fashion.
Collaboration plays a crucial role in Eastman's success. The company partners with global leaders and associations to advance sustainable innovations. For instance, Eastman collaborated with Reformation to launch a bridal collection featuring Naia™ Renew ES, a sustainable yarn made from certified recycled content.
Eastman's expertise extends to recycling technologies. The Kingsport facility, one of the world's largest molecular recycling facilities, can recycle 110,000 metric tons annually. This technology contributes significantly to a circular economy by enabling the infinite recyclability of plastic products, thus reducing carbon emissions and conserving resources.
In addition to textile and plastic recycling, Eastman has developed Aventa™ Renew compostable materials, used in collaboration with Sealed Air to create sustainable packaging solutions. These materials are home and industrial compostable, aligning with the circular economy goals of both companies.
Eastman also demonstrates its commitment to sustainability through products like Clearway® de-icer, used by Finland's Finavia to keep runways safe while minimizing environmental impact. The de-icer's biodegradability and low aquatic toxicity ensure it meets stringent ecological standards.
With approximately 14,000 employees worldwide, Eastman continues to innovate and deliver solutions that enhance the quality of life in a material way. The company's 2023 revenue was approximately $9.2 billion, reflecting its strong market presence and dedication to sustainable growth.
For more details, visit Eastman's website.
Eastman Chemical Company (NYSE:EMN) reported its Q4 and full-year 2022 results, revealing a 12% decline in sales revenue to $2.37 billion. The company faced challenges including lower demand and inventory destocking, notably in China. Adjusted EPS fell to $0.89, impacted by foreign exchange rates and Winter Storm Elliott. Despite these obstacles, Eastman returned approximately $1.4 billion to shareholders and made strides in its circular economy initiatives. Looking ahead, the company anticipates an adjusted EPS growth of 5-15% in 2023, driven by cost reductions exceeding $200 million.
Eastman Chemical Company announced that its Optifilm™ enhancer 400 has received Green Seal certification, reflecting a commitment to environmentally friendly products. This low-VOC, low-odor coalescent enhances latex paints while maintaining performance properties. The certification ensures compliance with strict limits on VOCs and hazardous ingredients. With OE 400, manufacturers can create paints that are both durable and sustainable. Founded in 1920, Eastman generated approximately $10.5 billion in revenue in 2021 and has a global presence serving diverse markets.
Eastman Chemical Company (NYSE:EMN) will release its financial results on January 26, 2023, at 4:30 p.m. ET. This will be followed by a teleconference and webcast on January 27, 2023, at 8:00 a.m. ET. Investors can access the advance slides and prepared remarks on their investor relations website prior to the conference. A replay will be available starting at 1:00 p.m. ET, January 27, until 11:59 p.m. ET, February 6. For further details, refer to their official site.
The Board of Directors of Eastman Chemical Company (NYSE: EMN) has declared a quarterly cash dividend of $0.79 per share, marking a 4% increase from the previous dividend of $0.76. This dividend will be payable on January 6, 2023, to stockholders of record as of December 15, 2022. This increase signifies Eastman's commitment to returning cash to shareholders and reflects confidence in its ability to generate strong earnings and cash flows, having raised the dividend for 13 consecutive years.
Eastman Chemical Company (NYSE: EMN) reported its third-quarter 2022 financial results, revealing a 13% revenue increase after excluding impacts from divested product lines and currency effects. The firm reached a significant agreement with PepsiCo for a new molecular recycling facility. Key financials showed revenue of $2,709 million, down slightly from $2,720 million in Q3 2021. Adjusted earnings per diluted share decreased to $2.05 from $2.46. The company is implementing $150 million in cost reductions and expects adjusted EPS between $1.10 and $1.40 for Q4 2022.
Eastman Chemical Company (NYSE:EMN) is set to announce its financial results for Q3 2022 on October 27, 2022, at 4:30 p.m. Eastern Time. Investors can access the results via wire distribution and on the company's website. A teleconference and webcast are scheduled for October 28, 2022, at 8:00 a.m. Eastern Time, allowing participants to engage live. Pre-registration for the teleconference is encouraged. A replay of the webcast will be available afterward, along with a downloadable MP3 format.
Eastman (NYSE: EMN) and Interzero have signed a long-term supply agreement for Eastman's upcoming molecular recycling facility in Normandy, France. Interzero will supply up to 20,000 metric tonnes of hard-to-recycle PET household packaging waste per year. The facility aims to recycle 160,000 tonnes of polyester waste annually and is expected to be operational by 2025. This partnership aims to address the plastic waste crisis by enhancing recycling capabilities through innovative chemical recycling methods.
Eastman Chemical Company (NYSE:EMN) has appointed Travis Smith as Senior Vice President of Additives & Functional Products, effective October 10, 2022. Smith, who joined Eastman in 1992, has significant leadership experience, previously serving as Division President for Films. He replaces Lucian Boldea, who is leaving for another opportunity. CEO Mark Costa praised Smith’s experience and contributions to Eastman's transformation strategy. In 2021, Eastman reported revenues of approximately $10.5 billion.
Eastman (NYSE: EMN) has entered a partnership with Ethicon, part of Johnson & Johnson MedTech, to supply Eastman Renew materials for medical device sterile-barrier packaging. This collaboration aims to reduce plastic waste in healthcare and promote sustainability. Ethicon will utilize Eastar™ Renew 6763 copolyester, which maintains the performance standards of traditional materials while enabling diversion of waste from landfills. The initiative seeks to achieve 25% waste diversion of total packaging production, with an aspirational goal of 50% by the end of 2023.
Eastman Chemical Company (NYSE:EMN) has updated its third-quarter 2022 financial outlook, projecting adjusted earnings per share (EPS) at approximately
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