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.
The Board of Directors of Eastman Chemical Company (NYSE:EMN) has declared a quarterly cash dividend of $0.76 per share. This dividend is scheduled for payment on April 1, 2022, to stockholders of record as of March 15, 2022.
Founded in 1920, Eastman is a global specialty materials company focused on enhancing quality of life through innovative products in various end-markets, including transportation and construction.
Eastman Chemical Company (NYSE:EMN) reported an operational incident at its Kingsport, Tennessee facility due to a steam line failure on January 31, 2022. All manufacturing operations were safely shut down, with recovery expected in 4-6 weeks, primarily affecting specialty copolyesters. In response, the company has advanced a planned maintenance shutdown. Despite potential impacts on sales volume, first-quarter earnings per share are predicted to be between $2.05 and $2.25, with a reaffirmed full-year adjusted EPS guidance of $9.50 to $10.
Eastman has completed significant expansions to its tertiary amine capacity at its facilities in Ghent, Belgium, and Pace, Florida. The Ghent expansion increases overall capacity, while the Pace enhancement makes it the largest tertiary amine unit globally. This move responds to rising demand for tertiary amines, driven by changes in consumer habits post-pandemic. The expansions aim to enhance reliability and meet growing customer needs across various sectors, including personal care and pharmaceuticals.
Eastman Chemical Company (NYSE:EMN) reported strong financial results for Q4 and FY2021, with sales revenue reaching $2.694 billion for Q4, up 23% from $2.186 billion in Q4 2020. Full-year revenue increased to $10.476 billion, representing a 24% growth year-over-year. Adjusted EPS for FY2021 rose to $8.85 from $6.15 in the previous year. The company anticipates an adjusted EPS growth of 8-12% for 2022, driven by innovative products and leadership in the circular economy.
Eastman (NYSE:EMN) plans to invest up to $1 billion in a molecular recycling facility in France, aimed at recycling 160,000 metric tonnes of hard-to-recycle plastic waste annually, which would otherwise be incinerated. This facility will employ Eastman's polyester renewal technology, significantly reducing carbon emissions and creating high-quality materials. The initiative aligns with the EU's sustainability goals, expected to create 350 direct jobs and 1,500 indirect jobs. The project emphasizes Eastman's commitment to a circular economy and is set to be operational by 2025.
Eastman Chemical Company (NYSE:EMN) plans to release its financial results on
Eastman Chemical Company (NYSE:EMN) held its 2021 Innovation Day, outlining plans for 8%-12% adjusted EPS growth from 2021-2024 and over $6 billion in investments through 2024. The company anticipates more than $450 million in adjusted EBITDA from molecular recycling technologies by 2026. Key financial targets include a 23% corporate adjusted EBITDA margin and over $1.6 billion in annual operating cash flow. Eastman aims to achieve carbon neutrality by 2050, enhancing sustainability through innovative solutions while increasing shareholder returns with $2 billion in share repurchases planned by 2022.
Eastman Chemical Company (NYSE:EMN) announced a $2.5 billion increase in its share repurchase authorization, demonstrating confidence in its growth strategy. The company has entered an accelerated share repurchase agreement to buy back $500 million of its common stock. This brings the total target for repurchases in 2021 to $1 billion. The ASR is expected to complete by Q1 2022, with repurchases based on share price performance.
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