Eastman Chem Co Stock Price, News & Analysis

Eastman Chemical Company (NYSE: EMN) has announced the pricing of a $500 million public offering of 5.000% notes due 2029. The offering is expected to close on August 1, 2024. Eastman plans to use part of the proceeds to fund a cash tender offer for up to $250 million of its outstanding 3.800% Notes due 2025, with the remainder allocated for general corporate purposes.

The notes are being offered under an automatic shelf registration statement, with several major financial institutions serving as joint book-running managers. This offering is subject to SEC regulations and is only available through a prospectus supplement and accompanying prospectus.

Eastman, founded in 1920, is a global specialty materials company with a focus on innovation and sustainability. The company reported revenue of approximately $9.2 billion in 2023 and employs around 14,000 people worldwide.

Eastman Chemical Company (NYSE:EMN) has launched a cash tender offer to purchase up to $250 million of its outstanding 3.800% Notes due 2025. The offer expires on August 26, 2024, with an early tender deadline of August 9, 2024. Holders tendering by the early deadline are eligible for a $30 per $1,000 principal amount premium. The total consideration will be determined based on a fixed spread plus the yield of a reference U.S. Treasury Security. The offer is subject to various conditions, including the completion of a new debt offering. Barclays Capital, J.P. Morgan Securities, and Morgan Stanley are acting as dealer managers for the tender offer.

Eastman and the University of Tennessee have broken records with their "Good Sports Always Give Back" recycling program. In 2023, they recycled an impressive 44,950 pounds of game day waste at Neyland Stadium, surpassing their previous world record of 38,452 pounds set in 2022. The initiative included recycling plastic, aluminum, paper, cardboard, wooden pallets, composting, and food donations.

The program expanded to include a competition with the University of Michigan, resulting in a combined total of 85,211 pounds of waste diverted from landfills. Over 200,000 people participated in this environmental effort, demonstrating the power of unity and sustainability. Eastman's molecular recycling technologies play a important role in renewing plastic waste collected from UT's campus and stadium.

Eastman Chemical Company (NYSE:EMN) reported strong second-quarter 2024 financial results, with sales revenue increasing 2% to $2,363 million. The company saw a 300-basis-point sequential margin improvement driven by volume/mix growth and operating leverage. Earnings per diluted share were $1.94, while adjusted earnings per diluted share reached $2.15. Eastman demonstrated commercial excellence by focusing on specialty product offerings and managing price-cost across the company. The company also continued to ramp up sales from its Kingsport methanolysis facility, broadening the range of hard-to-recycle feedstocks. For the full-year 2024, Eastman expects EPS to be between $7.40 and $7.85, with cash from operations projected at approximately $1.4 billion.

Eastman, a leader in molecular recycling technologies, is driving innovation towards a circular economy. In a GreenBiz Studio Interview during Circularity 24, Chris Layton, Director of Circular Policy Strategy at Eastman, discussed the company's approach to new innovations and considerations for advancing the circular economy. The interview, conducted by Nethra Rajendran from GreenBiz Group, highlights Eastman's role in the recent surge of recycling technology innovations. This event underscores Eastman's commitment to sustainability and its position at the forefront of developing recycling solutions to address global environmental challenges.

Eastman and Tri-Cities Airport have announced a partnership to collect plastic waste at the airport. Strategically placed recycling receptacles will gather plastic bottles and food containers, which will be processed at Eastman's new mixed plastics processing facility in Kingsport, Tennessee. This facility is part of the largest material-to-material recycling plant in the world.

The initiative aims to combat the plastic waste crisis and promote sustainability in the region. Brad Lich, Eastman's executive vice president, emphasized the importance of local partnerships in fostering sustainability. Gene Cossey, CEO of Tri-Cities Airport Authority, expressed excitement about contributing to innovative recycling solutions developed in the area.

Eastman has introduced Naia™ Renew, a new bedding line designed for superior comfort, long-lasting quality, and sustainability.

Made from sustainably sourced wood pulp and reclaimed carpets, Naia™ Renew fibers ensure a positive environmental impact. The bedding offers excellent moisture management, keeping it fresh, cool, and comfortable. Naia™ Renew is also durable, with less pilling and fewer wrinkles, even after repeated laundering.

Naia™ Renew bedding contains 40% recycled content, achieved through an ISCC-certified mass balance process.

Christopher Layton, Eastman’s circular policy director, discussed the company's progress and trends in circular economy models for plastics and packaging with Innovation Forum's Ian Welsh. They emphasized a regional approach to enhance circularity and identified useful regulatory measures and progress indicators. This discussion aims to advance sustainable practices in the plastics industry, focusing on practical steps and metrics for achieving greater circularity.

Eastman Chemical Company (NYSE: EMN) has announced its schedule for releasing the second-quarter 2024 financial results. The financial results will be released on Thursday, July 25, 2024, at approximately 4:15 p.m. Eastern Time via wire distribution and on their official website. Additionally, advance slides and prepared remarks will be posted on the evening of July 25 on the company's investor site.

A teleconference and live webcast will be held on Friday, July 26, 2024, at 8:00 a.m. Eastern Time. Participants can join the teleconference through a toll-free number or by pre-registering online to receive unique dial-in details. Replay options, including a webcast replay and a downloadable MP3 format, will be available starting at 1:00 p.m. Eastern Time on July 26 through August 5, 2024.