Eastman Chem Co Stock Price, News & Analysis

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 Thursday, Jan. 27, 2022, at approximately 4:30 p.m. Eastern Time. The results will be disseminated via wire distribution and made available on their website. Furthermore, a webcast and teleconference will occur the following day, Friday, Jan. 28, 2022, at 8:00 a.m. Eastern Time. Investors can access advance slides and remarks on the investors page.

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.