eastman chemical co (EMN) Key Developments
Eastman Chemical Co. Presents at UBS Chemicals Conference 2015, Sep-09-2015
Sep 8 15
Eastman Chemical Co. Presents at UBS Chemicals Conference 2015, Sep-09-2015 . Venue: UBS Office, 1285 Avenue of the Americas, 9th Floor, New York, New York, United States. Speakers: Gregory A. Riddle, Vice President of Investor Relations and Communications.
Rayonier Advanced Materials Inc. Files Declaratory Judgment Action Against Eastman Chemical Company
Aug 18 15
On August 13, 2015, Rayonier Advanced Materials Inc. filed a declaratory judgment action against Eastman Chemical Company in the Superior Court of Gwinnett County, Georgia regarding the company's chemical cellulose specialty products contract with Eastman. Eastman was served with this action on August 14, 2015. The company filed its action in Georgia because the contract provides that it is governed by Georgia law, among other reasons. The Company's filing asks the court to confirm the meaning of certain meet or release pricing and volume provisions in the agreement that require the company, under certain circumstances, to respond to offers made to Eastman by other suppliers. The company seeks a declaration that these provisions apply to a maximum of 7,500 metric tons of product per year. In addition, the company has asked the court to confirm the meaning of certain contract provisions relating to pricing in future contract years. On the evening of August 12, the company learned that Eastman had filed a similar declaratory judgment action on August 4 in the Chancery Court for Sullivan County, Tennessee, concerning the same contract meet or release" provisions. Eastman's filing seeks a declaration that all of its contracted volume is subject to the meet or release provision or, in the absence of such interpretation, that the contract is invalid. The company was served with that action on August 13, 2015. The Company believes that the contract is valid and enforceable in accordance with its terms as to both price and volume requirements, and that the meet or release provisions should be enforced in accordance with the company's position.
Eastman Chemical Company Declares Quarterly Dividend, Payable on Oct. 1, 2015
Aug 6 15
The board of directors of Eastman Chemical Company has declared a quarterly cash dividend of $0.40 per share on the company's common stock. The dividend is payable Oct. 1, 2015, to stockholders of record as of Sep. 14, 2015.
Eastman Chemical Company Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 27 15
Eastman Chemical Company announced unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported sales of $2,533 million against $2,460 million a year ago. Operating earnings were $469 million against $436 million a year ago. Earnings from continuing operations were $299 million against $294 million a year ago. Net earnings were $299 million against $294 million a year ago. Net earnings attributable to the company were $297 million or $1.98 per share diluted against $292 million or $1.93 per share diluted a year ago. Diluted earnings per share attributable to the company from continuing operations were $1.98 against $1.92 a year ago. Net cash provided by operating activities was $591 million against $419 million a year ago. Additions to properties and equipment were $141 million against $132 million a year ago. The sales revenue increased primarily due to sales revenue from the Taminco corporation, commonwealth laminating & coating inc., and aviation turbine oil businesses acquired in 2014. This was partially offset by lower selling prices, particularly in the specialty fluids & intermediates segment, lower fibers segment sales volume, and an unfavorable shift in foreign currency exchange rates. The increase in operating earnings was primarily due to advanced materials segment earnings growth, earnings from acquired businesses, and improved spread as lower raw material and energy costs exceeded lower selling prices. These items were partially offset by propane hedges, lower fibers segment sales volume, and an unfavorable shift in foreign currency exchange rates.
For the six months, the company reported sales of $4,976 million against $4,765 million a year ago. Operating earnings were $780 million against $797 million a year ago. Earnings from continuing operations were $471 million against $528 million a year ago. Net earnings were $471 million against $528 million a year ago. Net earnings attributable to the company were $468 million or $3.12 per share diluted against $525 million or $3.45 per share diluted a year ago. Diluted earnings per share attributable to the company from continuing operations were $3.12 against $3.43 a year ago. Net cash provided by operating activities was $682 million against $389 million a year ago. Additions to properties and equipment were $266 million against $254 million a year ago. Net debt, defined as borrowings minus cash and cash equivalents, declined by $393 million during the second quarter of 2015.
Eastman Chemical Co. Presents at Jefferies 11th Annual Industrials Conference, Aug-11-2015 08:00 AM
Jul 23 15
Eastman Chemical Co. Presents at Jefferies 11th Annual Industrials Conference, Aug-11-2015 08:00 AM. Venue: Grand Hyatt, 109 E. 42nd Street, New York, New York, United States. Speakers: Brad A. Lich, Executive Vice President.