Eastman Chemical hikes dividend by 3.9%

On December 1, 2022, Eastman Chemical (EMN) announced that it will raise its quarterly dividend by 3.9 percent to 79 cents. This follows a 10.1 percent hike announced by EMN in 2021. This also marks the 13th consecutive year of dividend increases by the materials and specialty additives company.

The next EMN dividend is payable January 6, 2023, to stockholders of record as of December 15, 2022. The new annual dividend rate of $3.16 per share yields 3.5% to EMN shareholders at a stock price of $86.42.

“With this increase, Eastman has raised the dividend for 13 consecutive years, demonstrating the Board’s confidence in our ability to generate strong earnings and cash flows,” said Willie McLain, senior vice president and chief financial officer. “This action also reflects Eastman’s commitment to returning cash to our stockholders and to maintaining a strong financial position as we execute our innovation-driven growth strategy.”A new annualized dividend rate of $2.76 per share yields 2.7% at a stock price of $102.

Eastman Chemical Company (Eastman) is a global advanced materials and specialty additives company. The company's operating segments are: Additives & Functional Products ("AFP"), Advanced Materials ("AM"), Chemical Intermediates ("CI"), and Fibers. Through AFP Eastman manufactures chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets. AM produces and markets polymers, films, and plastics. The CI segment leverages large scale and vertical integration from the cellulose and acetyl, olefins, and alkylamines streams. In the Fibers segment, Eastman manufactures acetate tow and triacetin plasticizers for use in filtration media, primarily cigarette filters. Eastman began business in 1920 for the purpose of producing chemicals for Eastman Kodak Company's photographic business and became a public company, incorporated in Delaware, on December 31, 1993.