Eastman Chemical hikes dividend by 2.5%
Eastman Chemical (EMN) announced that it will raise its quarterly dividend by 2.5 percent to 83 cents per share in Q4 of 2024. This marks the 15th consecutive year of dividend increases by the materials and specialty additives company.
The next EMN dividend is payable January 8, 2025, to stockholders of record as of December 16, 2024. The dividend yield for Eastman Chemical is 3.3% at a stock price of $101. Last year Eastman Chemical hiked its dividend from $0.79 to $0.81 quarterly per share and in 2022 the dividend was raised by 3 cents from $0.76 to $0.79 quarterly per share.
“We are proud to continue our strong tradition of returning value to our stockholders by increasing our dividend for the 15th year in a row,” stated Willie McLain, executive vice president and chief financial officer. “This increase demonstrates the Board's confidence in our consistent earnings performance and robust cash flow generation.”
Another company related to Eastman Chemical with a great dividend track record that announced a dividend hike recently is Ecolab. The water, hygiene and infection prevention solutions and services provider Ecolab (trading symbol ECL) declared a 3.9% dividend hike to $0.53 quarterly per share, marking 37 consecutive years of increases.
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.
