Bullish indicating open at $55-$60, IPO prices at $37
KINGSPORT, Tenn. - Eastman Chemical Company (NYSE:EMN), currently trading near its 52-week low with a market capitalization of $8.79 billion, has appointed Damon Audia, Senior Vice President and Chief Financial Officer of AGCO Corporation (NYSE:AGCO), to its Board of Directors, according to a company press release.
Audia has served as CFO at AGCO, a global agricultural machinery and precision technology company with $11.7 billion in revenue, since 2022. His previous experience includes financial leadership positions at Kennametal Inc., Carpenter Technology Corporation, and The Goodyear Tire & Rubber Company. He began his career at Delphi Corporation and General Motors.
"Damon’s leadership and deep understanding of business strategy and experience across diverse industries, including automotive and agriculture, will contribute significantly to our mission," said Mark Costa, Board Chair and CEO of Eastman.
Audia holds an MBA from Carnegie Mellon University and a bachelor’s degree from the University of Michigan.
Eastman Chemical, founded in 1920, is a specialty materials company headquartered in Kingsport, Tennessee. The company employs approximately 14,000 people globally, serves customers in more than 100 countries, and reported revenue of approximately $9.4 billion in 2024.
The company produces materials used in everyday consumer products and operates in markets including transportation, building and construction, and consumables. InvestingPro analysis indicates the company maintains a GOOD overall financial health score and is currently trading below its Fair Value. For deeper insights into Eastman Chemical’s financial metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Eastman Chemical has reported its first-quarter 2025 financial results, revealing a slight earnings per share (EPS) beat but a miss on revenue forecasts. The company achieved an EPS of $1.91, just above the forecast of $1.90, while revenue came in at $2.29 billion, falling short of the expected $2.35 billion. The company withdrew its annual earnings guidance due to economic uncertainty, emphasizing the challenging market environment. JPMorgan has downgraded Eastman Chemical’s stock from Overweight to Underweight, citing weaker-than-expected seasonal demand and reduced customer restocking due to tariff uncertainties. The firm also slashed its price target for the company’s stock from $112.00 to $76.00, reflecting concerns over the company’s near-term prospects. Despite these challenges, Eastman Chemical continues to focus on innovation in recycling and specialty plastics. The company has also reduced its capital expenditure from $750 million to $550 million, aiming to optimize efficiency amid economic uncertainties. Eastman anticipates a $30 million tariff-related impact in the second quarter and has provided a Q2 EPS guidance range of $1.70 to $1.90.
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