Today, Eastman Chemical (NYSE:EMN) Co., a global advanced materials and specialty additives company, disclosed its financial outcomes for the second quarter of 2024. The data, sourced from a recent SEC filing, indicates the company's current financial condition.
The Kingsport, Tennessee-based company, listed on the New York Stock Exchange under the ticker NYSE:EMN, released its quarterly financial statements which are now publicly available. The report was officially filed on Thursday, July 25, 2024, and includes comprehensive financial information for the period ending on the same day.
Eastman Chemical's financial release, as per the 8-K filing, is not intended for use in any legal filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except where explicitly stated in future filings. The company has taken care to ensure that the information provided is in accordance with the accounting standards and reflects the company’s performance accurately.
The document filed with the SEC also includes interactive data files which are expected to provide more detailed insights into the company's financial status. These files are designed to facilitate a better understanding of Eastman Chemical's financial operations and condition.
As a company incorporated in Delaware, with its principal executive offices in Kingsport, Tennessee, Eastman Chemical operates within the plastics, materials, synthetic resins, and nonvulcan elastomers industry. The company's financial year concludes on December 31.
The financial results of Eastman Chemical are essential information for shareholders and potential investors as they reflect the company's operations and financial health. The recent SEC filing provides these stakeholders with a transparent view of the company's performance and financial standing as of the second quarter of 2024.
This news article is based on a press release statement and aims to present the facts as reported in the SEC filing without any analysis or opinion.
In other recent news, Eastman Chemical has been the subject of several significant developments. The company reported revenue of approximately $9.2 billion for the year 2023. Concurrently, Eastman Chemical announced the appointment of Donald Slager to its Board of Directors, a move applauded by Eastman's CEO and Board Chair, Mark Costa, for Slager's extensive experience and leadership in the environmental services industry.
Analysts from Evercore ISI, UBS, Piper Sandler, and RBC Capital Markets have all recently weighed in on the company. Evercore ISI maintained its In Line rating with a positive outlook for the second half of the year, while UBS upgraded Eastman Chemical from Neutral to Buy, citing potential for growth into 2025.
Piper Sandler increased the price target for Eastman Chemical's shares following the company's first-quarter earnings surpassing expectations. RBC Capital Markets also raised its price target, anticipating an improvement in Eastman Chemical's earnings for the fiscal years 2024 and 2025.
In other company updates, Eastman Chemical revealed delays in its France project due to regulatory uncertainty during its First Quarter 2024 Earnings Call. Despite these challenges, the company remains committed to its circular economy model and long-term contracts, with growth projected for 2025 and 2026. These recent developments highlight Eastman Chemical's ongoing strategic decisions and financial performance.
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