And obviously, very impressive growth in the performance films area, in Advanced Materials overall. We announced the attractive animal nutrition bolt-on and used strategic cash of about $70 million there. The recovery of AM was substantial, and a good part of that was Asia coming back to life. Let's make the next question the last one, please. And it appears that you're starting to get the traction on the EBITDA run rate, the earnings run rate. From a multiyear point of view, I think we've done an excellent job in managing price. We don't make -- we make acetic anhydride, is what we make off of our stream that goes into cellulosic products as well as a variety of other acetyl or polyester products or olefin products where there's an acetyl component. But we're getting through it. So at what point would you start thinking about additional expansions or can you possibly start thinking about additional expansion of capacity? To your second part of the question, we're -- at the moment, we're really just trying to deal with all the inbounds on the methanolysis side that's taking a pull of our resources. This call is being broadcast live on the Eastman's website, www.eastman.com. The Motley Fool - EMN earnings call for the period ending March 31, 2021. So no, it's going to be great. [Operator Instructions] We will now take our first question from Vincent Andrews from Morgan Stanley. But as you think about the overall size of these businesses on an EBITDA basis, it's going to be less than 10% for the two businesses that we're talking about. As you just noted, it creates a lot of stability for us. Now they're not going to improve like they did from 2020 to 2021, obviously, because we took such a hit on asset utilization, especially in Advanced Materials as we're pulling inventory down in interlayers and performance films. Transcript 07/26/19 8:00 am EDT So we are ahead in securing volume. Also, we'll be remaining disciplined as we go forward. And then what are some of the other acetyls derivatives? And I'm wondering if you can talk a bit to the customers that are signing up for the volume and how much volume maybe you've already contracted and what your expectations are in terms of contracting level by the time you start up. And our strategy is completely centered on innovation and driving significant mix upgrade and growth in high-value markets that significantly improve our margins through that mix. Sure. Despite a challenging macroeconomic backdrop over the last several years, we have not sacrificed our efforts to innovate and invest in our specialty portfolio and expect those investments to continue to pay off as we finish off '21 and move into '22. And as I reflect on how we position our company through the global trade disruptions of 2019 and then COVID in '20, I feel confident in our ability to grow EPS and cash off this new level of earnings. I guess how much -- my question is, how much is the conversion cost for a new PET lower than regular PET? And we expected just a tremendous amount of growth of that. At this point, demand for our specialty products and the circular economy offerings has been better than we anticipated. And we're able to maintain price increases and maintain stable spreads relative to 2017, in the back half of that year. And we see a lot of innovation, positioning us to continue growth into 2022. We're not trying to sort of defend a large single-use plastic business and what we're doing. It's just leveraging existing capability and capacity. So I mean, first of all, it's obviously a pretty significant improvement in our outlook today from where we were in January. Eastman Kodak Q1 2021 Earnings Call May 12, 2021, 5:00 p.m. Again, the size on the 3F was roughly $70 million in acquisition price. Would you be able to keep the cost structures roughly flat, barring any M&A? Even more impressive is the amount of momentum we're building with customers in many different markets around the world. Citi Basic Material Conference . At Eastman, we take our environmental, social and governance commitment seriously, and transparency is of the utmost importance. So from a vertical integration point of view, the place where we're not vertically integrated is when we bought Solutia and picked up the interlayers business that buys VAM and PVOH as the raw materials. I mean, it will depend on the demand we see for our products internally, and it will depend on this partnership conversation. But we don't do a lot of formulation of those products. At what point could you start thinking about additional investments in capacity? So we're not stopping at this first plant. Actual events or results could differ materially. Excellent. So if you want to look at our total integrated acetyl stream, including all the specialties that we make in Advanced Materials and AFP and fibers, the margins that we have and the stability of those margins is extremely attractive. I know your headcount hasn't changed, and I would assume there's some creeping back in from last year. So just giving you an idea of the significance of mix in our strategy, which we've been explaining and talking about since 2014, is the secret to our success in leveraging the best returns from our assets. And then where is your leverage both geographically and to different animals species, chicken versus hogs versus cattle? As far as working with other people, we're not focused on that right now. So half of it is made from certified and sustainable forest, the other half today is obviously made from fossil fuels in acetic anhydride to make those cellulosic products. Yes. I was looking at the 10-K. Maybe I just misread it. Please go ahead. Do you think you have to start-up the plant first and see how it works? You have to remember that most of our propylene is made from propane that we buy, RGP being converted into propylene and some supply agreements that are propane based in their pricing, not propylene based. A replay of the remarks plus the transcript will be posted on our website this afternoon. It's important to remember that we're upscaling plastic waste into durable applications. Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q1 2021 earnings conference call. So I think it's a good story. And then they have much higher functionality requirements in that space. So thanks for the question. So making good progress in improving spreads to offset some of those headwinds and getting back toward that 2018 level. As we think about, I'll call it, the value of the businesses and the underlying EBITDA and the optionality that we have there, that it will be, I'll call it, net neutral on an EPS basis. And the great thing about the gasifier is that it can take any kind of plastic waste, mixed plastic waste, which is great. 16, 2021 Corporate Participants: Paul Dils -- Chief Tax Officer and Director of Investor Relations James V. Continenza -- Executive Chairman and Chief Executive Officer David Bullwinkle -- Chief Financial Officer Presentation: Operator Ladies and gentlemen, thank you for standing by. And we paid high single digits off from a multiple perspective. Stock Advisor list price is $199 per year. ET Prepared …. Q3 2019 Presentation. In the second quarter, the big driver of growth is North America as you might expect where the economy here is starting to recover quite well. And we're really excited about that. And so I guess it's hard to understand from outside, but I would have expected a benefit from lower refinery grade propylene for you and higher propylene derivative prices. And so we saw very strong pricing momentum before Uri hit in all of our grids because the market conditions were tight. Demand for methanolysis-based products is strong. Our innovation-driven growth model will enable us to grow faster than the underlying market recovery, and we expect a number of markets will be rebuilding inventory. So David, this is Willie. So the trends in animal nutrition are pretty significant and really attractive. If you could kind of just net out the acetyls chain for us this year. Thanks for taking my questions. We've got the best product portfolio and performance, especially with our gen three paint protection film that's dramatically better than our competition. Good morning. We've been building momentum, and the strong operational execution of our teams is paying off as the global economy improves. And our teams are delivering, and it's showing up in our performance, whether it's EBIT, our EBIT margins, cash flow and EPS. We're assuming some moderation as some of the tightness that we're seeing at some point will go to more normal balanced market conditions. And we've actually seen strong volume improvements from both market recovery as well as innovation gains with customer wins. So -- but the overall momentum is good. Obviously, Uri made the markets even tighter. Another thing to keep in mind as you're trying to compare our pricing relative to peers is we put mix in volume, where most of our peers put mix in price. Have you taken that as far as it can go? Thanks, Vincent, for that question. But to assure you, we're not making any compromise on our growth portfolio. Eastman Kodak (KODK) Q1 2021 Earnings Call Transcript Eargo, Inc. (EAR) Q1 2021 Earnings Call Transcript Boot Barn Holdings Inc (BOOT) Q4 2021 Earnings Call Transcript In the meantime, we'll continue to focus on what we can control and remain committed to long-term attractive earnings growth and sustainable value creation for our owners and all our stakeholders. Or is there an adjustment period? Download the investor presentation - earnings call slides. Juvekar from Citi. Then the number of plants were down about three weeks ahead of the storm due to unplanned outages. Perfect. So one, starts with a strong dividend, which is an increase for 11 years, and we expect that to continue. And if you do so, what would you be sacrificing? We reported 20% higher adjusted EPS over '19 and 5% over a very strong first quarter last year before we felt the full impact of the COVID-19 pandemic. We have governments calling us and asking us, can you sort of work with us to solve this problem? Welcome to Kodak's first quarter 2019 earnings call. Yes. Sure. And to your first point, we are moving faster probably than many others because we did practice methanolysis for a very long time as part of Kodak. Thanks very much. And we're now having to pull that conversion forward to now and getting it done by -- at the end of this quarter to be able to serve the Tritan growth and demand that is so strong. Sure. And as we build multiple plants, we'll have all the operational technical know-how that gives us an advantage in how we can do all that for our potential partners. How are you doing that? And finally, we think the favorable trends in the economy, coupled with our innovation investments and continued disciplined cost management sets us up for strong EPS and free cash flow growth this year and next. Image source: The Motley Fool. So this acquisition, combined with investments we've been making over the last several years in our sort of formulation and application development capability can dramatically accelerate our ability to actually formulate more comprehensive solutions to these challenges and leverage that growth. Thank you. We don't make VAM and rely on market suppliers for VAM. To your question around the methanolysis plant that we announced in January, we are seeing incredibly strong interest from our customers. We will now take our next question from Frank Mitsch from Fermium Research. And we actually had 15% growth overall for the company relative to 2019, which is a bit unusual relative to others in the marketplace. 16, 2021 11:05 PM ET Eastman Kodak Company (KODK) SA Transcripts But it is very frustrating right now when we're being shorted on those products and paying very high prices for them as we're trying to keep our auto customer -- or glass customers in the auto OEM supply. In fact, stronger so far than this year when we look at year-over-year increase and what we expect. It gives us a unique advantage in buying raw materials because we can buy a puddle of plastic and then separate out the polyester and put it in the methanolysis and put the remainder into the gasifier, which gives us the ability to buy very low-cost feedstock that hasn't been sort of cleaned up. Eastman Kodak Company First-Quarter 2021 Earnings Conference Call Please go ahead. And so that plastic waste, we're just getting started, Bob. So good reference point. So I'm going to repeat it back to make sure I got it correctly. Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q1 2021 earnings conference call. Great to hear. In describing the dynamics in your Advanced Materials business, you talked about raw material inflation, and you pointed to VAM. Thanks very much, everyone, for joining us today. So if you go back to 2020, and looked at our performance relative to 2019, we had very strong performance in AFP and CI. And I think you said 15% volume growth. ... All earnings call transcripts. As we have previously said, we've been actively looking at all options for the underperforming businesses and adhesives and tires. Can you talk about your strategic footprint in acetyls? We have the broadest portfolio organic assets for this market area. The teams have done a phenomenal job of sourcing VAM from all places around the world, overcoming incredibly complex logistics, which is going to help us resolve this here pretty quickly. Got it. Discounted offers are only available to new members. And we are trying to be a leader to demonstrate that the plastic waste crisis can be solved within plastic. And so there's a switch to organic assets. Today's conference is being recorded. If I could just ask you a follow-up question on pricing in the overall portfolio just given all the raw material inflation that's out there. As most of you probably know, good health and growth promotion in animals is obviously very, very important. Q4 2019 Presentation. We want to solve the waste crisis, but we also need to be sensitive to climate at the same time, and there's no toxic waste. And CI also provides a nice balance to the specialty. ET. Eastman Announces Fourth-Quarter and Full-Year 2020 Financial Results: 01/07/21: Eastman Schedules Fourth-Quarter and Full-Year 2020 Financial Results News Release and SEC Form 8-K Filing, Teleconference and Webcast, and Release of Additional Information: 12/03/20: Eastman Board Increases Dividend for 11th Consecutive Year: 11/24/20 Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared … I think the need is there. So much so that we were planning on converting a copolyester line to Tritan two years from now. Can you talk about how that business is trending on a geographic basis and expectations here in the second quarter? Webcast. And the balance will be used for the bolt-on acquisitions and share repurchases. Eastman Chemical Co (EMN) Q4 2020 Earnings Call Transcript EMN earnings call for the period ending January 29, 2021. Obviously, we have tight underlying markets in the Chemical Intermediates businesses that's providing that spread expansion I just mentioned to offset some of the lag and our prices catching up in some of the other products. Good morning, folks. I am Paul Dils, Eastman Kodak Company’s Chief Tax Officer and Director of Investor Relations. Plastic is, in many applications by far, the best product for the market. Demand is incredibly strong in our specialty plastics business across a number of products, Tritan. I mean, even in 2018 -- I mean, in 2019 and 2020, when we could have easily cut on R&D and innovation, we kept on doubling down and investing in those spaces because we knew that's our future. And we shared some of that with customers, but we still expanded spreads to offset some of that volume and mix headwind that we had. Richard Eastman-- Robert W. Baird & Co. -- Analyst. And so what they're doing is making windshields bigger and putting on bigger sunroofs to not make the cabin claustrophobic. That business is limited to those market conditions. That's a great story, right? Sean Eastman-- KeyBanc Capital Markets -- Analyst. So we're very confident about our ability to maintain and manage pricing. Thank you, Tracy, and good morning, everyone, and thanks for joining us. And so we haven't been focused in this first investment on really leaning in on the PET business. Thanks And I'll ask just one here. You saw it in the first quarter, and you're going to continue to see it through the rest of the year. Cumulative Growth of a $10,000 Investment in Stock Advisor, Eastman Chemical Co (EMN) Q1 2021 Earnings Call Transcript @themotleyfool #stocks $EMN, Eastman Chemical Co (EMN) Q4 2020 Earnings Call Transcript, Eastman Chemical Co (EMN) Q3 2020 Earnings Call Transcript, Eastman Chemical Co (EMN) Q2 2020 Earnings Call Transcript, Eastman Chemical Co (EMN) Q3 2019 Earnings Call Transcript, Eastman Chemical Co (EMN) Q1 2019 Earnings Call Transcript, Copyright, Trademark and Patent Information. So the shortages that we saw there has created a constraint for us in interlayers. We're also ahead in securing the value that we wanted to get for this offering, and that's also coming in a bit better. So yes, I expect we'll be building more than this plant, but we're focused on doing this plant well first and having success in filling it up, and seeing if this alternative business model is something that's going to work with customers and partners. And we had growth in North America and Europe as well in the quarter. We've been the original biopolymer company, right? And as a result, those derivative prices have held up quite well, and they're going to continue to increase, increase in a pretty significant way into the second quarter. Then they worked tirelessly to repair and restart our facilities, which helped ensure supply for our customers. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. More FARO analysis. Can you describe what the magnitude is of what you want to sell? So as we think about what we've delivered, we ultimately started our COVID action plans at the end of Q1 last year, and then we accelerated transformational efforts toward the back end. AM has doubled -- more than doubled their EBITDA margins when you look at where we expect to be this year. Eastman Chemical Co (NYSE:EMN) Q1 2021 Earnings Call Apr 30, 2021, 8:00 a.m. We also like the markets that we're in, and we still think there's market recovery in front of us in 2022 and beyond in things like aviation, automotive. But for sure, if you ask me, where are we going to be five, 10 years from now, our goal, as we said in the sustainability report last December, is to make all of our cellulosic plastics and our polyesters from plastic waste. So it turns out to need a lot more glass than an EV. Please go ahead. So they provided nice stability relative to the auto exposure we had in interlayers and PF. If I could just follow-up on that last question, Willie. Eastman Chemical Co Q1 2021 Earnings Call Apr 30, 2021, 8:00 a.m. And we already have some great adoption on some of these products with a very significant leader in this space. So overall, I'd say it's really, really encouraging. Second, earnings referenced in this presentation exclude certain noncore and unusual items. But as we continue to grow the circular economy, which is a value up and better margins, as we continue to grow products like Tritan and everything else, whether it's the paint protection films or pretty much anything in performance films has very attractive margins. I just -- it feels like you guys are ahead in molecular recycling compared to your competitors who are working in polyethylene. And those market conditions are not as attractive. David, great to hear from you, and thanks for the question. Estee Lauder is a great win that we're really excited about. Before we begin, I'll cover two items. Flexion Therapeutics Inc (FLXN) Q1 2021 Earnings Call Transcript Eastman Kodak (KODK) Q1 2021 Earnings Call Transcript Eargo, Inc. (EAR) Q1 2021 Earnings Call Transcript Thanks to their proactive planning, we were able to safely start with no injuries and well ahead of our competitors. ET Prepared … On the cost front, we feel very confident about it. A little bit of that was some restocking of inventory in China, but we expect the momentum for the rest of the year to be strong on all three segments, especially when we get back past this supply constraint in interlayers and have more capacity for Tritan. Mark, as a follow-up, you were talking about $100 million full year benefit of higher-capacity utilization. We will now take our next question from Duffy Fischer from Barclays. Another way you can look at it, of course, is also EBIT margins, where you can look at first quarter EBIT margins and AM improving 370 basis points in this story. Good … That's the speech I just gave a moment ago about biopolymers and all the opportunities we see to grow in specialty plastics as well as in textiles. So that factors into your pricing strategy. It was an incredible first quarter. We expect to continue to benefit from about $100 million of full year tailwind for improved capacity utilization compared to last year when we aggressively managed inventory well below the decline in demand with our focus on cash. We will now turn the call over to Mr. Greg Riddle of Eastman Chemical Company, Investor Relations. So volume mix is, as I said just a moment ago, the sort of heart of our strategy and will continue to be how we improve earnings this year. Sure, Frank, and good to hear from you. And how much are they offsetting the hit from the VAM side if you look outside of tow on some of your other downstream derivatives? Eastman Chemical Company (EMN) CEO Mark Costa on Q1 2021 Results - Earnings Call Transcript Apr. Eastman Kodak Company (KODK) Q4 2020 Earnings Call Transcript; Earnings calendar for the week of March 15; Earnings calendar for the week of Nov. 9; Eastman Kodak Co. (KODK) Q2 2020 Earnings Call Transcript; Eastman Kodak (KODK) swings to a loss in Q2 2020; revenue drops 31% But we do think there's a significant opportunity to scale this up. And then maybe just one since it got highlighted with the acquisition around animal health. But it's not just Tritan, our copolyesters as well. EMN earnings call for the period ending December 31, 2018 ... Eastman Chemical Co (EMN) Q4 2018 Earnings Conference Call Transcript. And we're going to have tailwinds next year as we go into that year with cost reductions. Please go ahead. I'm incredibly proud of our team in Texas who took proactive steps ahead of the storm to avoid a hard shutdown to any of our assets. Putting it all together. So, Jeff, thanks for the question. Call Participants; Prepared Remarks: Operator. And given that your earnings outlook is much stronger, your free cash flow as well stronger. So no, we see a tremendous amount of growth in that space, as excited about that as methanolysis and what we can do with our polymer capacity, and we have a lot of capacity to leverage. Some of that was due, I guess, to the Asia -- the easy comp relative to Asia. I'm sorry, I was just a little bit hard to hear your questions. But I can tell you, were well ahead of pace in selling out that facility, which is really exciting for us. Or if demand is strong enough, could you think about expansions maybe sometime in the next 12 months or so? We're bringing on amines capacity as well here in Q2 during the shutdown and as Mark has already highlighted, converting a polymer unit ahead of schedule on Tritan. The balance sheet is obviously getting stronger. Willie will answer the first and I'll take the second. But we're also looking at how do we accelerate that. Please go ahead. I mentioned earlier about how we're talking to people about building additional plants around the world that would be focused more on PET than our specialty plastics, but we could take a stream of that output and use it for specialty plastics if we wanted to. Moving the full year, we expect strong market growth and product mix improvement to continue. And what are the raw material costs that are really lifting there? And then coming back to more nitty-gritty, on CI, as I understood after the Texas freeze, as ethylene and other commodities spiked, propylene prices collapsed by 50% because I think refinery started up before the polypropylene plant started up. To all the Eastman employees who sacrificed and rose to the challenge, thank you, on behalf of our customers and all of the colleagues at Eastman. So that's the biggest driver. And we're -- and what we're seeing so far gives us great confidence that, that vision is possible. So it's totally different. So they're an extremely large player in acetic acid, and then they go forward into VAM and emulsions that, obviously, are enjoying exceptionally tight market conditions and high prices right now. So that business is going to have a great year. 5 Simple Moves to … So we were going against a really tough comp. Do you have enough stuff on the organic plate to keep you busy and excited? In many markets, demand is returning to or exceeding 2019 levels. I want to be very clear for everyone who's listening, we are not getting back into the normal PET business that we got out of it in 2011. Tracy, we are ready for questions. So we're never going to compromise our long-term strategy, but we do think digital technologies and a variety of other things that are available to us today allow us to be much more efficient in how we run our operations as well as get a lot of routine tasks done in the [SJ] world to enable us to invest more in growth. But if you take a long-term view, Mark, let's say, by 2030, how much PET could you replace with recycled -- molecular recycled PET? So it's a real classic mixed play for our strategy everywhere else in our company, of creating higher value formulations, capturing a lot more value for that solution to our customers. That's for the most part, a way we provide significant reliability to our customers that -- compared to some of our competitors. Yesterday, after market closed, we posted our first quarter 2021 financial results news release and SEC 8-K filing, our slides and the related prepared remarks in the Investors section of our website www.eastman.com.