Eastman Chemical Company (EMN - Free Report) has completed the purchase of the business and assets of Matrix Films, LLC and its U.K. affiliate, Premium Shield Limited, marketer of Premium Shield performance films, including its extended line of automotive film patterns. The company announced the acquisition last month.
The terms and conditions of the transaction have not yet been revealed. The newly acquired business will be part of the Performance Films business belonging to Eastman’s Advanced Materials segment.
The buyout is expected to broaden the company’s auto base in North America, Europe and the Middle East, strengthen its capabilities in paint protection film pattern development and create growth synergies. Eastman noted that the completion of this acquisition is an important step in its commitment as a leading innovator and service partner for paint protection and window film professional installers.
Shares of Eastman have rallied 30.5% in a year compared with the industry’s rise of 21.3%. The estimated earnings growth rate for the company for the current year is pegged at 49.6%.
In the last quarter’s earnings call, Eastman said that it expects continued momentum as it gains from innovation, strong end-market recovery, and cost discipline from its operations transformation program. It expects adjusted earnings per share of $8.8-$9.2 for 2021. It also anticipates free cash flow to exceed $1.1 billion for the year, which would be the fifth consecutive year of free cash flow above $1 billion.
Zacks Rank & Stocks to Consider
Currently, Eastman carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Olin Corporation (OLN - Free Report) , Methanex Corporation (MEOH - Free Report) and Tronox Holdings PLC (TROX - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has a projected earnings growth rate of 639.3% for the current year. The company’s shares have skyrocketed 269.6% in a year.
Methanex has a projected earnings growth rate of 422.8% for the current year. The company’s shares have climbed 90.6% in a year.
Tronox has a projected earnings growth rate of 319.6% for the current year. The company’s shares have rallied 197% in a year.
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Eastman Chemical Company (EMN - Free Report) has completed the purchase of the business and assets of Matrix Films, LLC and its U.K. affiliate, Premium Shield Limited, marketer of Premium Shield performance films, including its extended line of automotive film patterns. The company announced the acquisition last month.
The terms and conditions of the transaction have not yet been revealed. The newly acquired business will be part of the Performance Films business belonging to Eastman’s Advanced Materials segment.
The buyout is expected to broaden the company’s auto base in North America, Europe and the Middle East, strengthen its capabilities in paint protection film pattern development and create growth synergies. Eastman noted that the completion of this acquisition is an important step in its commitment as a leading innovator and service partner for paint protection and window film professional installers.
Shares of Eastman have rallied 30.5% in a year compared with the industry’s rise of 21.3%. The estimated earnings growth rate for the company for the current year is pegged at 49.6%.
In the last quarter’s earnings call, Eastman said that it expects continued momentum as it gains from innovation, strong end-market recovery, and cost discipline from its operations transformation program. It expects adjusted earnings per share of $8.8-$9.2 for 2021. It also anticipates free cash flow to exceed $1.1 billion for the year, which would be the fifth consecutive year of free cash flow above $1 billion.
Zacks Rank & Stocks to Consider
Currently, Eastman carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Olin Corporation (OLN - Free Report) , Methanex Corporation (MEOH - Free Report) and Tronox Holdings PLC (TROX - Free Report) , each flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olin has a projected earnings growth rate of 639.3% for the current year. The company’s shares have skyrocketed 269.6% in a year.
Methanex has a projected earnings growth rate of 422.8% for the current year. The company’s shares have climbed 90.6% in a year.
Tronox has a projected earnings growth rate of 319.6% for the current year. The company’s shares have rallied 197% in a year.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
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