Eastman Chemical Company ( EMN Quick Quote EMN - Free Report) recently announced partnership with Italy-based Gruppo Maip to formulate new sustainable polymer solutions for automotive applications. This will facilitate a range of formulations based on Eastman’s Advanced Circular Recycling technology, giving both biobased and molecular-recycled content solutions with Eastman Tritan Renew copolyester and Treva Renew engineering bioplastic. Tritan Renew is powered by Eastman’s polyester renewal technology. It provides up to 50% certified recycled content redirected from post-consumer and postindustrial waste streams. It delivers the same high performance as virgin plastics, unlike mechanically recycled plastics. Up to 48% of Treva Renew is biobased content sourced from sustainably managed forests. It is certified by the USDA’s Bio Preferred program. Moreover, it gains from carbon renewal technology that uses mixed waste plastic, providing an additional 23% certified recycled content. Eastman Chemical is benefiting from its innovation-driven growth model, cost-management actions and acquisitions. Eastman Chemical, in its third-quarter call, stated that it has entered the fourth quarter of 2020 with strong momentum. It expects adjusted earnings per share (EPS) for the fourth quarter to be similar to fourth-quarter 2019 adjusted EPS of $1.42. The company also noted that it is on track to deliver nearly $150 million of cost savings for 2020 with around $40 million expected in the fourth quarter. It also expects to generate more than $1 billion of free cash flow this year.
Zacks Rank and Key Picks
Eastman Chemical currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks worth considering in the basic materials space are New Gold Inc. ( NGD Quick Quote NGD - Free Report) , Barrick Gold Corporation ( GOLD Quick Quote GOLD - Free Report) , and Pretium Resources Inc. ( PVG Quick Quote PVG - Free Report) . New Gold has a projected earnings growth rate of 100% for the current year. The company’s shares have rallied around 121% in a year. It currently carries a Zacks Rack #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Barrick Gold has an expected earnings growth rate of 115.7% for the current year. The company’s shares have surged around 42% in the past year. It currently carries a Zacks Rank #2. Pretium Resources has an expected earnings growth rate of 25.5% for the current year. The company’s shares have gained around 15% in the past year. It currently carries a Zacks Rank #2. Biggest Tech Breakthrough in a Generation
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