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Eastman (EMN) Announces Strategic Alliance With Ostium Group
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Eastman Chemical Company (EMN - Free Report) has formed a strategic alliance with Ostium Group, a medical device startup focused on revolutionizing orthopedic surgical instruments. Eastman's sustainable packaging solution, Eastar 6763 Renew copolyester, will be used in Ostium Group's CILLAR Acetabular and Femoral kits for total hip replacements as part of the cooperation.
Eastar 6763 Renew is powered by Eastman's molecular recycling technology and is interchangeable with Eastar 6763 copolyester, providing the same durability, safety and performance that medical device industries have relied on for decades.
Ostium can certify that plastic waste is diverted from landfills to make new packaging by sourcing Eastar Renew. An ISCC-certified mass balance accounting approach that distributes recycled content to Eastman Renew materials is used to track the quantity of plastic waste diverted. Ostium is taking an important step toward minimizing plastic waste and its environmental impact by using this sustainable packaging solution.
Eastman's molecular recycling technology processes difficult-to-recycle plastic waste, distinguishing it from typical mechanical recycling procedures. It enhances sourcing choices and develops materials that are indistinguishable from virgin resources by breaking down plastic trash to the molecular level. Eastar Renew may be used in even the most demanding medical applications thanks to molecular recycling technology, which ensures the greatest quality and performance.
Shares of Eastman have lost 2.9% over the past year compared with an 11.6% decline of its industry.
Image Source: Zacks Investment Research
The company, on its third-quarter call, stated that it is seeing muted demand heading into the fourth quarter as customers are cautious in the prevailing challenging environment. In addition, it anticipates regular seasonality in key end markets, including building and construction, consumer durables and performance films for automotive applications. It expects EPS for 2023 to be between $6.30 and $6.50. Furthermore, EMN expects to deliver $1.4 billion in operating cash flow in 2023.
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Carpenter Technology has a projected earnings growth rate of 213.2% for the current fiscal year. It currently carries a Zacks Rank #1 (Strong Buy). CRS delivered a trailing four-quarter earnings surprise of roughly 14.3%, on average. The stock is up around 69.1 % in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 16.2% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 33.3% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
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Eastman (EMN) Announces Strategic Alliance With Ostium Group
Eastman Chemical Company (EMN - Free Report) has formed a strategic alliance with Ostium Group, a medical device startup focused on revolutionizing orthopedic surgical instruments. Eastman's sustainable packaging solution, Eastar 6763 Renew copolyester, will be used in Ostium Group's CILLAR Acetabular and Femoral kits for total hip replacements as part of the cooperation.
Eastar 6763 Renew is powered by Eastman's molecular recycling technology and is interchangeable with Eastar 6763 copolyester, providing the same durability, safety and performance that medical device industries have relied on for decades.
Ostium can certify that plastic waste is diverted from landfills to make new packaging by sourcing Eastar Renew. An ISCC-certified mass balance accounting approach that distributes recycled content to Eastman Renew materials is used to track the quantity of plastic waste diverted. Ostium is taking an important step toward minimizing plastic waste and its environmental impact by using this sustainable packaging solution.
Eastman's molecular recycling technology processes difficult-to-recycle plastic waste, distinguishing it from typical mechanical recycling procedures. It enhances sourcing choices and develops materials that are indistinguishable from virgin resources by breaking down plastic trash to the molecular level. Eastar Renew may be used in even the most demanding medical applications thanks to molecular recycling technology, which ensures the greatest quality and performance.
Shares of Eastman have lost 2.9% over the past year compared with an 11.6% decline of its industry.
Image Source: Zacks Investment Research
The company, on its third-quarter call, stated that it is seeing muted demand heading into the fourth quarter as customers are cautious in the prevailing challenging environment. In addition, it anticipates regular seasonality in key end markets, including building and construction, consumer durables and performance films for automotive applications. It expects EPS for 2023 to be between $6.30 and $6.50. Furthermore, EMN expects to deliver $1.4 billion in operating cash flow in 2023.
Eastman Chemical Company Price and Consensus
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
Zacks Rank & Key Picks
Eastman currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Carpenter Technology has a projected earnings growth rate of 213.2% for the current fiscal year. It currently carries a Zacks Rank #1 (Strong Buy). CRS delivered a trailing four-quarter earnings surprise of roughly 14.3%, on average. The stock is up around 69.1 % in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently carries a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 16.2% in a year.
Andersons currently carries a Zacks Rank #2. The stock has gained roughly 33.3% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.