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Eastman (EMN), Rumpke Tie Up to Expand PET Waste Recycling
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Eastman Chemical Company (EMN - Free Report) and Rumpke Waste & Recycling have formed an alliance to address the global plastic waste challenge. Rumpke will start collecting and sorting hard-to-recycle and colored PET packaging waste later this year, materials that are typically overlooked in today's recycling ecosystem and will use 100% of this waste stream as feedstock for Eastman's molecular recycling process.
Eastman will then employ its molecular recycling technology to convert this waste stream into virgin quality polyesters that can be used in a variety of packaging applications while also expanding the circular economy for polyesters. This collaboration establishes a new market for difficult-to-recycle colorful and opaque waste that has not previously been recycled.
Colored and opaque PET is utilized in a wide range of consumer applications, including personal care and cosmetic packaging, detergent and soap packaging, and dairy and food packaging.
Historically, several of these applications have failed to shift to entirely circular packaging. This collaboration, which combines Rumpke's investment in innovation processing with Eastman's molecular recycling technology, will enable circularity in a variety of applications. By diverting this material from incineration or landfill, both companies are making substantial progress toward their common goal of a waste-free planet.
Rumpke and Eastman are helping to save fossil fuels and contribute to a more sustainable future by leveraging the power of innovation. The relationship serves as an example for the industry and highlights the value of collaboration in achieving full circularity.
This collaboration underscores the complementary nature of molecular and mechanical recycling, keeping more raw materials in the circular economy and allowing businesses to reach their recycled content targets.
Shares of Eastman have lost 6.9% over the past year compared with a 21.3% decline of its industry.
Image Source: Zacks Investment Research
The company, on its fourth-quarter call, stated that it expects volume increase due to the absence of client inventory destocking in its end markets, with the notable exception of medical and agriculture, which will continue to destock in the first quarter of 2024.
EMN anticipates minor primary demand increase in several stable end industries, with discretionary end markets remaining steady. It expects to gain from the revenues and earnings generated by its Kingsport methanolysis facility. Taking all of this into account, the company expects 2024 EPS to range between $7.25 and $8.00, with cash from operations of around $1.4 billion.
Better-ranked stocks in the basic materials space include Cameco Corporation (CCJ - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Alpha Metallurgical Resources Inc. (AMR - Free Report) .
Cameco, carrying a Zacks Rank #1 (Strong Buy), has a projected earnings growth rate of 188% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 12.5% in the past 60 days. The stock is up around 52.3% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 25.9% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised upward by 69% in the past 60 days. It currently carries a Zacks Rank #1. AMR delivered a trailing four-quarter earnings surprise of roughly 9.6%, on average. AMR shares are up around 134.1% in a year.
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Eastman (EMN), Rumpke Tie Up to Expand PET Waste Recycling
Eastman Chemical Company (EMN - Free Report) and Rumpke Waste & Recycling have formed an alliance to address the global plastic waste challenge. Rumpke will start collecting and sorting hard-to-recycle and colored PET packaging waste later this year, materials that are typically overlooked in today's recycling ecosystem and will use 100% of this waste stream as feedstock for Eastman's molecular recycling process.
Eastman will then employ its molecular recycling technology to convert this waste stream into virgin quality polyesters that can be used in a variety of packaging applications while also expanding the circular economy for polyesters. This collaboration establishes a new market for difficult-to-recycle colorful and opaque waste that has not previously been recycled.
Colored and opaque PET is utilized in a wide range of consumer applications, including personal care and cosmetic packaging, detergent and soap packaging, and dairy and food packaging.
Historically, several of these applications have failed to shift to entirely circular packaging. This collaboration, which combines Rumpke's investment in innovation processing with Eastman's molecular recycling technology, will enable circularity in a variety of applications. By diverting this material from incineration or landfill, both companies are making substantial progress toward their common goal of a waste-free planet.
Rumpke and Eastman are helping to save fossil fuels and contribute to a more sustainable future by leveraging the power of innovation. The relationship serves as an example for the industry and highlights the value of collaboration in achieving full circularity.
This collaboration underscores the complementary nature of molecular and mechanical recycling, keeping more raw materials in the circular economy and allowing businesses to reach their recycled content targets.
Shares of Eastman have lost 6.9% over the past year compared with a 21.3% decline of its industry.
Image Source: Zacks Investment Research
The company, on its fourth-quarter call, stated that it expects volume increase due to the absence of client inventory destocking in its end markets, with the notable exception of medical and agriculture, which will continue to destock in the first quarter of 2024.
EMN anticipates minor primary demand increase in several stable end industries, with discretionary end markets remaining steady. It expects to gain from the revenues and earnings generated by its Kingsport methanolysis facility. Taking all of this into account, the company expects 2024 EPS to range between $7.25 and $8.00, with cash from operations of around $1.4 billion.
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 Cameco Corporation (CCJ - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Alpha Metallurgical Resources Inc. (AMR - Free Report) .
Cameco, carrying a Zacks Rank #1 (Strong Buy), has a projected earnings growth rate of 188% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 12.5% in the past 60 days. The stock is up around 52.3% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently carries a Zacks Rank #1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 25.9% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised upward by 69% in the past 60 days. It currently carries a Zacks Rank #1. AMR delivered a trailing four-quarter earnings surprise of roughly 9.6%, on average. AMR shares are up around 134.1% in a year.