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Eastman Chemical (EMN) to Hike Price of Acids and Anhydrides
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Eastman Chemical Company (EMN - Free Report) will increase the list and off-list selling prices of selective products. The price hike will be effective from Jan 1, 2018, or as contracts permit.
The company will hike the prices of acetic acid (all grades) and acetic acid (dilute) by 5 cents per lb in both North and Latin America. Price of acetic acid-anhydride blend will increase by 5 cents per lb in the same region. Acetic anhydride (all grades) price will rise by 10 cents per lb in North as well as Latin America.
Eastman Chemical is taking appropriate pricing actions amid an elevated raw material pricing environment.
Shares of the company have underperformed the industry it belongs to over a year. The stock has gained 9.6% compared with the industry’s nearly 13.9% rally.
The company expects to drive growth on the back of innovation and high margin products amid an uncertain global business environment. Eastman Chemical expects adjusted earnings per share growth in 2017 at the top-end of the earlier projected range of 10-12% year over year, excluding the financial impact of the Kingsport operational incident.
The company’s Kingsport coal gasification area suffered an operational incident on Oct 4 this year. However, there were no reports of any adverse impact either on the environment or on human health. The company noted that all areas of the manufacturing facility have resumed operations with the exception of coal gasification.
Though Eastman Chemical is still assessing the financial impact of the incident, it is to reduce operating earnings to $50-$100 million. The company expects costs associated with the incident to be around $100 million in the fourth quarter.
Eastman Chemical remains focused on cost-cutting and productivity. The company should also gain from its strategic acquisitions and it remains committed to debt.
Kronos Worldwide has expected long-term earnings growth of 5%. Its shares have appreciated 109.6% year to date.
Koppers has expected long-term earnings growth of 18%. Shares of the company have gained 17.1% in the year so far.
Westlake Chemical has expected long-term earnings growth of 10.6%. Its shares have soared 80.3% during the same time frame.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
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Eastman Chemical (EMN) to Hike Price of Acids and Anhydrides
Eastman Chemical Company (EMN - Free Report) will increase the list and off-list selling prices of selective products. The price hike will be effective from Jan 1, 2018, or as contracts permit.
The company will hike the prices of acetic acid (all grades) and acetic acid (dilute) by 5 cents per lb in both North and Latin America. Price of acetic acid-anhydride blend will increase by 5 cents per lb in the same region. Acetic anhydride (all grades) price will rise by 10 cents per lb in North as well as Latin America.
Eastman Chemical is taking appropriate pricing actions amid an elevated raw material pricing environment.
Shares of the company have underperformed the industry it belongs to over a year. The stock has gained 9.6% compared with the industry’s nearly 13.9% rally.
The company expects to drive growth on the back of innovation and high margin products amid an uncertain global business environment. Eastman Chemical expects adjusted earnings per share growth in 2017 at the top-end of the earlier projected range of 10-12% year over year, excluding the financial impact of the Kingsport operational incident.
The company’s Kingsport coal gasification area suffered an operational incident on Oct 4 this year. However, there were no reports of any adverse impact either on the environment or on human health. The company noted that all areas of the manufacturing facility have resumed operations with the exception of coal gasification.
Though Eastman Chemical is still assessing the financial impact of the incident, it is to reduce operating earnings to $50-$100 million. The company expects costs associated with the incident to be around $100 million in the fourth quarter.
Eastman Chemical remains focused on cost-cutting and productivity. The company should also gain from its strategic acquisitions and it remains committed to debt.
Eastman Chemical Company Price and Consensus
Eastman Chemical Company Price and Consensus | Eastman Chemical Company Quote
Zacks Rank & Stocks to Consider
Eastman Chemical currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Kronos Worldwide Inc. (KRO - Free Report) , Koppers Holding Inc. (KOP - Free Report) and Westlake Chemical Corporation (WLK - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kronos Worldwide has expected long-term earnings growth of 5%. Its shares have appreciated 109.6% year to date.
Koppers has expected long-term earnings growth of 18%. Shares of the company have gained 17.1% in the year so far.
Westlake Chemical has expected long-term earnings growth of 10.6%. Its shares have soared 80.3% during the same time frame.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>