Eastman Chemical Company (EMN - Free Report) has launched Avra recycled performance fibers, which will transform its current performance fibers technology by producing with 100% post-consumer recycled PET material across its portfolio. The product is slated to debut on Jun 18, 2019 at the Outdoor Retailer Summer Market in Denver.
Eastman Chemical’s latest move highlights its commitment toward sustainability and transition to a circular economy.
The new technology will offer the similar quick drying times, comfort and wicking speeds as the brand’s earlier virgin polyester product. Per the company, it will also help to reduce waste by upcycling post-consumer recycled PET bottles as feedstock for the fiber.
Avra belongs to the company’s product family of performance fibers enabled by a proprietary spinning technology. The fibers impart exceptional moisture and thermal management, which enables fabrics to dry quickly (up to 50% faster compared with traditional polyester fabrics).
The company’s shares have plunged 32.6% in the past year compared with 36.6% decline of the industry.
Eastman Chemical expects strong earnings growth in the second quarter on a sequential comparison basis. However, the company expects the difficult global business environment to persist through first-half 2019.
It is undertaking additional cost-reduction initiatives in the wake of a challenging business environment. The company expects global economy to strengthen in the second half of 2019. The company continues to expect adjusted earnings per share growth of 6-10% in 2019.
Zacks Rank & Key Picks
Eastman Chemical currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Materion Corporation (MTRN - Free Report) , Flexible Solutions International Inc (FSI - Free Report) and AngloGold Ashanti Limited (AU - Free Report) . These stocks currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Materion has an expected earnings growth rate of 27.3% for 2019. The company’s shares have gained 13% in the past year.
Flexible Solutions has a projected earnings growth rate of 342.9% for the current year. The company’s shares have surged 137.4% in a year’s time.
AngloGold has an estimated earnings growth rate of 90.6% for the current year. Its shares have rallied 73.5% in the past year.
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